Published: 2019.04.11. Gold standard

Gold standard - Preview

The term "troy ounce" of gold is derived from the name of the French city of Troyes, in which the world's first system of weights for precious metals and stones was created. One troy ounce is equal to the weight of 480 grains (one grain weighs exactly 64.79892 mg).

The gold standard was abolished, and the currency standard, adopted by the government of most countries - fiat, or fiat money, came in its place. US Presidents Thomas Jefferson and Andrew Jackson strongly opposed this decree, as they agreed with the opinion of most economists who were convinced that fiat increases the cyclical nature of recessions and rises in inflation.