“THERE WAS A CERTAIN PARADOX in this sudden release and movement of human energy—from continents away, no less—all to dig in the dirt for a shiny metal that, once dug out successfully, was melted into neat rectangular bars and made its way back into darkness, in bank vaults, never again to see the light of day. Yet this arbitrary construct underpinned the entire monetary system of the United States and the world. The same primal attraction that had once led pirates, conquistadores, and medieval sovereigns to search for gold was now being mirrored in an age when wires transmitted words at near the speed of light. The value of gold then, as now, was largely based on a seemingly universal agreement, an article of faith: that gold is valuable because others see it as valuable. Why should the discovery or nondiscovery of a yellow metal in the dirt in California have any impact on the utilization of industrial capacity, growth of crops, transportation of goods via rail, improvement of the telegraph infrastructure, or any other economic activity? But its religious effect, regardless of its logic, was undeniable. The flood of gold helped unleash significant economic activity throughout the world.”