4 ms·
No, the Gold Standard effectively died when convertibility of paper currency into gold was suspended, starting with the Gold Reserve Act of 30 January 1934 and
by qubex 7y ago
No, the Gold Standard effectively died when convertibility of paper currency into gold was suspended, starting with the Gold Reserve Act of 30 January 1934 and subsequently elsewhere.
The post-WWII Bretton Woods regimen of “gold standard without domestic convertibility” definitely falls short of meeting the gold standard for gold standards: absent any audit of extant gold reserves, the price of gold (dictated by a purely hypothetical estimation of availability) served as a fixed exchange-rate (and thus implicitly fixed relative real rate of risk-free interest) and not as a true gold standard.
To say that Nixon dictated the end of the Gold Standard is as myopic as to suggest that the surgeon who removes the organs from a brain-dead patient is guilty of murder.