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What happens if IMF switches back to Gold Standards after 4 decades?
When the quantity of dollars held by foreign governments began to exceed U.S. gold holdings
by large amounts, the system of backing paper currency with gold reserves started to falter. In 1971 the United States suspended gold payments of U.S. dollars. Since then the United States has had a fully managed currency system, one with no metallic base whatsoever. Historically, the nation has gone from a wholly metallic system, when coins were the primary money in circulation, to a managed system, in which, aside from the currency in people's pockets, most of the money consists of entries in the books of banks. In the continuing evolution, as more money is exchanged and transferred electronically, the U.S. money supply will increasingly be represented by entries in computer data banks.
What happens if IMF switches back to gold standard? What are other possibilities for settlement of international debts besides bankruptcy.
3 Answers
- cactusgeneLv 710 years agoFavorite Answer
The one thing I can guarantee you, is that the IMF will not switch back to the gold standard. They have enough problems already and they would not dare to complicate the matter even further.
- varshaLv 44 years ago
Gold did no longer do lots of the replace in cost. It extraordinarily lots buys the comparable quantity of bread loaves at any evaluate history. The dollar is what replaced. Gold went up slightly because of the fact of persons disliking money lots that the call for for Gold replaced right into slightly bigger. yet in general the dollar replaced, no longer gold. we can use silver, copper and nickle and different metals too if we would like sufficient metals to characteristic to the familiar. A pre-1982 penny is nicely worth 2.5 cents in copper. you would be stunned at how lots money's nicely worth of copper a 3x3 foot cube could be. uncertain myself yet I hauled some small stacks in my 18 wheeler as quickly as and it is so heavy that throughout the time of user-friendly terms a pair little stacks places the truck obese and is nicely worth some hundred thou.
- ?Lv 64 years ago
Global recession will follow. Worst affected would be US because of its huge debts payable to China.
