Questions tagged [gold-standard]

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Gold Standard: Settling Up — how were large transactions handled between companies?

I got the impression that the purchase of Alaska from Russia required at some point what would have been at 20 bucks/ounce (I think gold was at one point much less than 20) 350k ounces or roughly 10 ...
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If Bitcoin becomes a globally accepted store of value, would it be liable to the same problems that mired the gold standard?

I am reading this article here that explains why bitcoin is a better store of value than gold. In sum, here are some of the reasons proposed: If someday a "bitcoin standard" does come to ...
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1answer
157 views

What were the problems with the gold standard?

I was reading this answer to a question about bitcoin vs gold standard which includes As a consequence, if Bitcoin standard would ever become adopted it would likely perform even worse than Gold ...
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75 views

Was the gold standard a monetary union?

In the previous question here, one comment said: "Currency unions to work properly need either perfect mobility of all factors of production (i.e. free migration/capital flows etc) or fiscal ...
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44 views

Is It Possible for a Country to have a Gold Standard without a Fixed Price of Gold?

It is my understanding that at the beginning of the 20th century, many, if not most, countries had a monetary system that was based on a gold standard. However, by the end of the 20th century, most ...
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National gold reserve vs boosting economy

In Free to Choose: A Personal Statement (Milton and Rose D. Friedman) I read that when a given country economy is developing well then the national reserve of gold is decreasing, while if that country ...
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196 views

Under the gold standard, how did the redemption of gold work in practice?

For example, in the US: In 1834, the United States fixed the price of gold at $20.67 per ounce, where it remained until 1933. (EconLib) Does this mean that anyone with US\$20.67 could walk up to ...
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1answer
62 views

Why was the price of gold lower when gold confiscation act was issued but raised afterwards?

I was reading up on the gold reserve act which made it illegal for US citizens to own gold with some minor exceptions. According to the gold confiscation act which was issued before the gold reserve ...
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1answer
74 views

Why does the gold standard require countries to keep exchange rates fixed?

The gold standard required countries to use monetary policy to keep exchange rates fixed and thus to allow prices, output, and employment to vary as required by the movements of gold and the country’s ...
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45 views

Can setting bank's reserve requirement ratio in 100% simulate gold standard?

Statement: If you want a gold standard, it's easier to set bank's reserve requirement to 100%. Context: This was a comment in a video telling how government actions influence monetary inflation. ...
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1answer
99 views

Who is Jacob? And where did he say this?

In Karl Marx "Das Kapital", in Ch I.1 we find this quote "Jacob questions whether gold has ever been paid for at its full value." Is Jacob Vanderlint? Where in his book “Money Answers all ...
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1answer
2k views

Bretton Woods vs Gold Standard

I've been reading about the history of the IMF recently, and it strikes me as odd that despite the problems that arose with the gold standard (Germany in the 1920s, Fed cutting money supply during the ...
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Primary difference between FDR and Nixon for de-linking gold with dollar?

I'm unable to understand the different role that both FDR and Nixon, played in de-linking gold with dollar. I do understand that after Nixon, value of dollar is not linked to amount of gold (No ...
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120 views

Questions about the gold standard and exchange rates

So I'm a total economics noob and I'm trying to understand some of the consequences of using vs. not using a gold standard listed on Brad DeLong's blog here: https://www.bradford-delong.com/why-not-...