Is $4,000 Gold the First Crack in the Fiat Era?

Broadcasting from under the Hollywood sign in the middle of a rare Californian downpour, we follow the water straight into the gold. Starting with LA as a city built on pure imagination, we jump back to the original gold rushes that reshaped the map: California in 1849, the Australian fields, the Klondike, and the deep shafts of South Africa. We meet Johann Sutter and the prospector who accidentally ruined his carefully built New Helvetia, the pioneers who turned empty coasts into booming economies, and the engineers and chemists who turned raw gold into the backbone of the 19th-century gold standard, global trade, and the first great age of financialisation. More recently, we ask why is gold nudging $4,000 an ounce? Why are central banks loading up on bullion again? Is this a bet against the dollar, a sign of geopolitical jitters, or the start of a new monetary era as fiat money and the old globalisation order creak? From mudslides in Malibu to vaults in Fort Knox, this episode is all about gold, what it did to the world before, and what its new surge might be telling us now.

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