The tool that all governments have used, in this case, is a gold standard system.
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We could have a world gold standard system up and running in 24 hours.
The United States had its greatest periods of economic advancement with a gold standard system.
These can all be reasonable proposals within the context of a gold standard system.
The easiest, simplest, fully-operational form of a gold standard system could be implemented in ten minutes.
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We could create an updated version of the world gold standard system of the pre-1914 era.
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In 1821, Britain went to a gold standard system after 23 years of floating currencies.
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In 1879, the U.S. went to a gold standard system after 19 years of floating currencies.
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For some reason, the gold standard system has gained a reputation for causing crises.
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With monetary stability assured by the gold standard system, bond yields fell everywhere to very low levels.
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Under the old gold standard system, a currency could be converted into fixed amounts of gold and vice versa.
However, this is not done according to a gold standard system operating framework.
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The better classical economists have always known that gold bullion itself is not really necessary for a gold standard system.
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In 1944, most of the world went to an official gold standard system after various unsuccessful experiments during the 1930s.
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In the case of a gold standard system, the policy target is to create a currency whose value is fixed to gold.
In my view, a gold standard system must have two basic elements.
If a country adopted a gold standard system today, the result would be violent swings in exchange rates with other, floating currencies.
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The most perfect monetary system humans have yet created was the world gold standard system of the late 19th century, roughly 1870-1914.
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Since 1700, and indeed earlier, banks operating a gold standard system have generally held some form of debt as a reserve asset.
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The purpose of a gold standard system is to produce stable money.
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It was solved entirely within the context of the gold standard system.
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However, a gold standard system can make available any amount of currency, as is appropriate given economic needs and the fixed parity value.
Britain reinstated a gold standard system in 1698, 1821 and 1925.
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In a similar way, every gold standard system is also idiosyncratic.
Stable Money was provided through the Bretton Woods gold standard system.
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For some reason, the question of what price or parity at which to reinstate a gold standard system inspires people to new heights of creativity and innovation.
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This has nothing to do with the gold standard system itself, which is wholly capable of accommodating the increased demand for money that usually accompanies economic expansion.
Obviously the money supply grew a very large amount in the U.S. during the 19th century, and obviously the gold standard system did not hold back economic development.
Once we pick a number, then sometimes the issue comes up of a transition period, from the present floating system to the initiation of the gold standard system.
The gold standard system already provided very low interest rates.
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