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Goldständer

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In those days, the value of the coin was based solely on the value of the metal within, and the country with the most gold had the most wealth.

When gold was found at Sutter's Mill in , it inspired the California Gold Rush the following year, which helped unify western America.

At the time, it resulted in inflation because the United States was already on a de facto gold standard since , so the flood of new gold led to rising prices.

The Gold Standard Act of established gold as the only metal for redeeming paper currency. European countries wanted to standardize transactions in the booming world trade market, so they adopted the gold standard by the s.

It guaranteed that the government would redeem any amount of paper money for its value in gold, and meant transactions no longer had to be done with heavy gold bullion or coins, since paper currency now had guaranteed valued tied to something real.

This huge change also increased the trust needed for successful global trade, and it came with its own risks: gold prices and currency values dropped every time miners found large new gold deposits.

In , Congress created the Federal Reserve to stabilize gold and currency values in the United States. When World War I broke out, the United States and European countries suspended the gold standard so they could print enough money to pay for their military involvement.

After the war, countries realized they didn't need to tie their currency to gold, and that it may in fact be harming the world economy to do so.

Countries quickly returned to a modified gold standard after the war, including the United States in But the gold exchange standard was causing deflation and unemployment to run rampant in the world economy, and so countries began leaving the gold standard en masse by the s as the Great Depression reached its peak.

The United States finally abandoned the gold standard entirely in Once the Great Depression hit with full force, countries had to abandon the gold standard.

When the stock market crashed in , investors began trading in currencies and commodities. As the price of gold rose, people exchanged their dollars for gold.

It worsened when banks began failing, as people began hoarding gold because they didn't trust any financial institution. The Federal Reserve kept raising interest rates in an attempt to make dollars more valuable and dissuade people from further depleting the U.

Many companies went bankrupt, creating record levels of unemployment. On March 6, , the newly-elected President Franklin D.

Roosevelt closed the banks in response to a run on the gold reserves at the Federal Reserve Bank of New York. By the time banks re-opened on March 13, they had turned in all their gold to the Federal Reserve.

They could no longer redeem dollars for gold, and no one could export gold. On April 20, FDR ordered Americans to turn in their gold in exchange for dollars to prohibit the hoarding of gold and the redemption of gold by other countries.

This created the gold reserves at Fort Knox. The United States soon held the world's largest supply of gold. On January 30, , the Gold Reserve Act prohibited the private ownership of gold except under license.

The Bretton Woods Agreement set the exchange value for all currencies in terms of gold. It obligated member countries to convert foreign official holdings of their currencies into gold at these par values.

The United States held the majority of the world's gold. Central banks maintained fixed exchange rates between their currencies and the dollar by buying their own country's currency in foreign exchange markets if their currency became too low relative to the dollar.

If it became too high, they'd print more of their currency and sell it. It became more convenient for countries to trade when they peg to the dollar.

As a result, most countries no longer needed to exchange their currency for gold, as the dollar had replaced it. The value of the dollar subsequently increased, even though its worth in gold remained the same.

This made the U. As the U. This large balance of payments deficit worried foreign governments that the United States would no longer back up the dollar in gold.

Also, the Soviet Union had become a large oil producer. It was accumulating U. The Soviet Union deposited its dollar reserves in European banks, and these became known as eurodollars.

By the s, the United States stockpile of gold continued to decline as President Nixon's economic policies created stagflation.

Double-digit inflation reduced the eurodollar's value, and more and more banks started redeeming their holdings for gold. The United States could no longer meet this growing obligation.

The U. Once the gold standard was dropped, countries began printing more of their own currency, which resulted in inflation but also more economic growth.

Although there are advocates for a return to the gold standard, it appears unlikely that those days will return. Economists regard the gold standard as necessary during its time, but no longer applicable in the modern world economy.

Gold continues to have appeal as an asset of real value. Whenever a recession or inflation looms, investors return to gold as a safe haven.

