Tag Archive: what is the gold standard

What Was the Gold Standard?

Imagine walking into a bank, pulling dollars from your pocket, handing them to a teller, and the teller giving you gold in return.  Sounds wonderful but crazy, doesn’t it? As far-fetched as it seems, there was a time—not too long ago—that this was reality. The United States and most other countries were on the gold standard. And with the gold standard, you could freely convert dollar bills to gold.   This guide will also answer the following questions: What is the gold standard? When did the... Continue Reading

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