The History of the Gold Standard
The video defines it as a currency whose value is tied directly to gold; notes could be swapped for gold at an equal value (Bank of England).
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1.What was the gold standard?
The video defines it as a currency whose value is tied directly to gold; notes could be swapped for gold at an equal value (Bank of England).
2.What was the fixed US gold price mentioned in the video before the Roosevelt era?
The Fed was to convert dollars into gold at 20.67 dollars an ounce (Federal Reserve History).
3.A vault holds 100 ounces at 20.67 dollars an ounce. How many dollars of notes does it back?
100 times 20.67 is 2,067; the gold in the vault acts as a ceiling on how many notes can be backed (worked example).
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