The world's new digital currency is linked to gold
Publish: 2021-03-30 04:57:59
1. Digital currency is the trend, but I don't know when it will be released in China. I haven't heard of the currency you said, and it may not be issued. Otherwise, there will be no news on the Internet.
2. Please refer to this article... Definitely solve
the Bretton Woods system refers to the international monetary system agreement with the US dollar as the center after the Second World War. The Bretton Woods system is the sum of the rules, measures and corresponding organizational forms established by the agreement on the arrangements made jointly by various countries for currency exchange, balance of payments adjustment and the composition of international reserve assets
History
the agreement originated in July 1944. Representatives of 44 countries held a monetary and financial conference between the United Nations and its allies in Bretton Woods, New Hampshire, the United States. The conference adopted the final resolution of the United Nations Monetary and financial agreement The agreement of the International Monetary Fund and the agreement of the international bank for reconstruction and development (the international bank for reconstruction and development, or the World Bank) are two appendixes, which are collectively known as the Bretton Woods Agreement< In 1944, after a heated debate, Britain and the United States reached a consensus. In May of that year, the United States invited representatives of 44 governments participating in the preparations for the establishment of the United Nations to hold a meeting in Bretton Woods and signed the Bretton Woods Agreement, It established the second international monetary system after the collapse of the gold standard. In this system, the U.S. dollar is linked to gold, and the U.S. undertakes the obligation to exchange the official price for gold. The currencies of various countries are linked to the US dollar, which is in the central position and plays the role of world currency. In fact, it is a new gold exchange standard. In the Bretton Woods monetary system, the role of gold in circulation and international reserves has been reced, and the US dollar has become the leading role in this system. However, because gold is the last barrier to stabilize the monetary system, the price and flow of gold are still under strict control. Countries prohibit residents from buying and selling gold freely, which makes it difficult for the market mechanism to play an effective role. The London gold market did not recover until a decade after the system was established< At the meeting, economist Keynes (right) established two major international financial institutions, namely, the International Monetary Fund (IMF) and the world bank. The former is responsible for providing short-term capital loans to Member States to ensure the stability of the international monetary system; The latter provides medium and long-term credit to promote the economic recovery of member countries
* the US dollar is pegged to gold, and the currencies of member countries are pegged to the US dollar
* abolishing foreign exchange control on current account transactions, etc<
the responsibility of the United States as the issuing country of reserve currency
there are two basic responsibilities:
* the Federal Reserve guarantees that the US dollar will be converted into gold according to the official price, and maintains the confidence of the members of the agreement in the US dollar
* provides enough US dollars as a means of international settlement
internal contradiction: if the US dollar supply is too much, it can not guarantee that all gold will be converted, Insufficient supply leads to insufficient means of international settlement, which is the "Triffin puzzle"<
US Federal Reserve Note
the role of the system
* established a fixed exchange rate system linking US dollar and gold, ended the chaotic international financial order, created favorable external conditions for the expansion of international trade and world economic growth
* US dollar as a reserve currency and international means of repayment, made up for the shortage of gold, Improving the global purchasing power promotes international trade and transnational investment
the basic defects of the system are the contradiction between the solvency of the US dollar and its confidence in the US dollar, which is manifested in the contradiction between the status of the US dollar as an international currency reserve and its international solvency The asymmetry of policy coordination between reserve currency issuing countries and non reserve currency issuing countries and the dilemma between internal and external objectives under the fixed exchange rate system
* e to the rigid exchange rate system, the balance of payments can not be achieved automatically by floating exchange rate. The responsibility of adjusting the balance of payments mainly falls on the non reserve currency issuing countries, sacrificing their economic development goals
the end of the system
the operation of the Bretton Woods monetary system is closely related to the credibility and status of the US dollar, The United States is deeply mired in the Vietnam War, with huge fiscal deficit, worsening international income situation, great impact on the credibility of the dollar, and many dollar crises have broken out. A large number of capital fled, and countries sold their own dollars one after another to buy gold. As a result, the U.S. gold reserves decreased sharply and the gold price in London soared. In order to restrain the rise of gold price, maintain the exchange rate of US dollar and rece the loss of gold reserves, the United States, together with eight countries, namely Britain, Switzerland, France, West Germany, Italy, the Netherlands and Belgium, established a gold general Treasury in October 1961. The central banks of the eight countries provided a total of 270 million US dollars of gold, and the Bank of England was the agency of the gold general Treasury to maintain the gold price in London, And take various measures to prevent foreign governments from holding US dollar foreign exchange to exchange gold with the United States< In the late 1960s, the U.S. further expanded the war of aggression against Vietnam, the balance of payments further deteriorated, and the U.S. dollar crisis broke out again. In the half month of March 1968, US gold reserves flowed out more