Difference between revisions of "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.
 
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.

Latest revision as of 14:03, 25 September 2017

Concept.png Gold standard Rdf-entity.pngRdf-icon.png

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.


References


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