A gold standard is a monetary system in which the standard economicunit of account is based on a fixed quantity of gold. Three types can be distinguished: specie, exchange, and bullion.
In the gold specie standard the monetary unit is associated with the value of circulating gold coins or the monetary unit has the value of a certain circulating gold coin, but other coins may be made of less valuable metal.
The gold bullion standard is a system in which gold coins do not circulate, but the authorities agree to sell gold bullion on demand at a fixed price in exchange for the circulating currency.
The gold exchange standard usually does not involve the circulation of gold coins. The main feature of the gold exchange standard is that the government guarantees a fixed exchange rate to the currency of another country that uses a gold standard (specie or bullion), regardless of what type of notes or coins are used as a means of exchange. This creates a de facto gold standard, where the value of the means of exchange has a fixed external value in terms of gold that is independent of the inherent value of the means of exchange itself.
In medicine and statistics, gold standard test usually refers to a diagnostic test or benchmark that is the best available under reasonable conditions. Other times, gold standard is used to refer to the most accurate test possible without restrictions.
Both meanings are different because for example, in medicine, dealing with conditions that would require an autopsy to have a perfect diagnosis, the gold standard test would be the best one that keeps the patient alive instead of the autopsy.
The phrase is therefore ambiguous and its meaning should be deduced from the context in which it appears. Part of the ambiguity stems from its usage in economics, where "gold" does not imply "best" but is merely one of many possible standards.
In medicine
"Gold standard" can refer to the criteria by which scientific evidence is evaluated. For example, in resuscitation research, the "gold standard" test of a medication or procedure is whether or not it leads to an increase in the number of neurologically intact survivors that walk out of the hospital. Other types of medical research might regard a significant decrease in 30-day mortality as the gold standard.
A one minute video about the monetary role of gold. As of 1971, the precious metal stopped having such a role altogether and it's interesting to analyze how and why that happened. Through this video, I did just that.
Please like, comment and subscribe if you've enjoyed the video. And, of course, a share on Facebook and/or Twitter would be highly appreciated. This channel is still in its infancy, so every bit of help counts.
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published: 26 Jul 2016
The Gold Standard: Why The Financial And Economic Crises Continue - Steve Forbes | Forbes
Money is a measure of value and works best when that value is stable, just like the inches in a foot. So when the U.S. abandoned the gold standard (50 years ago this week), it cost our economy trillions of dollars in lost growth, and those consequences aren’t over yet. Steve Forbes on the abandonment of the gold standard and on why the financial and economic crises suffered continue to date.
What's Ahead featuring Steve Forbes provides his insights and perspective, to stay on top of what's happening in this ever-turbulent world with glimpses into the future. What’s Ahead airs Tuesdays, Thursdays and Fridays.
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published: 19 Aug 2021
Was Dropping The Gold Standard A Mistake? | Economics Explained
Is returning to the gold standard something that could fix the economic issues we are facing today?
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published: 25 May 2022
Understanding the Gold Standard & Purchasing Power
The purchasing power of money represents how many real goods and services you can acquire in the market with one unit of money. What do backers of the gold standard view as its primary benefits? St. Louis Fed economist David Andolfatto explains the gold standard and discusses its pros and cons.
published: 23 Oct 2014
Prof. Lawrence H. White: The Gold Standard, Explained
Before 1974, U.S. dollars were backed by a gold standard. This meant that the federal government could not print more money than it could redeem for gold. While this constrained the federal government, it also provided citizens with a relatively stable purchasing power for goods and services. Today's paper currency has no intrinsic value. It is not based on the value of gold or anything else. Under a gold standard, inflation was really limited. With floating value, or fiat, currency, however, some countries have seen inflation reach extremely high levels—sometimes enough to lead to economic collapse. Gold standards have historically provided more stable currencies with lower inflation than fiat currency. Should the United States return to a gold standard?
