What President Took Us Off Gold Standard?
What and why is the gold standard important?
What was the gold standard and why was it important?
The gold standard is a monetary system in which a region's common medium of exchange are paper notes that are normally freely convertible into pre-set, fixed quantities of gold. The gold standard is not currently used by any government, having been replaced completely by fiat currency.
Can you tace all our current troubles to Nixon taking the dollar off the gold standard?
After that our economy was really just a pyramid scam waiting for the inevitable (Bush and Cheney) By the way, the reason Nixon took us off the gold standard was all the illegal dollars he printed in the Vietnam "guns and butter" fiasco guns and butter = recession 6-7 years later when all that worthless paper comes back to us. It always does.
The reason we got taken off the gold standard is because a larger economy requires more currency in circulation. If the price and quantity of gold is relatively fixed (like the gold standard under bretton-woods), eventually there will be more currency than there is gold to back it up (because of inflation). Ultimately what happened was other countries caught on and started trading their dollars for gold. Nixon took us off the gold standard to prevent the US reserves from being depleted completely, which would have caused a worldwide economic collapse.
What is the gold-standard system?
Lol, is important you know that the gold standard, is just a monetary system in which the regular economic unit of account is a fixed weight of gold.
Its description and application, permits accept a standard of value and measure of wealth in a particular region. But according to the current trend, its use in international trade and investment may alter the policies and legislations from governments.
You must be clear that the gold exchange standard typically involves the circulation of coins made by silver, or other metals, the most important condition that provokes, its utility and how has been represented by the authorities, for guarantee a fixed exchange rate with another countries that are on the gold standard. Ok
Here are these links:
Suppose we used the Gold standard...?
What would we be forced to do during recessions if we couldn't inflate? Hint: Greece is effectively on a quasi gold standard-- it lacks independent monetary policy, instead relying on capital mobility and a semi- fixed exchange rate it cannot control. I'm not bashing the gold standard... but if we're going to talk about it, it's important to look at the pros and cons, and believe me, there are cons, otherwise, why did virtually every government in the world do away with it? So suddenly, all this talk I'm hearing about the gold standard stops lol. Were people just repeating what they heard on tv? @ khorat ... I understand that recessions, even the Great Depression, occurred during the Gold Standard, which forced Hoover to cut spending and raise taxes to balance the budget. Almost the exact same thing is happening in Greece, with a very similar result... rapidly falling GDP. @ Gayshooter.... Keynes and other economists opposed to him actually predicted that the gold standard would produce strong deflationary pressure causing a severe recession... this was even before Keynesian economics. Churchill himself referred to his choice as Chancellor of the Exchequer to return to gold standard as greatest mistake of his life.
Yeah...gold standard advocates do not understand the real consequences of what that would do. Might as well go back to the barter system.
How can the US fight wars and be world cop under the deflationary pressure of a "Gold Standard"?
That's the reason Nixon took us off the gold standard so he could inflate the money supply to fight Ho Chi Minh. So would you say Gold Standard Zealots are also isolationists?
Actually I do have doubts about going back on the gold standard. The same people who run the privately owned cartel banks also set the price of gold.
However I don't think isolationism is such a bad idea. It seems every time we get into foreign entanglements we pay dearly. The more "global" we get, the more the American working class loses prosperity and rights, and our government doesn't seem to have any interest in taking the obvious steps needed to protect American citizens, such as protective tariffs. Quite the opposite. Our representative government isn't representing us, they're selling us out.
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