Gold and Wars: Lessons of the 20th Century

Conflicts in the early 20th century demonstrated countries' dependence on gold reserves. During World War I, countries were forced to use their gold reserves due to enormous expenditures exceeding traditional revenues. Gold provided access to loans, supported military operations, and ensured reliability for the population.

World War II intensified economic shocks and complicated the logistics of managing gold reserves. Against this backdrop of difficulties, in 1944 countries signed an agreement to establish the Bretton Woods system, in which US dollars became the key means of payment in Europe, while the Soviet Union received support in the form of American funds.

These events highlight how critically important the role of gold reserves and a stable currency has been and remains in the international economy.