With more gold in their reserves, they can print more money. That boosts investment in their profitable export businesses.

The gold standard spurred exploration. They needed to get more gold to increase their prosperity. It also prompted the Gold Rush in California and Alaska during the s.

One problem with a gold standard is that the size and health of a country's economy are dependent upon its supply of gold. The United States never had that problem.

It was the world's second-largest gold mining country after Australia. Most gold mining in the United States occurs on federally owned lands in 12 western states.

Many developing countries are also major gold producers. The pound left the gold standard in and a number of currencies of countries that historically had performed a large amount of their trade in sterling were pegged to sterling instead of to gold.

The Bank of England took the decision to leave the gold standard abruptly and unilaterally. This system would also apply to monies in the United States.

The question was what type of standard: gold, silver or both. From to various attempts to resurrect bi-metallic standards were made, including one based on the gold and silver franc; however, with the rapid influx of silver from new deposits, the expectation of scarce silver ended.

The interaction between central banking and currency basis formed the primary source of monetary instability during this period.

The combination of a restricted supply of notes, a government monopoly on note issuance and indirectly, a central bank and a single unit of value produced economic stability.

Deviation from these conditions produced monetary crises. Devalued notes or leaving silver as a store of value caused economic problems.

Governments, demanding specie as payment, could drain the money out of the economy. Economic development expanded need for credit. The need for a solid basis in monetary affairs produced a rapid acceptance of the gold standard in the period that followed.

Following Germany's decision after the — Franco-Prussian War to extract reparations to facilitate a move to the gold standard, Japan gained the needed reserves after the Sino-Japanese War of — For Japan, moving to gold was considered vital for gaining access to Western capital markets.

In , Congress passed the Mint and Coinage Act. It authorized the federal government's use of the Bank of the United States to hold its reserves, as well as establish a fixed ratio of gold to the U.

Gold and silver coins were legal tender, as was the Spanish real. In the market price of gold was about 15 times that of silver.

In President Jefferson suspended the minting of silver coins. This resulted in a derivative silver standard, since the Bank of the United States was not required to fully back its currency with reserves.

This began a long series of attempts by the United States to create a bi-metallic standard. The intention was to use gold for large denominations, and silver for smaller denominations.

A problem with bimetallic standards was that the metals' absolute and relative market prices changed. With the Coinage Act of , Congress passed an act that changed the mint ratio to approximately 16 to 1.

Gold discoveries in California in and later in Australia lowered the gold price relative to silver; this drove silver money from circulation because it was worth more in the market than as money.

Doing business with the American government required gold or silver coins. Government accounts were legally separated from the banking system.

However, the mint ratio the fixed exchange rate between gold and silver at the mint continued to overvalue gold.

In , the U. In the final crisis of the free banking era began as American banks suspended payment in silver, with ripples through the developing international financial system.

Due to the inflationary finance measures undertaken to help pay for the U. Civil War , the government found it difficult to pay its obligations in gold or silver and suspended payments of obligations not legally specified in specie gold bonds ; this led banks to suspend the conversion of bank liabilities bank notes and deposits into specie.

In paper money was made legal tender. It was a fiat money not convertible on demand at a fixed rate into specie.

These notes came to be called " greenbacks ". After the Civil War, Congress wanted to reestablish the metallic standard at pre-war rates.

This was accomplished by growing the stock of money less rapidly than real output. By the market price matched the mint price of gold.

This act removed the With the resumption of convertibility on June 30, the government again paid its debts in gold, accepted greenbacks for customs and redeemed greenbacks on demand in gold.

Greenbacks were therefore perfect substitutes for gold coins. During the latter part of the nineteenth century the use of silver and a return to the bimetallic standard were recurrent political issues, raised especially by William Jennings Bryan , the People's Party and the Free Silver movement.

In the gold dollar was declared the standard unit of account and a gold reserve for government issued paper notes was established.

