Yet the drift to the dollar standard was somehow judged as a sign of progress.
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Thankfully, about half of its economy was on a de facto dollar standard before this latest disaster.
The similarities between this quasi-dollar standard and the original Bretton Woods system mean that many of today's problems have historical parallels.
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If the global trend continues for the next 20 years, then global growth in the 21st century will ring in at a clip superior to the historic period we call the Great Dollar Standard Era from the breakdown of Bretton Woods in 1971 through the palliative Y2K freakout.
Firms that used to collect on average about 92 cents for every dollar of standard time their lawyers worked in 2007, before the economic downturn, now are getting less than 85 cents.
State Farm, the nation's largest home insurer, says such dollar deductibles are the standard in Northeastern states.
The dollar became the gold standard in which every tradeable good is priced.
Hamilton, our first Treasury Secretary, brilliantly reorganized our national and state government finances and put the dollar on a gold standard.
Its call for a commission to study the feasibility of returning the U.S. dollar to the gold standard appeals to the coveted Independents very much, not to mention parts of the Democratic voter base.
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You want a kind of gold standard, with the dollar and other hard currencies acting as a substitute for gold.
In 1966, we had a stable dollar under the Bretton Woods gold standard.
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Some have even called for a return to the gold standard, meaning each dollar would have to be backed by an ounce of gold.
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The gold standard, where a dollar is defined by a weight unit of gold, will enable people to use the same currency at a secured value.
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So being on the gold standard and keeping a constant dollar value are inconsistent proposals.
Finally, a gold standard produces trust in the dollar because gold has the unique characteristic of maintaining its buying power over time.
In the center would be advocates of a classical gold standard, in which a dollar is defined as a fixed amount of gold.
When a weak dollar makes imports more expensive, our standard of living goes down as we pay more for goods we buy at the mall.
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The increase in growth made possible by these initiatives also would set the stage for additional growth augmenting policies including reform and simplification of the personal income tax code and restoration of gold as a standard of value for the dollar.
Financial history is littered with events that turned from the unthinkable to the inevitable with breathtaking speed: Britain left the gold standard in 1931, Argentina abandoned its dollar peg in January 2002.
This promise can be verified every minute of the day by observing the current rate of exchange between the dollar and gold, and, under a classical gold standard, by exchanging currency at a national bank for gold coins of a fixed weight and purity.
In an e-mail Standard Chartered tells me that its belief on the dollar amount under scrutiny has not changed.
PPP, our hamburger standard, is the exchange rate that makes the dollar price of a burger the same in each country.
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The reason for preferring a gold standard is that it works better than the current paper dollar system.
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The monetization of gold through legal tender laws and removal of taxes will restrain the government from reneging on the gold standard by putting gold on an equal footing with the dollar.
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And the only reason people think about dollar convertibility again now is because conservatives are talking up a new gold standard.
Lehrman also adds a rather detailed program to find an appropriate new gold parity for the dollar, and also for other currencies that would join the new world gold standard around the same time.
In truth, a gold exchange standard would be as simple as Treasury announcing a plan to peg the dollar to a set gold price, after which the market price of gold would regulate the supply of money.
Yet it is the reason government spending has blown past budgetary constraints, revenue downturns, and public outrage since the last check on Federal Reserve dollar-printing ended in 1971 with the demise of the Bretton Woods gold exchange standard.
Before that time, it was basically clear that outside of wartime (when gold-standard conventions were often suspended), you could basically count on the dollar holding its value against major things like the consumer price level, foreign currencies, and commodities such as gold itself.
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