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This is an old revision of this page, as edited by Glennybrandimarte (talk | contribs) at 01:27, 1 January 2016 (2nd To Do Page / Hopefully, I created this second page correctly.). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Former featured articleGold standard is a former featured article. Please see the links under Article milestones below for its original nomination page (for older articles, check the nomination archive) and why it was removed.
Main Page trophyThis article appeared on Wikipedia's Main Page as Today's featured article on January 21, 2005.
Article milestones
DateProcessResult
December 24, 2004Featured article candidatePromoted
February 7, 2007Featured article reviewDemoted
Current status: Former featured article

Dates of adoption of a gold standard

References

  1. ^ Kindleberger, Charles P. (1993). A financial history of western Europe. Oxford: Oxford University Press. pp. M1 60–63. ISBN 0-19-507738-5. OCLC 26258644.
  2. ^ Newton, Isaac, Treasury Papers, vol. ccviii. 43, Mint Office, 21 Sept. 1717.
  3. ^ "The Gold Standard in Theory and History", BJ Eichengreen & M Flandreau [1]
  4. ^ The Pocket money book: a monetary chronology of the United States. Great Barrington, Massachusetts: American Institute for Economic Research. 2006. pp. 4–6. ISBN 0-913610-46-1. OCLC 75968548. {{cite book}}: |access-date= requires |url= (help)
  5. ^ a b c d e f Encyclopedia:. "Gold Standard | Economic History Services". Eh.net. Retrieved 2010-07-24.{{cite web}}: CS1 maint: extra punctuation (link)

Countries still using gold standard

I can't find any info to state that nowadays there is no country that uses gold standard. Some time ago I marked this sentence as "citation needed" and now a citation has been added to http://www.encyclopedia.com/topic/Gold_standard.aspx but that page doesn't state this as a fact, it only says that the US no longer uses a gold standard.

I found some good info in http://www.foreignaffairs.com/articles/69483/william-o-scroggs/what-is-left-of-the-gold-standard explaining how "the international gold standard has broken down" and claiming that you could consider at least 8 countries as still using the standard. Tharos (talk) 18:26, 28 January 2015 (UTC)[reply]

I've rephrased the sentence to "Most nations abandoned the gold standard as the basis of its monetary system at some point in the 20th century", I think it's more accurate Tharos (talk) 18:38, 28 January 2015 (UTC)[reply]

Unfortunately, that Foreign Affairs article you cite is an archive from 1934. It refers to the "Dutch East Indies," the Nazi "reichsmark" as an active currency, and "Persia" being on the silver standard! --Bridgecross (talk) 20:34, 3 February 2015 (UTC)[reply]
Whoops, my bad. Sorry. Still, my question is valid: is it accurate to state that there are no countries on the gold standard today? Not even some arab or african country I may not be aware of? — Preceding unsigned comment added by Tharos (talk • contribs) 19:04, 24 February 2015 (UTC)[reply]
You are correct, I can't find any definitive statement that NO nation is using the gold standard. I think if there were one out there, you would be able to find out which nation fairly easily. --Bridgecross (talk) 21:22, 24 February 2015 (UTC)[reply]
To my knowledge no county uses gold coins as legal tender money (classic gold standard), and no country converts its paper currency to gold at a fixed rate mandated by law (free exchange gold standard). Libya was attempting to set up a gold is the legal money system, but was bombed back into the stone age before it could start, never mind finish the process.
In the US somebody attempted to pay workers with US Gold Eagles (supposedly legal tender) at legal tender faced value but the US government took them to court for tax evasion and they lost. They paid court costs with legal tender silver coins at the legal tender face value and the court accepted the transaction, which just goes to show how two faced the system is.71.184.176.50 (talk) 05:10, 11 December 2015 (UTC)[reply]
I am familiar with that news story, and unfortunately you got the facts wrong. The person did not try to pay his workers with gold coins at their face value (which would have been legal but which would have entailed a huge loss for him). He wanted to pay them with gold at the bullion value - which was highly inconvenient (and costly) for his workers. Anyway, further discussion of this news story is irrelevant to this article, so I will stop. LK (talk) 06:33, 11 December 2015 (UTC)[reply]
Nope! He paid the workers at the face value (the legal tender value right on the face of the coin) and not the market value.
Directly quoted from news article: Kahre hadn’t committed a crime. He had upset the Internal Revenue Service by paying his workers based on the face value of gold and silver coins, versus the market value in the Federal Reserve system (the value of the coins in U.S. paper dollars). Even though the coins were in circulation, displayed a face value, and were regulated by Congress, the IRS’s confusing and endless tax code did not determine how to handle these gold and silver coins if used for payroll. The tax code only references dollars. It does not distinguish between coined money and paper money.
So the quote that legal tender money can be used to pay all debts. public and private, does not hold true for gold and silver legal tender coins. In other words despite the US government advertising these coins as legal tender, it does not treat them as legal tender.
The IRS was pissed because when you pay someone $50 (face value of a 1 ounce coin) when its market value is much higher) that persons income is only $50 instead of the much higher market value. i.e. the taxman was not getting his pound of flesh.
The case was Robert Kahre vs. the IRS.71.184.176.50 (talk) 14:40, 11 December 2015 (UTC)[reply]

