Ammous Envisions Alternate History Where Gold Prevented WWI

Saifedean Ammous, known for his influential work The Bitcoin Standard, presents a provocative hypothesis in his latest release, The Gold Standard. This alternate history suggests that a decentralized gold system could have altered the course of World War I, preventing the war’s catastrophic outcomes.

Ammous argues that the fiat currency system is a primary source of societal issues. He asserts that much of the 20th century was marked by wealth being siphoned from productive individuals, leading to widespread conflict. In this context, the author explores a scenario where a stable gold-based monetary system was established in 1915, right as tensions escalated into war.

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The historical backdrop of Ammous’s narrative emphasizes the devastating impact of WWI, which resulted in over 40 million casualties among the countries involved. The war triggered significant political revolutions and the downfall of various empires, including the Habsburgs and the Romanovs. In this imagined reality, however, the emergence of a decentralized gold standard offers a glimpse of what might have transpired differently.

As the story unfolds, Ammous introduces a fictionalized version of Louis Blériot, a French aviator, who perceives the threat posed by central banks. Blériot collaborates with the Wright brothers to establish the Blériot Transport Corporation (BTC), deploying a fleet of innovative aircraft tasked with transporting gold. This shift creates a dynamic where trade occurs independently of traditional banking systems.

Through this mechanism, Ammous posits that the demand for gold increases as restrictions on gold access mount during the war. The BTC allows individuals to retain their gold, leading to a capital flight that empties the central banks’ reserves. Consequently, military leaders start withdrawing troops as financing for the war diminishes, culminating in an unexpected peace.

The new narrative presents a transformative outcome codified by the fictional “Treaty of Geneva” and introduces the International Committee for Self-Determination (ICSD), which promotes ongoing peace and prosperity throughout the 20th century. As a result, the value of gold appreciates significantly in this alternate reality.

Without the burdensome financial machinations of central banks, Ammous imagines a world where conflict becomes prohibitively expensive and difficult to wage. This scenario also negates several historical events, such as the rise of socialism, the onset of World War II, and various economic crises that are deeply ingrained in our current timeline.

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Throughout his writing, Ammous blends historical speculation with economic theory, ultimately concluding with an illustration of an average family’s prosperous life in this alternative universe. He describes a world where abundance and comfort are commonplace, technology enhances daily living, and economic stability prevails.

As Ammous delves into the realm of speculative history, he emphasizes the significance of careful monetary management. He believes that a stable and equitable monetary system could lead to increased capital accumulation, resulting in greater prosperity and overall quality of life.

Though some elements of this alternate history may invite skepticism, Ammous’s exploration serves as a thought-provoking approach to understanding the interplay between economic systems and historical events. He provides readers with insights into how different choices in monetary policy could have dramatically reshaped the course of history.

By examining these alternate scenarios, Ammous aims to engage readers in contemplating the broader implications of financial systems on society’s trajectory, encouraging reflection on the pivotal moments that define our collective past.