Suddenly There Is Enough Gold

The place that caused all the confusion beginning in 1936, in 1971. Bettmann Archive Recently the value of all gold in the world has risen to about $25 trillion. Not so long ago—under the Federal Reserve chairmanship of Janet Yellen, even—this stash carried a value only three-eighths as much. Total world gold was worth less…

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Did The Gold Standard Fail?

The gold standard is a profile in power. So LBJ conspired to get rid of it. (Photo by UPI/Bettmann Archive/Getty Images) Getty Images The gold standard did not prevent the hyperinflation of the 1970s, or the slowdown in growth the American economy in the 2000s. The gold standard ended in 1971—what can it mean that…

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