should the gold standard have been abandoned and should it be brought back? justify your opinion
Answers
Answer:
If the United States returned to the gold standard and then faced an economic crisis, the government would not be permitted to use monetary policy (such as injecting stimulus money into the economy) to avert financial disaster.
Explanation:
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Answer:
The gold standard is a monetary system where a country's currency or paper money has a value directly linked to gold. With the gold standard, countries agreed to convert paper money into a fixed amount of gold.
Explanation:
"We have gold because we cannot trust governments," President Herbert Hoover famously said in 1933 in his statement to Franklin D. Roosevelt. This statement foresaw one of the most draconian events in U.S. financial history: the Emergency Banking Act, which forced all Americans to convert their gold coins, bullion, and certificates into U.S. dollars.
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