By Jacob Burg Treasury Secretary Scott Bessent said on Feb. 8 that he doesn’t expect the Federal Reserve to quickly move to reduce its balance sheet, even under the potential leadership of Fed Chair nominee Kevin Warsh, a critic of the central bank’s bond purchases. During an interview with Fox News’ “Sunday Morning Futures,” host […]
Tag: Gold Standard
A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold, effectively ending the Bretton Woods system. Many states nonetheless hold substantial gold reserves.
