Chapter 658: Outsmarting Oneself Calvin Coolidge

"Prime Minister, perhaps it is time we seriously considered the proposal from the Australasians." The Minister of Finance looked at Prime Minister Baldwin gravely, making a very serious suggestion.

Prime Minister Baldwin fell into a brief silence, then nodded and said, "Indeed, but certainly not now. The economic crisis has not yet dealt the United States a heavy blow, and we must still be wary of the Americans' actions. It may be time to abandon the gold standard only after we're sure the Americans are too preoccupied with the economic crisis to pay us any mind."

The gold standard, which is currently the monetary system used by countries around the world, ties the currencies of all nations to gold, and this is the fundamental reason why money retains value.

Once the British Government actively gives up the gold standard, the devaluation of the pound is inevitable.