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published: 06 May 2013
GOP lawmaker introduces bill to bring back gold standard
Rep. Alex Mooney, R-Va., joined 'Kennedy' to explain why the U.S. government should bring back the gold standard. #foxbusiness #kennedy
Subscribe to Fox Business! https://bit.ly/2D9Cdse
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FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wall Street. Headquartered in New York — the business capital of the world — FBN launched in October 2007 and is one of the leading business networks on television, having topped CNBC in Business Day viewers for the second consecutive year in 2018. The network is available in nearly 80 million homes in all markets across the United States. Owned b...
published: 18 Oct 2022
The History of Paper Money - The Gold Standard - Extra History - Part 6
📜 History of Paper Money! Part 6
Even as the use of paper money grew, ties to the gold standard remained... and remained challenging. From the First Opium War to the Great Depression, events around the world stretched the capacity of bullion-based economics. So what - and who - finally abandoned it?
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published: 05 Nov 2016
Should the United States Go Back to the Gold Standard?
What Would Happen If We Went Back To The Gold Standard??
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A one minute video about the monetary role of gold. As of 1971, the precious metal stopped having such a role altogether and it's interesting to analyze how and...
A one minute video about the monetary role of gold. As of 1971, the precious metal stopped having such a role altogether and it's interesting to analyze how and why that happened. Through this video, I did just that.
Please like, comment and subscribe if you've enjoyed the video. And, of course, a share on Facebook and/or Twitter would be highly appreciated. This channel is still in its infancy, so every bit of help counts.
To support the channel, give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com and reading my message.
Bitcoin donations can be sent to 1AFYgM8Cmiiu5HjcXaP5aS1fEBJ5n3VDck and PayPal donations to [email protected], any and all support is greatly appreciated!
Oh and I've also started playing around with Patreon, my link is:
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A one minute video about the monetary role of gold. As of 1971, the precious metal stopped having such a role altogether and it's interesting to analyze how and why that happened. Through this video, I did just that.
Please like, comment and subscribe if you've enjoyed the video. And, of course, a share on Facebook and/or Twitter would be highly appreciated. This channel is still in its infancy, so every bit of help counts.
To support the channel, give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com and reading my message.
Bitcoin donations can be sent to 1AFYgM8Cmiiu5HjcXaP5aS1fEBJ5n3VDck and PayPal donations to [email protected], any and all support is greatly appreciated!
Oh and I've also started playing around with Patreon, my link is:
https://www.patreon.com/oneminuteeconomics
Interested in reading a good book?
My first book, Wealth Management 2.0 (through which I do my best to help people manage their wealth properly, whether we're talking about someone who has a huge amount of money at his disposal or someone who is still living paycheck to paycheck), can be bought using the links below:
Amazon - https://www.amazon.com/Wealth-Management-2-0-Financial-Professionals-ebook/dp/B01I1WA2BK
Barnes & Noble - http://www.barnesandnoble.com/w/wealth-management-20-andrei-polgar/1124435282?ean=2940153328942
iBooks (Apple) - https://itun.es/us/wYSveb.l
Kobo - https://store.kobobooks.com/en-us/ebook/wealth-management-2-0
My second book, the Wall Street Journal and USA Today bestseller The Age of Anomaly (through which I help people prepare for financial calamities and become more financially resilient in general), can be bought using the links below.
Amazon - https://www.amazon.com/Age-Anomaly-Spotting-Financial-Uncertainty-ebook/dp/B078SYL5YS
Barnes & Noble - https://www.barnesandnoble.com/w/the-age-of-anomaly-andrei-polgar/1127084693?ean=2940155383970
iBooks (Apple) - https://itunes.apple.com/us/book/age-anomaly-spotting-financial-storms-in-sea-uncertainty/id1331704265
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Money is a measure of value and works best when that value is stable, just like the inches in a foot. So when the U.S. abandoned the gold standard (50 years ago...
