Gillian Tett

speaker

1,226 appearances 12 recordings 1 series first heard May 2026 last heard 2 Sep

Gillian Tett’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 12 in all, peaking in Jul 2026 with 4.

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The Story of Money · 1873: The year America ditched silver as money and all hell broke loose · 2 Sep 2026 podcast

So Leakard at a time when gold was starting to be in short supply

Was that the same

Case for silver, was it also in short short supply?

Because that mattered in terms of its ability to act as a buffer or not.

Wow.

So what we're seeing illustrated here are two key points.

One is the law of unintended consequences and people starting in one reform that brings about all kinds of unexpected

um, you know, implications.

And then secondly, how all these markets are so tightly integrated even back then.

So you get these chain reactions occurring which no one quite un expected.

So this sounds like a really nasty cocktail of unintended consequences and chain reactions around the world.

And I'm curious, what did this actually mean for the US economy?

Because suddenly having this monetary squeeze and shortage of credit.

cannot have been, you know, at all good for the US economy, you know, in any way.

So when did people actually realise the source of this disaster, if you like?

Because, you know, as we discussed earlier, the Coinage Act attracted very little attention when it went through.

When did the world wake up and realise what had gone wrong?

And when do they start to blame the Coinage Act?

I mean, 'cause we know we've just seen a small version of that and silver doesn't matter as much, but you know, silver's fallen about fifty percent from its peak just this year and already people are squealing.

I mean, given how central silver was, that must have been devastating.

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