Dear user at IP 71.184.176.50: You're mis-informed about the Kahre case.

First of all, the case is not "Robert Kahre vs. the IRS." The case is United States v. Kahre. Mr. Robert David Kahre appealed his conviction, and the conviction was upheld by the U.S. Court of Appeals for the Ninth Circuit. See United States v. Kahre, 737 F.3d 554 (9th Cir. 2013).

Second, it is not precisely correct to say that Mr. Kahre paid his employees only in gold coins. You're been reading tax protester propaganda on the internet.

Third, the statement that the "tax code only references dollars" is not only blatantly false, it's meaningless. Under the income tax provisions of the Internal Revenue Code, ALL income is subject to tax (except for various exclusions explicitly stated in the Code) -- regardless of whether the taxpayer receives "dollars" or "money" or "legal tender" or "money that is not legal tender" or "gold coins" or Cabbage Patch Dolls.

Fourth, the Internal Revenue Service does not "have" a "confusing and endless tax code." The Internal Revenue Code of 1986, as amended, is enacted by Congress - not by the IRS. It's not the IRS's Code; it's YOUR Code and MY Code and everyone's Code.

The Code is indeed confusing and, while it is several million words in length, it is certainly not "endless."

The IRS is charged with administering the Internal Revenue Code, but the IRS does not write the Internal Revenue Code.

Fifth, you might want to actually study the actual facts, the actual charges, and the actual convictions in Mr. Kahre's case -- and you should do that not by reading tax protester garbage on the internet. Famspear (talk) 20:50, 27 December 2015 (UTC)[reply]

PS: I'll be happy to give you the details of Mr. Kahre's scheme, but this talk page is not the place for that. Famspear (talk) 21:01, 27 December 2015 (UTC)[reply]

PPS: Under U.S. Federal income tax law, if someone performs services for someone else and is paid with gold coins where the fair market value of the coins exceeds the face value of the coins, the amount of income realized by the recipient is the fair market value of the coins, regardless of whether the coins are legal tender under U.S. law or not. Famspear (talk) 03:19, 28 December 2015 (UTC)[reply]

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Semi-protected edit request on 27 September 2015

"The gold specie standard came to an end with the outbreak of World War I." Anonymousssssssdaerwrqrewq (talk) 01:18, 27 September 2015 (UTC)[reply]

Not done: it's not clear what changes you want to be made. Please mention the specific changes in a "change X to Y" format. Cannolis (talk) 12:54, 27 September 2015 (UTC)[reply]

Poll on returning to the gold standard

http://www.usfunds.com/investor-library/frank-talk/an-illustrated-timeline-of-the-gold-standard-in-the-us/#.VmmGT0vaUds

According to this poll run by US Global Investors, at this time with a bit over 400 votes

57% Strongly favor returning to the gold standard 29% Favor returning to the gold standard 7% have no opinion 5% Reject returning to the gold standard and 2% Strongly Reject returning to the gold standard

To see the results you need to vote at the bottom of the article.

After the pathetic results of the Federal Reserve (aka banksters) creating money from nothing, and enriching themselves in the process at the expense of everyone else, a massive 86% of voters favor the gold standard.

The stability of the gold standard gave the US the longest running period of prosperity ever, while the Federal Reserve has given us The Great Depression, the Inflation of the 70's and most recently the Great Recession, besides any number of smaller booms and the folling busts.71.184.176.50 (talk) 04:57, 11 December 2015 (UTC)[reply]

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