Greenbacks, silver certificates, and silver dollars continued to be legal tender, all redeemable in gold.

The U. Stocks rose to 2. Net exports did not mirror that pattern. In the decade before the Civil War net exports were roughly constant; postwar they varied erratically around pre-war levels, but fell significantly in and became negative in and The net import of gold meant that the foreign demand for American currency to purchase goods, services, and investments exceeded the corresponding American demands for foreign currencies.

In the final years of the greenback period — , gold production increased while gold exports decreased.

The decrease in gold exports was considered by some to be a result of changing monetary conditions. The demands for gold during this period were as a speculative vehicle, and for its primary use in the foreign exchange markets financing international trade.

The major effect of the increase in gold demand by the public and Treasury was to reduce exports of gold and increase the Greenback price of gold relative to purchasing power.

Towards the end of the 19th century, some silver standard countries began to peg their silver coin units to the gold standards of the United Kingdom or the United States.

In , British India pegged the silver rupee to the pound sterling at a fixed rate of 1s 4d, while in , the Straits Settlements adopted a gold exchange standard against sterling, fixing the silver Straits dollar at 2s 4d.

When Siam adopted a gold exchange standard in , only China and Hong Kong remained on the silver standard. When adopting the gold standard, many European nations changed the name of their currency, for instance from Daler Sweden and Denmark or Gulden Austria-Hungary to Crown, since the former names were traditionally associated with silver coins and the latter with gold coins.

Governments with insufficient tax revenue suspended convertibility repeatedly in the 19th century. The real test, however, came in the form of World War I , a test which "it failed utterly" according to economist Richard Lipsey.

By the end of , the classical gold standard was at its peak but World War I caused many countries to suspend or abandon it.

Price levels doubled in the U. Exchange rates changed less, even though European inflations were more severe than America's.

This meant that the costs of American goods decreased relative to those in Europe. Between August and spring of , the dollar value of U.

Ultimately, the system could not deal quickly enough with the large balance of payments deficits and surpluses; this was previously attributed to downward wage rigidity brought about by the advent of unionized labor , but is now considered as an inherent fault of the system that arose under the pressures of war and rapid technological change.

In any case, prices had not reached equilibrium by the time of the Great Depression , which served to kill off the system completely.

For example, Germany had gone off the gold standard in , and could not effectively return to it because War reparations had cost it much of its gold reserves.

During the Occupation of the Ruhr the German central bank Reichsbank issued enormous sums of non-convertible marks to support workers who were on strike against the French occupation and to buy foreign currency for reparations; this led to the German hyperinflation of the early s and the decimation of the German middle class.

The gold specie standard ended in the United Kingdom and the rest of the British Empire at the outbreak of World War I, when Treasury notes replaced the circulation of gold sovereigns and gold half sovereigns.

Legally, the gold specie standard was not repealed. The end of the gold standard was successfully effected by the Bank of England through appeals to patriotism urging citizens not to redeem paper money for gold specie.

It was only in , when Britain returned to the gold standard in conjunction with Australia and South Africa, that the gold specie standard was officially ended.

The British Gold Standard Act both introduced the gold bullion standard and simultaneously repealed the gold specie standard.

The new standard ended the circulation of gold specie coins. The decision was described by Andrew Turnbull as a "historic mistake".

Many other countries followed Britain in returning to the gold standard, leading to a period of relative stability but also deflation.

In September 19, , speculative attacks on the pound led the Bank of England to abandon the gold standard, ostensibly "temporarily".

They could now use monetary policy to stimulate the economy. Australia and New Zealand had already left the standard and Canada quickly followed suit.

The interwar partially-backed gold standard was inherently unstable because of the conflict between the expansion of liabilities to foreign central banks and the resulting deterioration in the Bank of England's reserve ratio.

France was then attempting to make Paris a world class financial center, and it received large gold flows as well.

