The gold standard is not a fixed exchange rate system because all nations on the gold standard use the same currency. Commodity is money paper currency. And and government-issued notes



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The gold standard is not a fixed exchange rate system because all nations on the gold standard use the same currency
yusuf xos hojib, The gold standard is not a fixed exchange rate system because all nations on the gold standard use the same currency, 1-amaliy ishlanma, Islom Ensiklopediyasi, oila va jamiyatning ozaro ijtimoiy siyosiy va manaviy munosabatlarini organish usullari, oila va jamiyatning ozaro ijtimoiy siyosiy va manaviy munosabatlarini organish usullari, oila va jamiyatning ozaro ijtimoiy siyosiy va manaviy munosabatlarini organish usullari, 2 5350385148837761133, 1-Seminar, 14 уп, 3-Seminar (тайёр)


 

The gold standard is not a fixed exchange rate system because all nations on the gold standard use the same currency. Commodity is money paper currency. And and government-issued notes. Standard we're not money probably cuz they said they were money money substitute and they they substitute for gold on an exchange as Warehouse receipt so you're treating claims to go you didn't need to trade a physical goal that give you greater security it was more convenient to carry around a claim. Show me titles that Express the fact that you were the owner of the underlying asset or thing I was referred to deposit Sports Budweiser commercial Banks could also issue the wrong notes so let's take one from the former's and Merchants National Bank of Los Angeles knows what it says he will pay to the bearer? The man $20 with $20. Announce that will be paid to you if you bring in for Redemption that piece of. People recognized it as what it was and it was clear what it was but it was written on on on on on the face of the note that it was a claim to go so let's talk about the connection between the gold standard and money and prices the one in redeeming $20 for gold out they were not as a monitress claim selling gold and wants Ellen go to her just fulfilling their contractual obligation of redeeming that claim to go there was no sale involved. Sell a claim against what its claim it. That's just. Illegal interaction in the world. Standard the money supply is strictly limited by gold mine or it was received more strictly by the on balance of payments for countries that don't mind gold you can only increase fank no thank notes and Bank deposits to the extent that gold flows into the bank's there's some wiggle room there they can change the reserve Reserve ratio by for the most part the money supply increases and contracts with flows of gold and this is rationalism better than Inn in Morton. Is that drive the trade of goods and services so the result was that since we had a tremendous economic growth would say it in the US after the Civil War we went from basically an agrarian Nation before the Civil War to the mightiest Industrial? In the world by World War 1 is tremendous amount of technological Improvement of saving and investment and the accumulation of new capital and so on and that caused the supplies of goods and services to increase year after year. Standard increase extremely slowly much lower than was the increase in supply of goods and services still there for the natural effect was for prices to fall I like why I call this on both deflation deflation that results from from growth you know we were told back in the in the 1960s and 70s when changing economic to driving high that inflation was always always accompany growth growth was inflationary but that's ridiculous is always recognized that that's going to. All the things equal deflationary. Mainstreaming. Directed I got today and that that's not a boy. I want I want to point out is that there's a natural market mechanism to keep prices from falling too much and some sense even in the growth deflation you'll see it here but prices began to rise right around the late 1890s and they rolls all the way up until 1913 but doesn't natural phenomenon because it resulted from the gold new discoveries in in in sources of gold and also new discoveries in how to extract gold from ore so we had an increase in in in in Gold production from year to year over those years and that go prices up again but that was. An accident we are where we found a source of gold and someone when you have a full and prices all prices for all including the capital goods that are used in mining extracting and exploring for gold so go because we're valuable as as as Dill prices for the volume goes up obviously cuz it's the other side of the coin and as a result that's that that lowers the cost of producing gold exploring for gold increases the probability to go mining.







Walton what he would seize when they discuss the gold standard go put the gold standard under fixed exchange rates so the gold standard would be one example of fixed exchange rate and that would be right alongside things like fiat currency is created by a world bank that would be a fiat currency in n in the view of canes and some of the later Keynesian over to be at you by World bank and then individual Carthage will be tied to that world currency. Exchange rate was there and then on the other side was fluctuating exchange rates are those were room system in which different National currency fluctuation value against one another of course this is not satisfactory the speed difference is that between a market supply money or commodity money who supply and demand is anchored in the market and a money who's Supply is monopolized by the Port Authority be at 2 at Central Bank. Play Through The Years by the government sold the best systems from the from the point of view of of of austrians if we're Fort Worth. It's our standard satisfaction of consumer wants and and the above bility of entrepreneurs to calculate is the market supply come on. Okay, then things get progressively worse until we get to a world Central Bank. Having said that we know it's is Professor engelhardt has has told us that all money originated and must have originated logically as commodity. So, your money came on too. Get my old John medium of exchange as some sort of a commodity. The most information about the classical gold standard genuine gold Fender and not a genuine gold standard such as the classical gold standard and unlike the Bretton Woods. Gold standard the mark of the of the of the drain gold standard is that gold coins are actually in circulation there you. Play circulation it does not necessarily that that they're there be 100% reserves though that is better but almost from the store when money originated government began to interfere so it's very hard to find a pure commodity. Operating in history so. Best stick. Slightly watered down. You know I love all of a pure,nd. The classical gold standard I will compare it or actually not really compare. Okay, a little bit again will show this. By step process by which the gold standard was deliberately really destroyed by by government. Who is this big point to Gold Standard did not fail it was deliberately destroyed by governments so what were the main characteristics of of the gold standard the monster you what was the far as the way of gold don't want I'll give you the example that will be? Play really gold and nothing else was money gold was the base money it was a Bank Reserves and it was the currency in circulation nothing else was was was considered money proper as Muse would use the term anything else that circulated as as a medium of exchange for the money substitute so bad girls in the closets Phoenix Seventh-Day existed. Is SLI redeemable into gold at par or at face value and they were the money substitutes so gold coin circulated alongside money substitutes for real wood for really is we'll see just claims to go tell by Bang? It was not necessary under the cross of gold sell for a central bank to exist the US during mostly. Bathroom gold standard did not have a central bank we will last Industrial. To set up a Central Bank Great Britain establish its Central Bank. 1694 South mainly so the king could build palaces and fight Wars for Central Bank. Initially creatures of government as they have remains of the monetary unit was as I said simply await unit of gold Sonos something. Frank found the dollar a homo genius money they're not separate money sale all gold but their names just emailed a different weight of gold a different unit in which the people in that Nation arm calculate but easy money itself was gold.




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