Gold standard

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Concept.png Gold standard Rdf-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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