Saturday, May 21, 2011

Gold Keeps Shining, 40 Years After Nixon Ended Gold Standard



VOA Learning English Video: Gold Keeps Shining, 40 Years After Nixon Ended Gold Standard

The best example of something is often called the "gold standard." It sets the standard against which other things are measured. In economics, the term describes how major trading nations once used gold to set currency values and exchange rates. Many nations continued to use the gold standard until the last century. In the United States, people could exchange paper money for gold from the eighteen seventies until nineteen thirty-three. President Richard Nixon finally disconnected the dollar from the value of gold in nineteen seventy-one. Some politicians from time to time call for a return to the gold standard. (read more)

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