Gold standard
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 Gold standard    | |
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The Gold standard refers to the convertability of money for gold. Historically, this inter-convertibility was used to act as a check on inflation of the money supply.
1971
In 1971 as the US struggled to pay the expenses resulting from the Vietnam War, it gave up the gold standard, revoking its promise to convert US dollars to gold.
Related Document
| Title | Type | Publication date | Author(s) | Description |
|---|---|---|---|---|
| Document:With Brexit, the UK has achieved the gold standard of self-harm | Article | 12 June 2022 | William Keegan | Events in the foreign exchange market forced the UK off the gold standard in 1931, under what was by then the National Government. The Labour politician Sidney Webb famously declared afterwards: “Nobody told us we could do that.” Brexit, too, is reversible. |
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