Money is a measure of value and works best when that value is stable, just like the inches in a foot. So when the U.S. abandoned the gold standard (50 years ago this week), it cost our economy trillions of dollars in lost growth, and those consequences aren’t over yet. Steve Forbes on the abandonment of the gold standard and on why the financial and economic crises suffered continue to date.
What's Ahead featuring Steve Forbes provides his insights and perspective, to stay on top of what's happening in this ever-turbulent world with glimpses into the future. What’s Ahead airs Tuesdays, Thursdays and Fridays.
#SteveForbes #WhatsAhead
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Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.
Money is a measure of value and works best when that value is stable, just like the inches in a foot. So when the U.S. abandoned the gold standard (50 years ago this week), it cost our economy trillions of dollars in lost growth, and those consequences aren’t over yet. Steve Forbes on the abandonment of the gold standard and on why the financial and economic crises suffered continue to date.
What's Ahead featuring Steve Forbes provides his insights and perspective, to stay on top of what's happening in this ever-turbulent world with glimpses into the future. What’s Ahead airs Tuesdays, Thursdays and Fridays.
#SteveForbes #WhatsAhead
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Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.
Is returning to the gold standard something that could fix the economic issues we are facing today?
This video was made possible by our Patreon community! ❤️
S...
Is returning to the gold standard something that could fix the economic issues we are facing today?
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Is returning to the gold standard something that could fix the economic issues we are facing today?
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The purchasing power of money represents how many real goods and services you can acquire in the market with one unit of money. What do backers of the gold stan...
The purchasing power of money represents how many real goods and services you can acquire in the market with one unit of money. What do backers of the gold standard view as its primary benefits? St. Louis Fed economist David Andolfatto explains the gold standard and discusses its pros and cons.
The purchasing power of money represents how many real goods and services you can acquire in the market with one unit of money. What do backers of the gold standard view as its primary benefits? St. Louis Fed economist David Andolfatto explains the gold standard and discusses its pros and cons.
Before 1974, U.S. dollars were backed by a gold standard. This meant that the federal government could not print more money than it could redeem for gold. While...
Before 1974, U.S. dollars were backed by a gold standard. This meant that the federal government could not print more money than it could redeem for gold. While this constrained the federal government, it also provided citizens with a relatively stable purchasing power for goods and services. Today's paper currency has no intrinsic value. It is not based on the value of gold or anything else. Under a gold standard, inflation was really limited. With floating value, or fiat, currency, however, some countries have seen inflation reach extremely high levels—sometimes enough to lead to economic collapse. Gold standards have historically provided more stable currencies with lower inflation than fiat currency. Should the United States return to a gold standard?
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Before 1974, U.S. dollars were backed by a gold standard. This meant that the federal government could not print more money than it could redeem for gold. While this constrained the federal government, it also provided citizens with a relatively stable purchasing power for goods and services. Today's paper currency has no intrinsic value. It is not based on the value of gold or anything else. Under a gold standard, inflation was really limited. With floating value, or fiat, currency, however, some countries have seen inflation reach extremely high levels—sometimes enough to lead to economic collapse. Gold standards have historically provided more stable currencies with lower inflation than fiat currency. Should the United States return to a gold standard?
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Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://bit.ly/1UleLbP
Rep. Alex Mooney, R-Va., joined 'Kennedy' to explain why the U.S. government should bring back the gold standard. #foxbusiness #kennedy
Subscribe to Fox Busin...
Rep. Alex Mooney, R-Va., joined 'Kennedy' to explain why the U.S. government should bring back the gold standard. #foxbusiness #kennedy
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FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wall Street. Headquartered in New York — the business capital of the world — FBN launched in October 2007 and is one of the leading business networks on television, having topped CNBC in Business Day viewers for the second consecutive year in 2018. The network is available in nearly 80 million homes in all markets across the United States. Owned by FOX Corporation, FBN is a unit of FOX News Media and has bureaus in Chicago, Los Angeles, and Washington, D.C.