In May a run on Austria's largest commercial bank caused it to fail. The run spread to Germany, where the central bank also collapsed.

International financial assistance was too late and in July Germany adopted exchange controls, followed by Austria in October.

The Austrian and German experiences, as well as British budgetary and political difficulties, were among the factors that destroyed confidence in sterling, which occurred in mid-July Runs ensued and the Bank of England lost much of its reserves.

Some economic historians, such as Barry Eichengreen , blame the gold standard of the s for prolonging the economic depression which started in and lasted for about a decade.

Once off the gold standard, it became free to engage in such money creation. The gold standard limited the flexibility of the central banks' monetary policy by limiting their ability to expand the money supply.

Higher interest rates intensified the deflationary pressure on the dollar and reduced investment in U. Commercial banks converted Federal Reserve Notes to gold in , reducing its gold reserves and forcing a corresponding reduction in the amount of currency in circulation.

This speculative attack created a panic in the U. Fearing imminent devaluation many depositors withdrew funds from U. This transfer contracted the U.

The foreign loans became questionable once Britain , Germany, Austria and other European countries went off the gold standard in and weakened confidence in the dollar.

The forced contraction of the money supply resulted in deflation. Even as nominal interest rates dropped, deflation-adjusted real interest rates remained high, rewarding those who held onto money instead of spending it, further slowing the economy.

In the early s, the Federal Reserve defended the dollar by raising interest rates, trying to increase the demand for dollars. This helped attract international investors who bought foreign assets with gold.

Congress passed the Gold Reserve Act on 30 January ; the measure nationalized all gold by ordering Federal Reserve banks to turn over their supply to the U.

In return the banks received gold certificates to be used as reserves against deposits and Federal Reserve notes.

The act also authorized the president to devalue the gold dollar. Other factors in the prolongation of the Great Depression include trade wars and the reduction in international trade caused by barriers such as Smoot—Hawley Tariff in the U.

Dust Bowl. The Austrian School asserted that the Great Depression was the result of a credit bust. This act "tore asunder" any remaining confidence in the banking system.

These classes went into debt, producing the credit explosion of the s. Eventually the debt load grew too heavy, resulting in the massive defaults and financial panics of the s.

Under the Bretton Woods international monetary agreement of , the gold standard was kept without domestic convertibility.

Many countries kept reserves in gold and settled accounts in gold. Still they preferred to settle balances with other currencies, with the American dollar becoming the favorite.

The International Monetary Fund was established to help with the exchange process and assist nations in maintaining fixed rates.

Within Bretton Woods adjustment was cushioned through credits that helped countries avoid deflation. Under the old standard, a country with an overvalued currency would lose gold and experience deflation until the currency was again valued correctly.

Most countries defined their currencies in terms of dollars, but some countries imposed trading restrictions to protect reserves and exchange rates.

Therefore, most countries' currencies were still basically inconvertible. In the late s, the exchange restrictions were dropped and gold became an important element in international financial settlements.

After the Second World War , a system similar to a gold standard and sometimes described as a "gold exchange standard" was established by the Bretton Woods Agreements.

Under this system, many countries fixed their exchange rates relative to the U. All currencies pegged to the dollar thereby had a fixed value in terms of gold.

Starting in the — administration of President Charles de Gaulle and continuing until , France reduced its dollar reserves, exchanging them for gold at the official exchange rate, reducing U.

This, along with the fiscal strain of federal expenditures for the Vietnam War and persistent balance of payments deficits, led U.

President Richard Nixon to end international convertibility of the U. This was meant to be a temporary measure, with the gold price of the dollar and the official rate of exchanges remaining constant.

Revaluing currencies was the main purpose of this plan. No official revaluation or redemption occurred. The dollar subsequently floated.

In December , the " Smithsonian Agreement " was reached. Other countries' currencies appreciated.

