In the year 1900, author Frank Baum wrote “The Wonderful Wizard of Oz,” which many believe is an analogy to our monetary system. It shouldn’t surprise you if you think about some of the elements: silver shoes and a yellow brick road (gold) leading to Oz (short for ounce, which is how gold is priced), where an all powerful leader (the President) rules in a land of illusion (ring a bell?). There’s the Wicked Witch of the East (Wall St.) and on and on. You can read about the background here (including the plot) but for the political references, make sure you read Political interpretations of The Wonderful Wizard of Oz, particularly under the sub section, “Monetary Policy.”
