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At line 24 changed one line
[Franklin Delano Roosevelt] he actually issued an [Executive order] which made owning gold illegal and required everyone to convert it into us dollars.
[Franklin Delano Roosevelt] he actually issued an [Executive order] [6102|Executive Order 6102] which made owning gold illegal and required everyone to convert it into us dollars.
At line 28 changed one line
So yes the gold standard was not ideal for these [governments] but at least it kept them in check it kept a certain degree of confidence in the value of money and when applied correctly could prevent hyperinflation. So confident were countries in the virtues of the gold standard that in [1944|Year 1944], 44 countries signed on to what was called the [Bretton Woods Agreement|]. Within the Breton Woods system all national currencies were valued in relation to the us dollar this therefore made the [United States Dollar] the dominant reserve currency. The [United States Dollar] in turn was convertible to gold at a fixed rate of $35 dollars per ounce. So you can think of it as a quasi gold standard still backed by gold; but indirectly.
So yes the [Gold Standard] was not ideal for these [governments] but at least it kept them in check it kept a certain degree of confidence in the value of money and when applied correctly could prevent hyperinflation. So confident were countries in the virtues of the gold standard that in [1944|Year 1944], 44 countries signed on to what was called the [Bretton Woods Conference]. Within the Breton Woods system all national [currencies|Currency] were valued in relation to the [United States Dollar] this therefore made the [United States Dollar] the dominant reserve currency. The [United States Dollar] in turn was convertible to gold at a fixed rate of $35 dollars per ounce. So you can think of it as a quasi gold standard still backed by gold; but indirectly.