However, gold convertibility did not resume. Once again, the devaluation was insufficient. Within two weeks of the second devaluation the dollar was left to float.

In October , the government officially changed the definition of the dollar; references to gold were removed from statutes. From this point, the international monetary system was made of pure fiat money.

An estimated total of , tonnes of gold have been mined in human history, according to GFMS as of This is roughly equivalent to 5.

There are varying estimates of the total volume of gold mined. One reason for the variance is that gold has been mined for thousands of years.

Another reason is that some nations are not particularly open about how much gold is being mined. In addition, it is difficult to account for the gold output in illegal mining activities.

World production for was circa 2, tonnes. Since the s, annual gold output growth has approximately kept pace with world population growth i.

Commodity money is inconvenient to store and transport in large amounts. Furthermore, it does not allow a government to manipulate the flow of commerce with the same ease that a fiat currency does.

As such, commodity money gave way to representative money and gold and other specie were retained as its backing.

Gold was a preferred form of money due to its rarity, durability, divisibility, fungibility and ease of identification, [56] often in conjunction with silver.

Silver was typically the main circulating medium, with gold as the monetary reserve. Commodity money was anonymous, as identifying marks can be removed.

Commodity money retains its value despite what may happen to the monetary authority. After the fall of South Vietnam , many refugees carried their wealth to the West in gold after the national currency became worthless.

Under commodity standards currency itself has no intrinsic value, but is accepted by traders because it can be redeemed any time for the equivalent specie.

Representative money and the gold standard protect citizens from hyperinflation and other abuses of monetary policy, as were seen in some countries during the Great Depression.

Commodity money conversely led to deflation and bank runs. Countries that left the gold standard earlier than other countries recovered from the Great Depression sooner.

For example, Great Britain and the Scandinavian countries, which left the gold standard in , recovered much earlier than France and Belgium, which remained on gold much longer.

Countries such as China, which had a silver standard, almost entirely avoided the depression due to the fact it was then barely integrated into the global economy.

The connection between leaving the gold standard and the severity and duration of the depression was consistent for dozens of countries, including developing countries.

This may explain why the experience and length of the depression differed between national economies. It is sometimes referred to as the gold specie standard to more easily distinguish it.

Opponents of a full standard consider it difficult to implement, saying that the quantity of gold in the world is too small to sustain worldwide economic activity at or near current gold prices; implementation would entail a many-fold increase in the price of gold.

In an international gold-standard system which is necessarily based on an internal gold standard in the countries concerned , [60] gold or a currency that is convertible into gold at a fixed price is used to make international payments.

Under such a system, when exchange rates rise above or fall below the fixed mint rate by more than the cost of shipping gold, inflows or outflows occur until rates return to the official level.

International gold standards often limit which entities have the right to redeem currency for gold.

A poll of forty prominent U. The specific statement with which the economists were asked to agree or disagree was: "If the U.

The panel of polled economists included past Nobel Prize winners, former economic advisers to both Republican and Democratic presidents, and senior faculty from Harvard, Chicago, Stanford, MIT, and other well-known research universities.

The economist Allan H. Meltzer of Carnegie Mellon University was known for refuting Ron Paul 's advocacy of the gold standard from the s onward.

According to Michael D. Bordo , the gold standard has three benefits: "its record as a stable nominal anchor; its automaticity; and its role as a credible commitment mechanism.

A return to the gold standard was considered by the U. Gold Commission back in , but found only minority support. Mahathir claimed it would be a stable unit of account and a political symbol of unity between Islamic nations.

This would purportedly reduce dependence on the U. Former U. Federal Reserve Chairman Alan Greenspan acknowledged he was one of "a small minority" within the central bank that had some positive view on the gold standard.

Similarly, economists like Robert Barro argued that whilst some form of "monetary constitution" is essential for stable, depoliticized monetary policy, the form this constitution takes—for example, a gold standard, some other commodity-based standard, or a fiat currency with fixed rules for determining the quantity of money—is considerably less important.

