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The Gold Standard: An Alternative History of the Twentieth Century
What would the twentieth century have looked like on a gold standard? What would have happened to the state without its money printer? What would have happened to prices, wages, living standards, capital markets, politics, energy production, technology, and education?
In The Gold Standard, internationally bestselling author Saifedean Ammous answers these questions with a unique alternative history that is one-third history, one-third novel, and one-third economic analysis.
In 1911, French aviation pioneer Louis Blériot partners with the Wright brothers to build the Blériot Transport Corporation (BTC)—an airplane-based decentralized peer-to-peer gold-settlement network. Dismissed by economists and the press as a doomed eccentricity, BTC alters world history in 1915 when it offers Europeans the chance to escape central bank war inflation by exporting their wealth to neutral countries. The result is a global financial panic that bankrupts the world’s major central banks and destroys their currencies. The World War comes to an abrupt end, and the fiat money experiment is strangled in its crib.
A new world order emerges around a free-market decentralized gold standard, and an entirely different twentieth century unfolds. Hard-money savings make capital plentiful and cheap, accelerating technological progress and increasing energy production. The death of central banking and the rise of a free market in banking force financial institutions to become safer and more responsible. Governments become accountable service providers, while citizens become customers who expect—and receive—better service at a lower cost year after year.
Much more unfolds in this gripping, serious, and thought-provoking story written in Ammous’s trademark engaging style.
In The Gold Standard, internationally bestselling author Saifedean Ammous answers these questions with a unique alternative history that is one-third history, one-third novel, and one-third economic analysis.
In 1911, French aviation pioneer Louis Blériot partners with the Wright brothers to build the Blériot Transport Corporation (BTC)—an airplane-based decentralized peer-to-peer gold-settlement network. Dismissed by economists and the press as a doomed eccentricity, BTC alters world history in 1915 when it offers Europeans the chance to escape central bank war inflation by exporting their wealth to neutral countries. The result is a global financial panic that bankrupts the world’s major central banks and destroys their currencies. The World War comes to an abrupt end, and the fiat money experiment is strangled in its crib.
A new world order emerges around a free-market decentralized gold standard, and an entirely different twentieth century unfolds. Hard-money savings make capital plentiful and cheap, accelerating technological progress and increasing energy production. The death of central banking and the rise of a free market in banking force financial institutions to become safer and more responsible. Governments become accountable service providers, while citizens become customers who expect—and receive—better service at a lower cost year after year.
Much more unfolds in this gripping, serious, and thought-provoking story written in Ammous’s trademark engaging style.
- GenresEconomics
430 pages, Hardcover
Published November 10, 2025
50 people are currently reading
133 people want to read
About the author
Saifedean Ammous
19 books609 followersSaifedean Ammous is an internationally best-selling author and economist. In 2018, Ammous authored The Bitcoin Standard: The Decentralized Alternative to Central Banking, the best-selling book on bitcoin, published in 36 languages. In 2021, he published The Fiat Standard: The Debt Slavery Alternative to Human Civilization, available in 12 languages. In 2023, he published Principles of Economics, a comprehensive introduction to economics in the Austrian school tradition. Saifedean teaches courses on the economics of bitcoin, and economics in the Austrian school tradition, on his online learning platform Saifedean.com, and also hosts The Bitcoin Standard Podcast.
Saifedean was a professor of Economics at the Lebanese American University from 2009 to 2019. He holds a PhD in Sustainable Development from Columbia University, a Masters in Development Management from the London School of Economics, and a Bachelor in Mechanical Engineering from the American University of Beirut.
Saifedean was a professor of Economics at the Lebanese American University from 2009 to 2019. He holds a PhD in Sustainable Development from Columbia University, a Masters in Development Management from the London School of Economics, and a Bachelor in Mechanical Engineering from the American University of Beirut.
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Displaying 1 - 9 of 9 reviews
December 12, 2025
A brilliant book! I’ve read all of Saifedean’s previous works, and I think this might be my favourite so far! The central thought-experiment is clear, clever, and compelling - I found it super interesting to see how he approached this topic. Highly recommended for anyone interested in history or economics.
December 3, 2025
The Gold Standard offers a sharp and accessible look at why sound money matters. Saifedean Ammous explains economic concepts with clarity and purpose, showing how monetary incentives shape real-world behavior. Insightful, timely, and very worth reading.
January 25, 2026
A thought experiment that ties together the key concepts from The Bitcoin Standard, The Fiat Standard, and Principles of Economics with a coherent historical narrative to draw a sharp contrast between different economic systems and illustrate how monetary incentives and optionality lead civilization into compounding prosperity as opposed to concentration of power and stealthy decay
brave and strongly pro-human, pro-civilization, pro-trade, growth, environment, capitalism, human rights and optionality - a vision that inspires one to live and love on planet Earth
brave and strongly pro-human, pro-civilization, pro-trade, growth, environment, capitalism, human rights and optionality - a vision that inspires one to live and love on planet Earth
December 16, 2025
I usually do not write reviews and only rate books for my own reference, but this one encouraged me to share a few thoughts. Before anything else, I want to acknowledge that the author clearly states in the introduction that he is aware of the limitations and potential pitfalls of crafting a fictional alternative history. He openly notes that he does not want to mislead readers or waste their time with a narrative that pretends to be factual. I appreciate this honesty and self awareness, and it sets a thoughtful foundation for the book.