than US $1.4 billion. On March 14 alone, the trading volume of London gold market reached a record breaking figure of 350-400 tons. The United States no longer has the ability to maintain the official price of gold. After consulting with the members of the gold general Treasury, it announced that it would no longer supply gold to the market at the official price of US $35 per ounce, and the market price of gold was free to float, but the governments or central banks of various countries still settled at the official price. Since then, gold began the stage of double price system. However, the double price system has been maintained for three years because the US balance of payments is still deteriorating and the US dollar is unstable; Second, western countries are dissatisfied with the United States' refusal to devalue despite the US dollar crisis and forced to maintain a fixed exchange rate on the principle of self-interest. As a result, some European countries adopted the strategy of inviting the king into the urn. Since the United States refused to raise the price of gold and devalued the US dollar, they exchanged their dollars for us gold reserves
after the news that France and other Western European countries wanted to exchange a large amount of gold with us dollars came out in August 1971, the United States had to announce on August 15 that it would stop fulfilling its obligation to foreign governments or central banks to exchange US dollars for gold. In December 1971, marked by the Smithsonian agreement, the US dollar depreciated against gold, while the US Federal Reserve refused to sell gold to foreign central banks. Thus, the system of pegging US dollar to gold is dead in name
in March 1973, e to the devaluation of the US dollar, it once again triggered a wave of selling US dollars and rushing to buy gold in Europe. Western European and Japanese foreign exchange markets had to be closed for 17 days. After negotiation, an agreement was finally reached that the western countries abandoned the fixed exchange rate system and implemented the floating exchange rate system. So far, the Bretton Woods monetary system completely collapsed, and the process of gold non monetization reform began. But it was not until 1976 that the international community reached the "Jamaica agreement" with the legalization of floating exchange rate and the non monetization of gold as the main contents. From a legal point of view, the non monetization of gold in the international monetary system was not formally defined until 1978. In 1978, the International Monetary Fund approved the revised International Monetary Fund Agreement by a majority vote. The agreement deleted all previous provisions on gold and declared that gold would no longer be used as the standard of currency valuation, abolished the official price of gold and could be freely traded in the market; Abolish the requirement that the International Monetary Fund (IMF) must pay in gold; The profits from the sale of 1 / 6 of IMF gold will be used to establish a preferential loan fund to help low-income countries; The establishment of special drawing rights to replace gold for certain payments between Member States and the IMF and so on< After the collapse of the Bretton Woods system, the International Monetary Fund and the world bank, as important international organizations, still exist and play an important role.
the Bretton Woods system refers to the international monetary system agreement with the US dollar as the center after the Second World War. The Bretton Woods system is the sum of the rules, measures and corresponding organizational forms established by the agreement on the arrangements made jointly by various countries for currency exchange, balance of payments adjustment and the composition of international reserve assets
History
the agreement originated in July 1944. Representatives of 44 countries held a monetary and financial conference between the United Nations and its allies in Bretton Woods, New Hampshire, the United States. The conference adopted the final resolution of the United Nations Monetary and financial agreement The agreement of the International Monetary Fund and the agreement of the international bank for reconstruction and development (the international bank for reconstruction and development, or the World Bank) are two appendixes, which are collectively known as the Bretton Woods Agreement< In 1944, after a heated debate, Britain and the United States reached a consensus. In May of that year, the United States invited representatives of 44 governments participating in the preparations for the establishment of the United Nations to hold a meeting in Bretton Woods and signed the Bretton Woods Agreement, It established the second international monetary system after the collapse of the gold standard. In this system, the U.S. dollar is linked to gold, and the U.S. undertakes the obligation to exchange the official price for gold. The currencies of various countries are linked to the US dollar, which is in the central position and plays the role of world currency. In fact, it is a new gold exchange standard. In the Bretton Woods monetary system, the role of gold in circulation and international reserves has been reced, and the US dollar has become the leading role in this system. However, because gold is the last barrier to stabilize the monetary system, the price and flow of gold are still under strict control. Countries prohibit residents from buying and selling gold freely, which makes it difficult for the market mechanism to play an effective role. The London gold market did not recover until a decade after the system was established< At the meeting, economist Keynes (right) established two major international financial institutions, namely, the International Monetary Fund (IMF) and the world bank. The former is responsible for providing short-term capital loans to Member States to ensure the stability of the international monetary system; The latter provides medium and long-term credit to promote the economic recovery of member countries
* the US dollar is pegged to gold, and the currencies of member countries are pegged to the US dollar
* abolishing foreign exchange control on current account transactions, etc<
the responsibility of the United States as the issuing country of reserve currency
there are two basic responsibilities:
* the Federal Reserve guarantees that the US dollar will be converted into gold according to the official price, and maintains the confidence of the members of the agreement in the US dollar
* provides enough US dollars as a means of international settlement
internal contradiction: if the US dollar supply is too much, it can not guarantee that all gold will be converted, Insufficient supply leads to insufficient means of international settlement, which is the "Triffin puzzle"<
US Federal Reserve Note
the role of the system
* established a fixed exchange rate system linking US dollar and gold, ended the chaotic international financial order, created favorable external conditions for the expansion of international trade and world economic growth
* US dollar as a reserve currency and international means of repayment, made up for the shortage of gold, Improving the global purchasing power promotes international trade and transnational investment
the basic defects of the system are the contradiction between the solvency of the US dollar and its confidence in the US dollar, which is manifested in the contradiction between the status of the US dollar as an international currency reserve and its international solvency The asymmetry of policy coordination between reserve currency issuing countries and non reserve currency issuing countries and the dilemma between internal and external objectives under the fixed exchange rate system
* e to the rigid exchange rate system, the balance of payments can not be achieved automatically by floating exchange rate. The responsibility of adjusting the balance of payments mainly falls on the non reserve currency issuing countries, sacrificing their economic development goals
the end of the system
the operation of the Bretton Woods monetary system is closely related to the credibility and status of the US dollar, The United States is deeply mired in the Vietnam War, with huge fiscal deficit, worsening international income situation, great impact on the credibility of the dollar, and many dollar crises have broken out. A large number of capital fled, and countries sold their own dollars one after another to buy gold. As a result, the U.S. gold reserves decreased sharply and the gold price in London soared. In order to restrain the rise of gold price, maintain the exchange rate of US dollar and rece the loss of gold reserves, the United States, together with eight countries, namely Britain, Switzerland, France, West Germany, Italy, the Netherlands and Belgium, established a gold general Treasury in October 1961. The central banks of the eight countries provided a total of 270 million US dollars of gold, and the Bank of England was the agency of the gold general Treasury to maintain the gold price in London, And take various measures to prevent foreign governments from holding US dollar foreign exchange to exchange gold with the United States< In the late 1960s, the U.S. further expanded the war of aggression against Vietnam, the balance of payments further deteriorated, and the U.S. dollar crisis broke out again. In the half month of March 1968, US gold reserves flowed out more than US $1.4 billion. On March 14 alone, the trading volume of London gold market reached a record breaking figure of 350-400 tons. The United States no longer has the ability to maintain the official price of gold. After consulting with the members of the gold general Treasury, it announced that it would no longer supply gold to the market at the official price of US $35 per ounce, and the market price of gold was free to float, but the governments or central banks of various countries still settled at the official price. Since then, gold began the stage of double price system. However, the double price system has been maintained for three years because the US balance of payments is still deteriorating and the US dollar is unstable; Second, western countries are dissatisfied with the United States' refusal to devalue despite the US dollar crisis and forced to maintain a fixed exchange rate on the principle of self-interest. As a result, some European countries adopted the strategy of inviting the king into the urn. Since the United States refused to raise the price of gold and devalued the US dollar, they exchanged their dollars for us gold reserves
after the news that France and other Western European countries wanted to exchange a large amount of gold with us dollars came out in August 1971, the United States had to announce on August 15 that it would stop fulfilling its obligation to foreign governments or central banks to exchange US dollars for gold. In December 1971, marked by the Smithsonian agreement, the US dollar depreciated against gold, while the US Federal Reserve refused to sell gold to foreign central banks. Thus, the system of pegging US dollar to gold is dead in name
in March 1973, e to the devaluation of the US dollar, it once again triggered a wave of selling US dollars and rushing to buy gold in Europe. Western European and Japanese foreign exchange markets had to be closed for 17 days. After negotiation, an agreement was finally reached that the western countries abandoned the fixed exchange rate system and implemented the floating exchange rate system. So far, the Bretton Woods monetary system completely collapsed, and the process of gold non monetization reform began. But it was not until 1976 that the international community reached the "Jamaica agreement" with the legalization of floating exchange rate and the non monetization of gold as the main contents. From a legal point of view, the non monetization of gold in the international monetary system was not formally defined until 1978. In 1978, the International Monetary Fund approved the revised International Monetary Fund Agreement by a majority vote. The agreement deleted all previous provisions on gold and declared that gold would no longer be used as the standard of currency valuation, abolished the official price of gold and could be freely traded in the market; Abolish the requirement that the International Monetary Fund (IMF) must pay in gold; The profits from the sale of 1 / 6 of IMF gold will be used to establish a preferential loan fund to help low-income countries; The establishment of special drawing rights to replace gold for certain payments between Member States and the IMF and so on< After the collapse of the Bretton Woods system, the International Monetary Fund and the world bank, as important international organizations, still exist and play an important role.
