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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During our subsequent 41 years of the paper dollar standard, in which the dollar has had no defined value and has been backed only by empty political promises, growth has averaged 2.8%.
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.
According to a recent study by the Bank of England, when compared to even the flawed, post World War II gold standard, the paper dollar standard has been a disaster whose true dimensions have been disguised by the time over which it has been inflicted on people all over the world.
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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.
They asked them to estimate how many simple objects gumballs, paperclips and pencils they could purchase with either a standard dollar bill or a Susan B.
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This year it began to attack the long-time position of the U.S. dollar as the standard currency in international trade, encouraging the use of its currency, the yuan, in trade settlements.
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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When President Nixon removed our currency from the Gold Standard, the dollar no longer had a direct relationship with gold or anything else for that matter.
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.
State control is thus put at risk--not least in regards to the exchange value of the yuan, which is currently tracking a weakening U.S. dollar and getting further out of kilter with where standard analysis would have it float.
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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