With that said, while I enjoyed the read and have genuinely liked the author's other works, I felt that The Gold Standard sometimes falls into a simplification fallacy when reimagining how history might have unfolded under a different monetary framework. Changing a single event or variable in the past does not produce a future where only that element is altered. Real history is a complex adaptive system, shaped by countless interdependent forces that interact in unpredictable ways.
For example, many major technologies such as nuclear energy, GPS, and the internet emerged directly from military driven incentives. In a world without major conflicts or geopolitical pressures, the motivations and pathways for such innovations would have been very different, and in some cases might not have existed at all. Human psychology adds additional complexity, since we cannot assume that people would behave, innovate, or take risks in the same way within an entirely different economic and historical environment.
Bitcoin provides another useful illustration. It did not arise in a vacuum but emerged specifically because of the flaws, frictions, and limitations of the modern fiat and banking system. Without those imperfections, the cypherpunks and Satoshi would not have been motivated to combine the technologies and ideas that ultimately became Bitcoin. Even after its creation, Bitcoin grew through trial and error and inspired thousands of alternative coins, many of which experienced significant market failures. This messy, adaptive process reflects how innovation typically evolves in the real world rather than through clean, linear change.
So while The Gold Standard is an engaging and imaginative thought experiment, and while the author is transparent about its limitations, the narrative sometimes oversimplifies the complex nature of historical development, technological evolution, and human behavior. It is a compelling story, but the real world is far more intricate than any neatly constructed alternative model.
Despite these critiques, I would still recommend this book. It is thought provoking, enjoyable, and worth reading for anyone interested in monetary history and economic imagination. I look forward to learning from and reading more of Saifedean's work
Disclaimer: This review reflects my own thoughts and opinions, AI assisted for clarity and proofreading.
With that said, while I enjoyed the read and have genuinely liked the author's other works, I felt that The Gold Standard sometimes falls into a simplification fallacy when reimagining how history might have unfolded under a different monetary framework. Changing a single event or variable in the past does not produce a future where only that element is altered. Real history is a complex adaptive system, shaped by countless interdependent forces that interact in unpredictable ways.
For example, many major technologies such as nuclear energy, GPS, and the internet emerged directly from military driven incentives. In a world without major conflicts or geopolitical pressures, the motivations and pathways for such innovations would have been very different, and in some cases might not have existed at all. Human psychology adds additional complexity, since we cannot assume that people would behave, innovate, or take risks in the same way within an entirely different economic and historical environment.
Bitcoin provides another useful illustration. It did not arise in a vacuum but emerged specifically because of the flaws, frictions, and limitations of the modern fiat and banking system. Without those imperfections, the cypherpunks and Satoshi would not have been motivated to combine the technologies and ideas that ultimately became Bitcoin. Even after its creation, Bitcoin grew through trial and error and inspired thousands of alternative coins, many of which experienced significant market failures. This messy, adaptive process reflects how innovation typically evolves in the real world rather than through clean, linear change.
So while The Gold Standard is an engaging and imaginative thought experiment, and while the author is transparent about its limitations, the narrative sometimes oversimplifies the complex nature of historical development, technological evolution, and human behavior. It is a compelling story, but the real world is far more intricate than any neatly constructed alternative model.
Despite these critiques, I would still recommend this book. It is thought provoking, enjoyable, and worth reading for anyone interested in monetary history and economic imagination. I look forward to learning from and reading more of Saifedean's work
Disclaimer: This review reflects my own thoughts and opinions, AI assisted for clarity and proofreading.
January 5, 2026
What if the First World War was short-circuited by exposure of the Bank of England’s financial scams in printing money to finance their war effort? Peace breaking out all over Europe instead of the slaughter of 1914-1918? If the Gold Standard was in effect, combined with rapid settlement in gold, then debasing national currencies would not have been possible. Would the taxpayers in England and the other European powers have agreed to vastly increased taxation and borrowing to finance the war?
The book begins with actual history but then creates an alternative 20th Century from WWI onward. It is fascinating and remarkably thought provoking. The book is for anyone curious about history as well as gold bugs.
Adherence to the Gold Standard stopped WWI shortly after it began, and WWII was prevented due to there being no lingering issues from the previous conflict. When governments have to tax and borrow to go to war, rather than printing money and debasing their currencies, it turns out that alternative resolutions are found!
This 20th Century alternative history, dominated by peace rather than war, allows technological breakthroughs much earlier, and worldwide cooperation in infrastructure and commerce that benefit the world’s economy.
Bitcoin makes an entrance in the later chapters. In the earlier chapters, the gold settlement system, named Lightning Network, is described as peer to peer, adopted gradually then suddenly, not your vault not your gold, no second best, and operated by a tough honey badger, terms which will delight bitcoiners.