3. The direct link between us dollar and gold is one of the two main contents of the Bretton Woods system. According to the international monetary fund agreement adopted in Bretton Woods, New Hampshire in July 1944, all countries must confirm the official price of gold of US $35 per ounce stipulated by the US government in 1934, which is the basis of the international monetary system
the U.S. government undertakes the obligation of governments or central banks to exchange U.S. dollars for gold at this official price, while governments of all countries must assist the U.S. in maintaining the official price of gold and cooperate with the U.S. government to intervene when the price of gold is impacted. The direct link between us dollar and gold makes us dollar equal to gold and establishes US dollar's central position in the Bretton Woods system. In 1971, US President Richard Nixon abandoned the dollar's link to gold.
the U.S. government undertakes the obligation of governments or central banks to exchange U.S. dollars for gold at this official price, while governments of all countries must assist the U.S. in maintaining the official price of gold and cooperate with the U.S. government to intervene when the price of gold is impacted. The direct link between us dollar and gold makes us dollar equal to gold and establishes US dollar's central position in the Bretton Woods system. In 1971, US President Richard Nixon abandoned the dollar's link to gold.
4. In the old days of the gold standard, paper money was the proof of gold reserves, and of course it had to be linked with it. Now it's not so tightly linked.
5. This is mainly e to historical factors. In history, gold and silver were the functions of money. With the development of modern economic activities, gold and silver can no longer meet the needs of social exchange tools. Therefore, we implemented the function of legal paper money to pay the exchange price. However, in order to stabilize the currency value and increase the credit of credit paper money, it was linked with gold and silver, Gold and silver have basically broken away from the function of currency and completely replaced by paper money, but at the end of gold and silver, they are still the cornerstone of stable monetary system
6. Gold world pricing, stability, that is, you want to buy gold to be converted into dollars, 35 dollars an ounce of gold, global unity, this is the Bretton Woods system, but now it has disintegrated, the Bretton Woods system is to establish the world currency circulation system, with the gold standard as the currency standard to issue currency, The characteristic is that your country issues as many currencies as it has gold reserves, which is not easy to generate inflation.
7. In fact, gold has not been a big brother for many years, and the world is not what it used to be
a long time ago, after the great waves, gold was used as money for thousands of years. Marx said that money was born with gold and silver. The last time gold appeared as currency was after 1944. World War II left the world economy in ruins, and currency was more chaotic. We can't go on in such a mess, so countries discussed a way to link the US dollar to gold, 35 US dollars an ounce of gold, and other countries' currencies to the US dollar. This way is called the Bretton Woods system. People call it the anchor of money, so that it will not be disordered and the money will not be distributed like waste paper< But practice is the only criterion to test the truth of truth. After nearly 30 years of operation of this system, the United States could not survive. In 1973, the United States announced the depreciation of the US dollar and stopped the exchange of the US dollar for gold. After the war, the Bretton Woods system centered on the US dollar collapsed. In 1976, Kingston, the capital of Jamaica, implemented the non monetization of gold and abolished the official price. The price of gold was completely determined by the market. The currencies of various countries were no longer linked to gold through the US dollar. Since then, gold is gold and currency is money
What's wrong with the Bretton Woods system? The reason is that the world is moving forward, and the role of the anchor is not to make you move forward. Therefore, the US dollar and gold are pegged and finally out of control. Gold becomes a noose around the neck of the US dollar, and finally the currency gives up gold
the gold reserves on the earth are fixed, and people's demand for money is growing. When the amount of gold mining can't meet the demand for money, gold must be abandoned, which is how the Bretton Woods system collapsed. After World War II, the economies of various countries recovered slowly from the ruins, and the national strength of the United States was in relative decline. Since 1950, the United States has had little trade surplus. The official price of 35 US dollars for an ounce of gold has made the United States a big injustice in the world, because the demand for gold in various countries is growing, and the price of gold in the market is much higher than 35 US dollars, As long as people exchange gold from the United States and sell it in the market, they can empty the wealth of the United States. Of course, the United States will not do it. So there was the new economic policy in 1973 and the Jamaica conference in 1976
nearly 40 years later, some people are carrying the banner of gold restoration<
according to UBS calculation, according to the ratio of money supply and gold reserves in the United States, if the gold standard is to be restored in the United States, the gold price needs to rise to more than $6000 an ounce. If the gold standard is to be restored in Japan, China and the United States, the gold price must be higher than $9000 an ounce
it's a huge temptation, but people are flying moths to the fire.