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Rep. Alex Mooney, R-Va., joined 'Kennedy' to explain why the U.S. government should bring back the gold standard. #foxbusiness #kennedy
Subscribe to Fox Business! https://bit.ly/2D9Cdse
Watch more Fox Business Video: https://video.foxbusiness.com
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FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wall Street. Headquartered in New York — the business capital of the world — FBN launched in October 2007 and is one of the leading business networks on television, having topped CNBC in Business Day viewers for the second consecutive year in 2018. The network is available in nearly 80 million homes in all markets across the United States. Owned by FOX Corporation, FBN is a unit of FOX News Media and has bureaus in Chicago, Los Angeles, and Washington, D.C.
Follow Fox Business on Facebook: https://www.facebook.com/FoxBusiness
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📜 History of Paper Money! Part 6
Even as the use of paper money grew, ties to the gold standard remained... and remained challenging. From the First Opium War t...
📜 History of Paper Money! Part 6
Even as the use of paper money grew, ties to the gold standard remained... and remained challenging. From the First Opium War to the Great Depression, events around the world stretched the capacity of bullion-based economics. So what - and who - finally abandoned it?
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📜 History of Paper Money! Part 6
Even as the use of paper money grew, ties to the gold standard remained... and remained challenging. From the First Opium War to the Great Depression, events around the world stretched the capacity of bullion-based economics. So what - and who - finally abandoned it?
* Watch Extra History ad-free & get 1-week early access on *NEBULA* https://go.nebula.tv/extrahistory
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GAMING: https://www.youtube.com/@extracredits
*Miss an episode in our History of Paper Money Series?*
Part 1 - https://youtu.be/-nZkP2b-4vo
Part 2 - https://youtu.be/rPHTmGjoe2k
Part 3 - https://youtu.be/GKtNuzakzMA
Part 4 - https://youtu.be/lzH1p3t2oRE
Part 5 - https://youtu.be/LrB9bS2VOLE
Part 6 - https://youtu.be/GNo7MDN5-0g
Series Wrap-up & Lies Episode - https://youtu.be/s31ESRvR1p4
♪ "Simple Gifts" by Sean and Dean Kiner - https://youtu.be/jnBuj6madds - Available on Patreon!
Thanks for the high-quality conversations & for following our community guidelines here: https://bit.ly/ECFansRNice
Artist: Heather McNabb I Writer: James Portnow I Voice: Daniel Floyd I Editor: Carrie Floyd I ♪ Extra History Theme by Demetori: http://bit.ly/1EQA5N7 I ♪ Music by Sean and Dean Kiner: http://bit.ly/1WdBhnm
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Aus...
► FREE PASSIVE INCOME GUIDE: https://bit.ly/yourpassiveincomeguide
Follow Me
IG: https://www.instagram.com/austinzelan/
Website: https://austinzelan.com/
Austin Zelan is an American entrepreneur, investor, and philanthropist helping people around the world create financial freedom. His main focus is on investments that create cashflow for his clients and allow them to live the life they deserve.
He's on a mission to create 100 millionaires through his unique passive income strategies. He provides strategic coaching and mentorship for students around the world.
Let's learn how to generate more passive income together!
#realestate #passiveincome #investing #austinzelan
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a financial professional or attorney before performing any of the strategies mentioned in this video. Thank you.
► FREE PASSIVE INCOME GUIDE: https://bit.ly/yourpassiveincomeguide
Follow Me
IG: https://www.instagram.com/austinzelan/
Website: https://austinzelan.com/
Austin Zelan is an American entrepreneur, investor, and philanthropist helping people around the world create financial freedom. His main focus is on investments that create cashflow for his clients and allow them to live the life they deserve.
He's on a mission to create 100 millionaires through his unique passive income strategies. He provides strategic coaching and mentorship for students around the world.
