The Road to
SOUND MONEY
An interactive journey through monetary history—from the creation of central banking to the 2008 collapse, Bitcoin's emergence, and the future of finance.
"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner... or later as a final and total catastrophe of the currency system involved."
Interactive Timeline
Click on any event to learn more
The Theory of Money & Credit
Ludwig von Mises publishes his groundbreaking work explaining how credit expansion by banks inevitably leads to boom-bust cycles. He warns that fiat money systems are inherently unstable.
Federal Reserve Created
The Federal Reserve Act establishes America's central bank. Sold as a way to prevent panics, it instead becomes the engine of perpetual inflation and boom-bust cycles. The dollar has lost 97% of its value since.
Black Tuesday & Great Depression
The stock market crashes 25% in two days, triggering the Great Depression. The Fed's credit expansion in the 1920s created an unsustainable boom. Government intervention prolonged the crisis for a decade.
Executive Order 6102: Gold Seizure
FDR orders Americans to surrender their gold to the Federal Reserve at $20.67/oz. After confiscation, the government revalues gold to $35/oz—a 69% overnight devaluation of the dollar.
Dollar Becomes World Reserve
44 nations establish the Bretton Woods system. The US dollar is pegged to gold at $35/oz, and other currencies peg to the dollar. This plants the seeds for future monetary instability.
"WTF Happened in 1971?"
Nixon ends gold convertibility, abandoning Bretton Woods. The dollar becomes pure fiat currency. This moment marks the beginning of unlimited monetary expansion—and the erosion of purchasing power that continues today.
OPEC Oil Embargo
OPEC nations embargo oil to the US, quadrupling prices overnight. Combined with Nixon's money printing, this triggers "stagflation"—high inflation with economic stagnation. Gas lines form across America.
Hayek Wins Nobel Prize
F.A. Hayek receives the Nobel Prize in Economics for his work on monetary theory and economic fluctuations. His book "Denationalization of Money" proposes competing private currencies—a precursor to crypto.
Stock Market Crashes 22% in One Day
October 19, 1987—the Dow falls 22.6% in a single day, the largest one-day percentage drop in history. Computerized trading and portfolio insurance amplify selling. The Fed introduces the "Greenspan Put"—bailing out markets.
Asian Financial Crisis
Thailand's currency collapses, triggering a domino effect across Asia. Indonesia, South Korea, and Malaysia face severe recessions. The IMF provides $118 billion in bailouts. Millions lose their savings overnight.
LTCM & Russian Default
Long-Term Capital Management, run by Nobel laureates, nearly destroys the global financial system. $4.6 billion in capital controlled $125 billion in assets with $1.25 trillion in derivatives. The Fed orchestrates a bailout.
Dot-Com Bubble Bursts
The NASDAQ crashes 78% over two years. Trillions in market value evaporates. Companies with no revenue had been valued at billions. The Fed's response? Lower rates to 1%, inflating the next bubble—housing.
The Great Financial Crisis
Lehman Brothers collapses. The housing bubble—fueled by years of easy credit and low interest rates— brings the global financial system to its knees. Central banks respond with unprecedented money printing (QE).
European Debt Crisis
Greece nearly defaults, threatening to collapse the eurozone. The "PIIGS" nations (Portugal, Italy, Ireland, Greece, Spain) face existential debt crises. The ECB and IMF intervene with massive bailouts, imposing austerity on millions.
Cyprus Bank Deposits Seized
In an unprecedented move, Cyprus confiscates depositors' savings to bail out failing banks. Anyone with over €100,000 loses up to 47.5% of their deposits overnight. Bitcoin surges 10x in months.
The Great Money Printing
In response to COVID, central banks print more money in months than in the entire previous decade. M2 money supply explodes. Bitcoin and crypto become mainstream hedges against inflation.
The Minds Behind Sound Money
The economists who shaped our understanding of money and markets.
LUDWIG VON MISES
Austrian Economics
F.A. HAYEK
Nobel Laureate
MILTON FRIEDMAN
Monetary Theory
THOMAS SOWELL
Economic Analysis
The Library
Curated books from economists and crypto pioneers. These texts form the intellectual foundation for understanding money.
FINANCIAL FOUNDATIONS
Sound Money & The 2008 Crisis
Economics in One Lesson
Henry Hazlitt
The best introduction to economic thinking. Destroys common fallacies and teaches you to see the unseen consequences of policies.
The Creature from Jekyll Island
G. Edward Griffin
The definitive history of the Federal Reserve. Understand how the central banking system was created and why it inevitably leads to inflation.
Human Action
Ludwig von Mises
The magnum opus of economic theory. Dense but transformative. Understand why central planning fails and free markets work.
🏛️ HISTORY OF MONEY
Debt: The First 5,000 Years
David Graeber (2011)
Revolutionary anthropological take on money, credit, and debt.
The Ascent of Money
Niall Ferguson (2008)
Broad narrative from ancient Babylon to the 2008 crisis.
A History of Money
Glyn Davies
The standard academic reference work. Thorough and reliable.
Money: The Unauthorized Biography
Felix Martin (2013)
Money as a social technology rather than just coins and notes.
Lords of Finance
Liaquat Ahamed (2009)
The bankers who broke the world. Gold standard & interwar chaos.
The Denationalisation of Money
F.A. Hayek (1976)
Short but influential argument for competing private currencies.
FREE ARTICLES & ESSAYS
The Origins of Money
Carl Menger (1892)
Foundational essay on the regression theorem.
What is Money?
Joseph Salerno (Mises)
Clear summary of sound money principles.
A History of American Currency
Federal Reserve Bank of SF
Visual timeline of American currency evolution.
The History of Money
Bank of England Museum
Interactive timeline covering millennia of monetary history.
DOCUMENTARIES
YOUTUBE EDUCATIONAL CHANNELS
John Stossel
Economics / Liberty
Clear explainers on free markets
Thomas Sowell
Interviews & Lectures
Brilliant economic insights
Free to Choose
Milton Friedman
Classic documentary series
Mises Institute
Lectures & Audiobooks
Austrian economics deep dives
Real Spark
Animated / Beginner
Economics made simple
CLASSIC ECONOMICS
The Wealth of Nations
Adam Smith (1776)
The foundation of modern economics. Smith's invisible hand, division of labor, and free trade principles remain essential reading.
The Road to Serfdom
F.A. Hayek (1944)
Hayek's warning about centralized economic planning. Explains how government control inevitably leads to tyranny. Nobel Prize-winning insights.
Basic Economics
Thomas Sowell
Economics explained without jargon. Sowell makes complex concepts accessible. Perfect for beginners wanting to understand how markets really work.
Economic Facts and Fallacies
Thomas Sowell
Debunks common economic myths with data and logic. Covers housing, income, race, third world, and more. Sharp, evidence-based analysis.
Free to Choose
Milton Friedman
Nobel laureate Friedman makes the case for economic freedom. Covers money, trade, education, and welfare. Companion to the PBS series.
Capitalism and Freedom
Milton Friedman
The relationship between economic and political freedom. Friedman argues that free markets are essential for a free society.
📖 SUGGESTED READING PATH
Start with Graeber or Ferguson for accessible introductions, then dive into Davies or Menger for depth. Continue to Crypto for the digital evolution.
Ready to Continue?
Now that you understand the foundations, continue to crypto essentials to learn how digital money is reshaping finance.