a long time ago, after the great waves, gold was used as money for thousands of years. Marx said that money was born with gold and silver. The last time gold appeared as currency was after 1944. World War II left the world economy in ruins, and currency was more chaotic. We can't go on in such a mess, so countries discussed a way to link the US dollar to gold, 35 US dollars an ounce of gold, and other countries' currencies to the US dollar. This way is called the Bretton Woods system. People call it the anchor of money, so that it will not be disordered and the money will not be distributed like waste paper< But practice is the only criterion to test the truth of truth. After nearly 30 years of operation of this system, the United States could not survive. In 1973, the United States announced the depreciation of the US dollar and stopped the exchange of the US dollar for gold. After the war, the Bretton Woods system centered on the US dollar collapsed. In 1976, Kingston, the capital of Jamaica, implemented the non monetization of gold and abolished the official price. The price of gold was completely determined by the market. The currencies of various countries were no longer linked to gold through the US dollar. Since then, gold is gold and currency is money
What's wrong with the Bretton Woods system? The reason is that the world is moving forward, and the role of the anchor is not to make you move forward. Therefore, the US dollar and gold are pegged and finally out of control. Gold becomes a noose around the neck of the US dollar, and finally the currency gives up gold
the gold reserves on the earth are fixed, and people's demand for money is growing. When the amount of gold mining can't meet the demand for money, gold must be abandoned, which is how the Bretton Woods system collapsed. After World War II, the economies of various countries recovered slowly from the ruins, and the national strength of the United States was in relative decline. Since 1950, the United States has had little trade surplus. The official price of 35 US dollars for an ounce of gold has made the United States a big injustice in the world, because the demand for gold in various countries is growing, and the price of gold in the market is much higher than 35 US dollars, As long as people exchange gold from the United States and sell it in the market, they can empty the wealth of the United States. Of course, the United States will not do it. So there was the new economic policy in 1973 and the Jamaica conference in 1976
nearly 40 years later, some people are carrying the banner of gold restoration<
according to UBS calculation, according to the ratio of money supply and gold reserves in the United States, if the gold standard is to be restored in the United States, the gold price needs to rise to more than $6000 an ounce. If the gold standard is to be restored in Japan, China and the United States, the gold price must be higher than $9000 an ounce
it's a huge temptation, but people are flying moths to the fire.
8. We should start with history. The vast majority of gold is priced in US dollars. The dollar has depreciated. What do you say about gold? Gold is a hedge. Now supply and demand are basically balanced.
9.
A
10. However, e to the inflation ring the World War II, the inflation after the World War II, the inflation ring the Korean War and the Vietnam War, and another round of inflation between the two times, the price level of the United States doubled from 1934 to 1971. At the same time, relying on its strong economic strength and gold reserves, the United States kept the dollar price of gold unchanged, overestimated the dollar and underestimated gold. At this time, central banks began to reserve gold, changing their dollars into gold to increase their reserves. In 1948, the United States had 70% of the world's monetary gold reserves, or 700 million ounces. With the economic recovery and rapid development of Japan and Western Europe, the hegemonic position of the United States continued to decline, and the US dollar exacerbated the deterioration of gold supply and demand. In the 1950s and 1960s, in order to develop its domestic economy and cope with the balance of payments deficit caused by the Vietnam War, the United States continued to increase its currency issuance, which made the US dollar far lower than the gold price, It makes the official price of gold more and more become the buyer's willing price. Because of the Vietnam War in Europe, there was a wave of anti American sentiment, and France took the lead in reserving all surplus in the form of gold. As a result, the U.S. gold reserves dropped from 700 million ounces in 1948 to 250 million ounces in 1970. More than half of the U.S. gold reserves were lost, which further increased the excess supply of U.S. dollars and the excess demand for gold. In addition, speculators in the international market seize the collapse trend of the fixed exchange rate system and make a lot of bets on gold with us dollars, which leads to the complete collapse of the fixed exchange rate system. In 1971 & quot; Dollar crisis;, From the 1960s to the 1970s, there were 11 such dollar crises. Although the U.S. government took many emergency measures to save the dollar, they failed to work. The U.S. economy is in recession, there is a massive loss of capital, and the U.S. dollar is rampant all over the world
in the end, the U.S. gold reserves are facing the crisis of exhaustion, and the U.S. dollar has lost its special status as gold US dollar, euro, British pound, Japanese yen and gold are also international settlement currencies. Hot content
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