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Gibson's paradox is the observation that the rate of interest and the general level of prices under the gold standard [1] are positively correlated. [2] It is named for British economist Alfred Herbert Gibson who noted the correlation in a 1923 article for Banker's Magazine. The correlation had been noted earlier by Thomas Tooke. [3]
Once off the gold standard, it became free to engage in such money creation. The gold standard limited the flexibility of the central banks' monetary policy by limiting their ability to expand the money supply. In the US, the central bank was required by the Federal Reserve Act (1913) to have gold backing 40% of its demand notes. [66]
Download as PDF; Printable version; In other projects Wikidata item; Appearance. ... Pages in category "Gold standard" The following 66 pages are in this category ...
Given that the U.S. gold reserve is an estimated 260 million ounces -- worth around $431 billion -- to convert to the gold standard, Washington would first have to acquire a massive amount of bullion.
In "The Case for a 100 Percent Gold Dollar", Rothbard argues that having a currency permanently fixed by law at a certain weight in gold, and always redeemable in gold, greatly incentivizes governments and banks to be much more ethical, civil, and honest in their lending methods, accounting methods, and in their honorable pursuits of other ...
The Gold Clause Cases were a series of actions brought before the Supreme Court of the United States, in which the court narrowly upheld the Roosevelt administration's adjustment of the gold standard in response to the Great Depression.
The Gold Standard Act was an Act of the United States Congress, signed by President William McKinley and effective on March 14, 1900, defining the United States dollar by gold weight and requiring the United States Treasury to redeem, on demand and in gold coin only, paper currency the Act specified. [1]
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