In line with the style of his previous works, Dr. Ammous doesn’t hold back. The term “central bank cartel” is used six times on page 148. Karl Marx is described as a “parasitic sociopath” on page 253. And Winston Churchill is tried, convicted, and sentenced to death for his role in leading Great Britain into World War One via secret treaties, coverups and circumventing Parliament.
This is a Five Star Book for so many reasons! Amazing, intense, and enjoyable!
The book begins with actual history but then creates an alternative 20th Century from WWI onward. It is fascinating and remarkably thought provoking. The book is for anyone curious about history as well as gold bugs.
Adherence to the Gold Standard stopped WWI shortly after it began, and WWII was prevented due to there being no lingering issues from the previous conflict. When governments have to tax and borrow to go to war, rather than printing money and debasing their currencies, it turns out that alternative resolutions are found!
This 20th Century alternative history, dominated by peace rather than war, allows technological breakthroughs much earlier, and worldwide cooperation in infrastructure and commerce that benefit the world’s economy.
Bitcoin makes an entrance in the later chapters. In the earlier chapters, the gold settlement system, named Lightning Network, is described as peer to peer, adopted gradually then suddenly, not your vault not your gold, no second best, and operated by a tough honey badger, terms which will delight bitcoiners.
In line with the style of his previous works, Dr. Ammous doesn’t hold back. The term “central bank cartel” is used six times on page 148. Karl Marx is described as a “parasitic sociopath” on page 253. And Winston Churchill is tried, convicted, and sentenced to death for his role in leading Great Britain into World War One via secret treaties, coverups and circumventing Parliament.
This is a Five Star Book for so many reasons! Amazing, intense, and enjoyable!
November 27, 2025
Saifedean has written a real masterpiece. As he describes this is one third history book, one third novel and one third economics textbook. That works brilliantly!
You will learn how and why the Gold Standard came about - also bimetallism and how Isaac Newton ensured that England got onto the Gold Standard early at the expense of the other nations who ended up stuck on Silver. You will learn about the technologies that increased the velocity of money, leading to the Achilles Heel of Gold and how all this led to World War 1 with incredible fraud and treason being perpetrated on the people of Britain (by their politicians and bankers) - while similar treason was being committed on the American (USA) population at about the same time. All of this is supported with official historical documentation.
You will understand the timeline of the Bolshevik revolution and the World Wars as well as the major players and the parts they really played. This is important because in the second part of the book he imagines an alternative 20th Century in which the Gold Standard had prevailed - enabled by some amazing technology that addressed Gold's Achilles heel.
He does a thorough job of explaining how the alternative 20th Century came about and he runs numerous thought experiments about many aspects of government, banking, commerce and society that give many interesting (and often counter-intuitive) results and insights - including a few that will certainly surprise you.
Needless to say - all of this is rather relevant given the upcoming discussions around Ukraine and Israel/Gaza - not to mention the inevitable collapse of the current Fiat Money system. We may well be at a similar historical pivot point, just as he describes in the book and he has worked out all the scenarios.
You will learn how and why the Gold Standard came about - also bimetallism and how Isaac Newton ensured that England got onto the Gold Standard early at the expense of the other nations who ended up stuck on Silver. You will learn about the technologies that increased the velocity of money, leading to the Achilles Heel of Gold and how all this led to World War 1 with incredible fraud and treason being perpetrated on the people of Britain (by their politicians and bankers) - while similar treason was being committed on the American (USA) population at about the same time. All of this is supported with official historical documentation.
You will understand the timeline of the Bolshevik revolution and the World Wars as well as the major players and the parts they really played. This is important because in the second part of the book he imagines an alternative 20th Century in which the Gold Standard had prevailed - enabled by some amazing technology that addressed Gold's Achilles heel.
He does a thorough job of explaining how the alternative 20th Century came about and he runs numerous thought experiments about many aspects of government, banking, commerce and society that give many interesting (and often counter-intuitive) results and insights - including a few that will certainly surprise you.
Needless to say - all of this is rather relevant given the upcoming discussions around Ukraine and Israel/Gaza - not to mention the inevitable collapse of the current Fiat Money system. We may well be at a similar historical pivot point, just as he describes in the book and he has worked out all the scenarios.
February 13, 2026
entertaining
A little dry but it does provide an interesting alternative future. Most provide a Outlook. Safe ad Dean does manage to give us a glimpse at what things might have looked like in a more positive world.
A little dry but it does provide an interesting alternative future. Most provide a Outlook. Safe ad Dean does manage to give us a glimpse at what things might have looked like in a more positive world.
December 3, 2025
Another brilliant book from Saifedean. He re-imagines the twentieth century on sound money and the contrast with our fiat reality is devastating.
January 27, 2026
I enjoyed the initial economic history section and the drawing up of the Geneva treaty, I did not like the seemingly arbitrary plethora of improvements to society, I skipped over quite a bit of that.
Displaying 1 - 9 of 9 reviews