Here is something you probably don’t know about a well known book / film
Strap in, not on! You ain’t ready...
A Little Context First
The Coinage Act of 1873 – later condemned by some as the “Crime of ’73” – was responsible for ending bimetallism in America, bringing forth the strict “gold standard”. This meant that the holders of silver bullion couldn’t have their metal made into fully legal tender dollar coins. The demonetization of silver was seen as one of the causes of the Panic of 1873, a severe depression that hit America from 1893 to 1897.
The Wizard of Oz was written by Frank Baum in 1900. It was a satire about the money problems plaguing the United States in the late 19th century. The amount of US dollars in circulation was tied to the amount of gold available.
The US economy was growing rapidly but the lack of gold meant a lack of money in circulation. This was causing prices to fall, especially for farmers. Farmers were struggling because the lack of money in the economy was causing deflation, but the farmers' debts remained the same. They couldn't pay their mortgages. They wanted paper money to be backed by silver, as well as gold, so more money could be created allowing prices to recover. This created a bitter political fight.
Yea So what?
Well … in The Wizard of Oz, Dorothy is represented as the average American citizen.
Oz represented ounces of gold. 💰
The Yellow Brick Road was the narrow gold standard that required any paper money to be backed by gold. 🏦
The Scarecrow represented poor farmers. 👨🏼🌾
Tin Man represented factory workers. 👩🏼🏭
Toto (a scruffy dog) represents the Prohibitionist party (the TeeTotalers) 🍻
The Wicked Witches of the East and West represented the bankers. 🧙♀️
The Cowardly Lion represented the politicians of the day. 🦁
Emerald City - you guessed it, the Greenback paper money 💵
Red slippers - No No No, in the book they are silver representing the free coinage of silver. They adapted the film to red slippers for aesthetic appeasement. Trust Hollywood to fuck it all up 👠👠
To Summarise
It was a fable about money and who controlled it (rewatch the original film, not that dumbass sequel they made).
You won’t see or read that children’s book the same way ever again.
A bit like listening to this classic below and not hearing Show me your Peeenis 🍆
Till Next Time
The Wealth Gap Team
Great history lesson. Also that song is now ruined for me 😂