Let's learn how to generate more passive income together!
#realestate #passiveincome #investing #austinzelan
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a financial professional or attorney before performing any of the strategies mentioned in this video. Thank you.
A one minute video about the monetary role of gold. As of 1971, the precious metal stopped having such a role altogether and it's interesting to analyze how and why that happened. Through this video, I did just that.
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Money is a measure of value and works best when that value is stable, just like the inches in a foot. So when the U.S. abandoned the gold standard (50 years ago this week), it cost our economy trillions of dollars in lost growth, and those consequences aren’t over yet. Steve Forbes on the abandonment of the gold standard and on why the financial and economic crises suffered continue to date.
What's Ahead featuring Steve Forbes provides his insights and perspective, to stay on top of what's happening in this ever-turbulent world with glimpses into the future. What’s Ahead airs Tuesdays, Thursdays and Fridays.
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Is returning to the gold standard something that could fix the economic issues we are facing today?
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The purchasing power of money represents how many real goods and services you can acquire in the market with one unit of money. What do backers of the gold standard view as its primary benefits? St. Louis Fed economist David Andolfatto explains the gold standard and discusses its pros and cons.
Before 1974, U.S. dollars were backed by a gold standard. This meant that the federal government could not print more money than it could redeem for gold. While this constrained the federal government, it also provided citizens with a relatively stable purchasing power for goods and services. Today's paper currency has no intrinsic value. It is not based on the value of gold or anything else. Under a gold standard, inflation was really limited. With floating value, or fiat, currency, however, some countries have seen inflation reach extremely high levels—sometimes enough to lead to economic collapse. Gold standards have historically provided more stable currencies with lower inflation than fiat currency. Should the United States return to a gold standard?
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Rep. Alex Mooney, R-Va., joined 'Kennedy' to explain why the U.S. government should bring back the gold standard. #foxbusiness #kennedy
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📜 History of Paper Money! Part 6
Even as the use of paper money grew, ties to the gold standard remained... and remained challenging. From the First Opium War to the Great Depression, events around the world stretched the capacity of bullion-based economics. So what - and who - finally abandoned it?
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*Miss an episode in our History of Paper Money Series?*
Part 1 - https://youtu.be/-nZkP2b-4vo
Part 2 - https://youtu.be/rPHTmGjoe2k
Part 3 - https://youtu.be/GKtNuzakzMA
Part 4 - https://youtu.be/lzH1p3t2oRE
Part 5 - https://youtu.be/LrB9bS2VOLE
Part 6 - https://youtu.be/GNo7MDN5-0g
Series Wrap-up & Lies Episode - https://youtu.be/s31ESRvR1p4
♪ "Simple Gifts" by Sean and Dean Kiner - https://youtu.be/jnBuj6madds - Available on Patreon!
Thanks for the high-quality conversations & for following our community guidelines here: https://bit.ly/ECFansRNice
Artist: Heather McNabb I Writer: James Portnow I Voice: Daniel Floyd I Editor: Carrie Floyd I ♪ Extra History Theme by Demetori: http://bit.ly/1EQA5N7 I ♪ Music by Sean and Dean Kiner: http://bit.ly/1WdBhnm
#ExtraHistory #Money #History
► FREE PASSIVE INCOME GUIDE: https://bit.ly/yourpassiveincomeguide
Follow Me
IG: https://www.instagram.com/austinzelan/
Website: https://austinzelan.com/
Austin Zelan is an American entrepreneur, investor, and philanthropist helping people around the world create financial freedom. His main focus is on investments that create cashflow for his clients and allow them to live the life they deserve.
He's on a mission to create 100 millionaires through his unique passive income strategies. He provides strategic coaching and mentorship for students around the world.
Let's learn how to generate more passive income together!
#realestate #passiveincome #investing #austinzelan
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a financial professional or attorney before performing any of the strategies mentioned in this video. Thank you.