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A Brief Overview of the History of Monetary System, 1913 – Present

From 2014. In a pamphlet written in 1981, "Gold, Peace, and Prosperity: The Birth of a New Currency," there is a section where Ron Paul gave an overview of how money was ruined. For us to grasp how the global monetary system reaches the existing critical stage, we have to take a look at four significant events in monetary history: Gold Coin Standard Gold Bullion Standard Gold Exchange Standard Managed Fiat Currency Standard The deterioration of the monetary system has undergone a long and slow process, which resulted from a series of decisions of the US Congress. The Gold Coin Standard was the monetary system prior to the Gold Reserve Act of 1934, the law that served as the basis for the Gold Bullion Standard. Twenty-one years earlier, the way had been paved for the deterioration of the monetary system caused by the Federal Reserve Act of 1913. For Ron Paul, the establishment of the Federal Reserve is just an implementation of an advice mentioned by Karl Marx on 1848 in Commu...