Gold Standard

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Pages: 6

Nickolas Lioudis' article, "What is the gold standard" explains that The gold standard medium of exchange has been used for 5000 years. He explains that the gold standard was the economic monetary system in which precious metals backed the value of the money (Lioudis 1). Lioudis writes and edits for Investopedia, where he has written many articles on economics. It is explained in Craig K. Elwell's article, "Brief History of the Gold Standard in the United States," that "The United States began with a bimetallic standard in which the dollar was defined in terms of both gold or silver at weights and fineness"(Elwell 2). Elwell's peer-reviewed article was written in the Congressional Research Service as a CRS report for Congress. It is explained in the Tuolumne Historical Society's article, "Timeline of …show more content…
The Tuolumne Historical Society is a society that extensively researches historically. Radcliffe Brent's article "Fiat Money," describes fiat currency as currency not backed by precious metals. Brent, who writes for Investopedia, describes fiat as "currency that a government has declared to be legal tender, but it is not backed by a physical commodity"(Brent 1). Brent writes for Investopedia and has a degree in International Economics. Tom Lewis, who wrote in the publishing, the Gold Telegraph and writes about Austrian economics and geopolitics, explains that China started printing paper money and it lost most of its value and many Chinese citizens went broke. King Louis XV established fiat currency, which bankrupt France. Over thousands of years, fiat currency has been a failure (Lewis 1). This paper argues that a precious metal backed currency should be implemented. This is because of the stability of its pricing contrary to fiat, because of its intrinsic value. Returning to using currency worth precious metals as a medium of exchange would consequently prevent wars, and reduce debt and value would be