what is the importance of gold in declining the quantity of curerency of our country
Answers
Answer:
early as the Byzantine Empire, gold was used to support fiat currencies – that is, those considered legal tender in their nation of origin. Gold was also used as the world reserve currency up through most of the 20th century; the United States used the gold standard until 1971 when President Nixon discontinued it.
Until the gold standard was abandoned, countries couldn't simply print their fiat currencies ad nauseam; the paper money had to be backed up by an equal amount of gold in their reserves (then, as now, countries kept supplies of gold bullion on hand). Although the gold standard has long fallen out of in the developed world, some economists feel we should return to it due to the volatility of the U.S. dollar and other currencies; they like that it limited the amount of money nations were allowed to print.
Answer:
India is rich
Explanation:
India is not gold rich