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A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold, effectively ending the Bretton Woods system. Many states nonetheless hold substantial gold reserves.
In economics, inflation is a general increase of the prices of goods and services in an economy. This is usually measured using the consumer price index (CPI). When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of CPI inflation is deflation, a decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index. As prices faced by households do not all increase at the same rate, the consumer price index (CPI) is often used for this purpose.
In economics, deflation is a decrease in the general price level of goods and services. Deflation occurs when the inflation rate falls below 0%. Inflation reduces the value of currency over time, but deflation increases it. This allows more goods and services to be bought than before with the same amount of currency. Deflation is distinct from disinflation, a slowdown in the inflation rate; i.e., when inflation declines to a lower rate but is still positive.
Precious metals are rare, naturally occurring metallic chemical elements of high economic value. Precious metals, particularly the noble metals, are more corrosion resistant and less chemically reactive than most elements. They are usually ductile and have a high lustre. Historically, precious metals were important as currency but are now regarded mainly as investment and industrial raw materials. Gold, silver, platinum, and palladium each have an ISO 4217 currency code.
In economics, Dutch disease is the apparent causal relationship between the increase in the economic development of a specific sector and a decline in other sectors.
A store of value is any commodity or asset that would normally retain purchasing power into the future and is the function of the asset that can be saved, retrieved and exchanged at a later time, and be predictably useful when retrieved.
Bullionism is an economic theory that defines wealth by the amount of precious metals owned. Bullionism is an early or primitive form of mercantilism. It was derived, during the 16th century, from the observation that the Kingdom of England, because of its large trade surplus, possessed large amounts of gold and silver—bullion—despite the fact that there was not any mining of precious metals in England.
Of all the precious metals, gold is the most popular as an investment. Investors generally buy gold as a way of diversifying risk, especially through the use of futures contracts and derivatives. The gold market is subject to speculation and volatility as are other markets. Compared to other precious metals used for investment, gold has been the most effective safe haven across a number of countries.
The history of money is the development over time of systems for the exchange, storage, and measurement of wealth. Money is a means of fulfilling these functions indirectly and in general rather than directly, as with barter.
Silver may be used as an investment like other precious metals. It has been regarded as a form of money and store of value for more than 4,000 years, although it lost its role as legal tender in developed countries when the use of the silver standard came to an end in 1935. Some countries mint bullion and collector coins, however, such as the American Silver Eagle with nominal face values. In 2009, the main demand for silver was for industrial applications (40%), jewellery, bullion coins, and exchange-traded products. In 2011, the global silver reserves amounted to 530,000 tonnes.
ETF Securities is an asset management firm that issues exchange-traded funds (ETFs) primarily in Australia.
A gold bug is a person who is bullish on gold and related investment products, and/or supports the use of the gold standard.
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are: medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment.
Metallism is the economic principle that the value of money derives from the purchasing power of the commodity upon which it is based. The currency in a metallist monetary system may be made from the commodity itself or it may use tokens redeemable in that commodity. Georg Friedrich Knapp (1842–1926) coined the term "metallism" to describe monetary systems using coin minted in silver, gold or other metals.
Credit theories of money, also called debt theories of money, are monetary economic theories concerning the relationship between credit and money. Proponents of these theories, such as Alfred Mitchell-Innes, sometimes emphasize that money and credit/debt are the same thing, seen from different points of view. Proponents assert that the essential nature of money is credit (debt), at least in eras where money is not backed by a commodity such as gold. Two common strands of thought within these theories are the idea that money originated as a unit of account for debt, and the position that money creation involves the simultaneous creation of debt. Some proponents of credit theories of money argue that money is best understood as debt even in systems often understood as using commodity money. Others hold that money equates to credit only in a system based on fiat money, where they argue that all forms of money including cash can be considered as forms of credit money.
Fiat money is a type of currency that is not backed by a commodity, such as gold or silver. It is typically designated by the issuing government to be legal tender, and is authorized by government regulation. Since the end of the Bretton Woods system in 1971, the major currencies in the world are fiat money.
Currency Wars, also referred to as The Currency War, is an antisemitic essay by Chinese author Song Hongbing. Originally published in 2007, it gained a resurgence in 2009 and has been described as a prominent exponent of a recently emerged genre labeled "economic nationalist" literature. The premise of the book is that Western countries are ultimately controlled by a group of Jewish international bankers, which, according to Song, runs their central banks. It uses the claim that the Federal Reserve is a private body to support its role.
Andrew Maguire is a British commodities trader and whistleblower. He presented evidence to United States regulators alleging that fraud had been committed, and that prices in the international gold and silver markets had been manipulated. No regulatory or legal action has been taken as a result of his accusations.
In macroeconomics, chartalism is a heterodox theory of money that argues that money originated historically with states' attempts to direct economic activity rather than as a spontaneous solution to the problems with barter or as a means with which to tokenize debt, and that fiat currency has value in exchange because of sovereign power to levy taxes on economic activity payable in the currency they issue.
Judy Lynn Shelton is an American economic advisor to former President Donald Trump. She is known for her advocacy for a return to the gold standard and for her criticisms of the Federal Reserve. Trump announced on July 2, 2019, that he would nominate Shelton to the Fed. Her nomination stalled on November 17, 2020, with a 47–50 vote in the Senate, and her nomination was eventually withdrawn by President Joe Biden in February 2021.
References
- 1 2 "Financial Dictionary" . Retrieved 26 July 2015.
- ↑ Gevinson, Alan. Silverites, Populists, and the Movement for Free Silver. Teachinghistory.org, accessed 18 December 2011.
- ↑ Konczal, Mike (21 January 2011). "Kristol, Kalecki, and a 19th Century Economist Defending Patriarchy all on Political Macroeconomics". Rortybomb.
- ↑ Krugman, Paul (22 November 1996). "The Gold Bug Variations". Slate . Archived from the original on 2 December 1998.
- ↑ Milner, Brian (15 April 2013). "As price of gold falls, conspiracy theories rise". The Globe and Mail. Retrieved 26 July 2014.
- ↑ "Paranoids have enemies, radical gold bugs have Wall Street". Market Watch. Retrieved 26 July 2014.
- ↑ "About GATA". GATA. Retrieved 26 July 2014.
- ↑ "GATA and Gold: The Truth is Revealed". The Motley Fool. Retrieved 26 July 2014.
- ↑ O'Brien Matt (July 25, 2015). "Gold is Doomed". Washington Post. Retrieved 26 July 2015.
- ↑ Mieczkowski, Yanek and Carnes, The Routledge Historical Atlas of Presidential Elections (2001), p.176. ISBN 0-415-92133-3
- ↑ "Judy Shelton, a Goldbug Who Bends to Fit Trump". The Wall Street Journal. Retrieved 9 July 2019.
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