c*****r
发帖数: 8227 | 1 “I believe that banking institutions are more dangerous to our liberties
than standing armies. If the American people ever allow private banks to
control the issue of their currency, first by inflation, then by deflation,
the banks and corporations that will grow up around [the banks] will deprive
the people of all property until their children wake-up homeless on the
continent their fathers conquered. The issuing power should be taken from
the banks and restored to the people, to whom it properly belongs.”
- 无名氏
维持通货膨胀，是金融寡头掠夺财富的最简捷的手段。
In terms of the gold standard, the United States experienced 3 distinct
phases between 1834 and the present. These phases are as follows:
Phase 1, 1834 to 1932: In 1834, the United States fixed the price of
gold to $20.67 per ounce. U.S. dollars and gold were interchangeable
according to the fixed price. The U.S. was on the gold standard then.
Phase 2, 1933 to 1970: In 1933, President Franklin D. Roosevelt outlawed
private ownership of gold by U.S. citizens and devalued the dollar (by
almost 40%) by raising the price of gold to $35 an ounce. From that time on,
only foreigners could demand the U.S. government to exchange gold for
dollars. U.S. citizens could not do so. In effect, the U.S. went half way
off the gold standard then.
Phase 3, 1971 to Present: In 1971, President Richard Nixon declared that
U.S. dollars could no longer be converted into gold, whether by foreigners
or by U.S. citizens. From that point on, gold price, vis-à-vis, the U.S.
dollar, fluctuated in the market, and the U.S. was completely off the gold
standard.
To test if there was any relationship between the gold standard and
inflation, we reviewed the Consumer Price Index (All Urban Consumers, CPI-U)
between 1914, the first year in which data is available, and 2008. Our
findings are summarized in the table below. | s*******e
发帖数: 432 | 2 Although, the mean inflation rate is 1.43% when in gold standard is in implementation. But its standard deviation is 8.72%. A 95% confidence interval for the mean will put the the mean in the range of [-2.7,4.14] which include almost all the mean inflation rate in later periods.
Also, when the fluctuation of the inflation is too big,it is doing more harm to a economy. Such harm is caused by factors such as people will have
difficult to plan long term project due to large price fluctuation and
people have to use more resources to monitor price fluctuation. |
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