The gold standard is supported by many followers of the Austrian School of Economics , free-market libertarians and some supply-siders.

Former congressman Ron Paul is a long-term, high-profile advocate of a gold standard, but has also expressed support for using a standard based on a basket of commodities that better reflects the state of the economy.

In the Utah legislature passed a bill to accept federally issued gold and silver coins as legal tender to pay taxes.

As of similar legislation was under consideration in other U. In , the Arizona Legislature passed SB , which would have made gold and silver coin a legal tender in payment of debt, but the bill was vetoed by the Governor.

Economic historians did not agree with the candidates' assertions that the gold standard would benefit the U. From Wikipedia, the free encyclopedia.

For other uses, see Gold standard disambiguation. Monetary system where the standard economic unit of account is based on a fixed quantity of gold.

The examples and perspective in this article may not represent a worldwide view of the subject.

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Unsourced material may be challenged and removed. All references to "dollars" in this section refer to the United States dollar , unless otherwise stated.

Main article: Great Depression. Main article: Bretton Woods system. Money portal Numismatics portal.

Retrieved Retrieved 28 January The Journal of Economic History. Anglo-Saxon Series. Volume I. Poole, Reginald Stewart, ed.

Elibron Classics. Xlibris Corporation. UK Parliament. International Organization. Berkeley: University of California Press.

April The Quarterly Review. Macmillan Education, LTD, January 1, — via Internet Archive. Free the Planet.

Archived from the original on Economic Consequences of the Peace. New York: Harcourt, Brace and Rowe.

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The United States finally abandoned the gold standard entirely in Once the Great Depression hit with full force, countries had to abandon the gold standard.

When the stock market crashed in , investors began trading in currencies and commodities. As the price of gold rose, people exchanged their dollars for gold.

It worsened when banks began failing, as people began hoarding gold because they didn't trust any financial institution. The Federal Reserve kept raising interest rates in an attempt to make dollars more valuable and dissuade people from further depleting the U.

Many companies went bankrupt, creating record levels of unemployment. On March 6, , the newly-elected President Franklin D.

Roosevelt closed the banks in response to a run on the gold reserves at the Federal Reserve Bank of New York.

By the time banks re-opened on March 13, they had turned in all their gold to the Federal Reserve.

They could no longer redeem dollars for gold, and no one could export gold. On April 20, FDR ordered Americans to turn in their gold in exchange for dollars to prohibit the hoarding of gold and the redemption of gold by other countries.

This created the gold reserves at Fort Knox. The United States soon held the world's largest supply of gold.

On January 30, , the Gold Reserve Act prohibited the private ownership of gold except under license. The Bretton Woods Agreement set the exchange value for all currencies in terms of gold.

It obligated member countries to convert foreign official holdings of their currencies into gold at these par values.

The United States held the majority of the world's gold. Central banks maintained fixed exchange rates between their currencies and the dollar by buying their own country's currency in foreign exchange markets if their currency became too low relative to the dollar.

If it became too high, they'd print more of their currency and sell it. It became more convenient for countries to trade when they peg to the dollar.

As a result, most countries no longer needed to exchange their currency for gold, as the dollar had replaced it.

The value of the dollar subsequently increased, even though its worth in gold remained the same. This made the U.

As the U. This large balance of payments deficit worried foreign governments that the United States would no longer back up the dollar in gold.

Also, the Soviet Union had become a large oil producer. It was accumulating U. The Soviet Union deposited its dollar reserves in European banks, and these became known as eurodollars.

By the s, the United States stockpile of gold continued to decline as President Nixon's economic policies created stagflation.

Double-digit inflation reduced the eurodollar's value, and more and more banks started redeeming their holdings for gold. The United States could no longer meet this growing obligation.

The U. Once the gold standard was dropped, countries began printing more of their own currency, which resulted in inflation but also more economic growth.

