What is the Gold Standard? - Investopedia.
The Gold Standard and Price Inflation Thursday, August 14, 2014 Each issue of The Regional Economist, published by the Federal Reserve Bank of St. Louis, features the section “Ask an Economist,” in which one of the bank’s economists answers a question.
Define gold standard. gold standard synonyms, gold standard pronunciation, gold standard translation, English dictionary definition of gold standard. n. 1. A monetary standard under which the basic unit of currency is equal in value to and exchangeable for a specified amount of gold.. a monetary system with gold of specified weight and.
The gold standard came under bitter attack in the United States, first by the National Greenback Party in the 1870s and later by the Democrats under William Jennings Bryan, particularly in the Election of 1896. The gold standard prevailed in most industrialized countries, although wavering a bit during World War I, until the depression of the.
If confidence in fiat currencies erodes there will be little left other than a Gold Standard to restore faith in the monetary system. Currencies have been insidiously transformed in the last 100 years from a representation of real money, fully backed and exchangeable for Gold, to its present form, a Note that is nothing more than a promise of the American people to repay its debt in the future.
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The gold standard is a monetary policy in which a currency is based on a quantity of gold. Basically, money is backed by the hard asset that is gold in order to preserve its value. The government issuing the currency ties its value to the amount of gold it possesses, hence the desire for gold reserves.
Money, in some form, has been part of human history for at least the last 3,000 years. Before that time, it is assumed that a system of bartering was likely used.