They agreed to inaugurate an international gold-backed monetary standard
reliant on the U.
Under the Constitution, a precious metal or "specie" monetary standard
is implied by the clause in Article I, Section 8 giving Congress the power to "coin [not "print"
After spending nearly two hundred pages of detailed analysis showing that political authorities cannot be trusted to manage a monetary standard
in the interest of the common good, Timberlake proposes a return to a strict constitutional interpretation of Congress's monetary powers.
has an incumbency advantage due to the network properties of a monetary standard
Plainly, the euro in no way constitutes the ideal monetary standard
, which, as we saw in the first section, could only be found in the classic gold standard, with a 100-percent reserve requirement on demand deposits, and the abolition of the central bank.
But inflation is both improbable and inconsequential as long as money is defined in terms of a fixed weight of gold (or silver), and the monetary standard
is not debased by government printing of fiat money.
The depreciation of silver also started fierce controversies concerning the best monetary standard
An increase between 2004 and 2008 in the percentage of multidimensional poor who would be identified as non-poor by the monetary standard
occurs regardless of the dimensional cut-off value used.
government to set up the country's monetary standard
, Congress deemed it appropriate to adopt the monetary standard
represented by this ubiquitous and well-respected coin.
A valid case for low inflation must have to do with the inefficiencies caused by allowing the monetary standard
to vary and by the instability that results when the inflation trend is changed.
By the same token that one would estimate the value of goods according to a certain weight of gold, the length of the silk cloth became a monetary standard
in China and before long it was acceptable even when used in trade with foreign countries.
The gold standard, was never, and the "gold-exchange standard" even less, a fully automatic monetary standard