Although there are advocates for a return to the gold standard, it appears unlikely that those days will return.

Economists regard the gold standard as necessary during its time, but no longer applicable in the modern world economy.

Gold continues to have appeal as an asset of real value. Whenever a recession or inflation looms, investors return to gold as a safe haven.

With more gold in their reserves, they can print more money. That boosts investment in their profitable export businesses.

The gold standard spurred exploration. They needed to get more gold to increase their prosperity. It also prompted the Gold Rush in California and Alaska during the s.

One problem with a gold standard is that the size and health of a country's economy are dependent upon its supply of gold.

The United States never had that problem. It was the world's second-largest gold mining country after Australia. Most gold mining in the United States occurs on federally owned lands in 12 western states.

Many developing countries are also major gold producers. Government actions to protect their gold reserves caused significant fluctuations in the economy.

In fact, between and , the U. Edward M. Gramlich mentioned these facts in his remarks at the 24th Annual Conference of the Eastern Economic Association on February 27, How would a return to the gold standard affect the U.

In fact, this is why many advocate a return to the gold standard. It would enforce fiscal discipline, balance the budget, and limit government intervention.

American reserves would be quickly depleted. The Great Depression ended when Franklin D. Roosevelt launched the New Deal.

Treasury debt. Today, the U. In an international gold-standard system which is necessarily based on an internal gold standard in the countries concerned , [60] gold or a currency that is convertible into gold at a fixed price is used to make international payments.

Under such a system, when exchange rates rise above or fall below the fixed mint rate by more than the cost of shipping gold, inflows or outflows occur until rates return to the official level.

International gold standards often limit which entities have the right to redeem currency for gold.

A poll of forty prominent U. The specific statement with which the economists were asked to agree or disagree was: "If the U.

The panel of polled economists included past Nobel Prize winners, former economic advisers to both Republican and Democratic presidents, and senior faculty from Harvard, Chicago, Stanford, MIT, and other well-known research universities.

The economist Allan H. Meltzer of Carnegie Mellon University was known for refuting Ron Paul 's advocacy of the gold standard from the s onward.

According to Michael D. Bordo , the gold standard has three benefits: "its record as a stable nominal anchor; its automaticity; and its role as a credible commitment mechanism.

A return to the gold standard was considered by the U. Gold Commission back in , but found only minority support.

Mahathir claimed it would be a stable unit of account and a political symbol of unity between Islamic nations.

This would purportedly reduce dependence on the U. Former U. Federal Reserve Chairman Alan Greenspan acknowledged he was one of "a small minority" within the central bank that had some positive view on the gold standard.

Similarly, economists like Robert Barro argued that whilst some form of "monetary constitution" is essential for stable, depoliticized monetary policy, the form this constitution takes—for example, a gold standard, some other commodity-based standard, or a fiat currency with fixed rules for determining the quantity of money—is considerably less important.

The gold standard is supported by many followers of the Austrian School of Economics , free-market libertarians and some supply-siders.

Former congressman Ron Paul is a long-term, high-profile advocate of a gold standard, but has also expressed support for using a standard based on a basket of commodities that better reflects the state of the economy.

In the Utah legislature passed a bill to accept federally issued gold and silver coins as legal tender to pay taxes. As of similar legislation was under consideration in other U.

In , the Arizona Legislature passed SB , which would have made gold and silver coin a legal tender in payment of debt, but the bill was vetoed by the Governor.

Economic historians did not agree with the candidates' assertions that the gold standard would benefit the U. From Wikipedia, the free encyclopedia.

For other uses, see Gold standard disambiguation. Monetary system where the standard economic unit of account is based on a fixed quantity of gold.

The examples and perspective in this article may not represent a worldwide view of the subject. You may improve this article , discuss the issue on the talk page , or create a new article , as appropriate.

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Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. All references to "dollars" in this section refer to the United States dollar , unless otherwise stated.

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