Digital currency not linked to gold
Publish: 2021-04-01 10:17:21
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. This is really true, and the income is quite high
3. No, China doesn't have so much gold. It is endorsed by national sovereign credit.
4.
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.
Hello, according to your question, at present, there is no saying that RMB can buy digital currency, so this should not happen
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.
7. 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.
8. This is the gold standard. If people exchange RMB for gold and you don't have so much gold, what should you do? Then your monetary system will collapse. The idea of gold standard is not concive to economic development, because the development of gold can not keep up with the development of proctive forces.
9. This is e to the issue of paper money. In other words, the reason why the form of money changes from physical money to credit money
in the beginning, the currency of all countries was gold or silver. But the physical currency is far from meeting the needs of social development, so it is inevitable to proce credit currency. It is based on physical currency, plus the leverage of credit. In this way, we can use less physical money to promote social development, save most of the physical money to do more social investment and construction
after the signing of Basel Accord, the world monetary system with us dollar as the core has graally formed. That is, the currencies of all countries are linked to the US dollar, and the US dollar is directly linked to gold. But in this way, all countries can go directly to the United States to exchange dollars for gold. Finally, the United States could not bear it, and the dollar graally separated from gold. In this way, the new world monetary system has become that the currencies of all countries are directly linked to the US dollar, which is based on the US government credit
now, it seems that only the Swiss franc is theoretically linked to gold
this is very clear in the currency war. The US dollar is a debt type currency. It is formulated to issue US Treasury bonds based on the US fiscal revenue, and then issued by the Federal Reserve with the US Treasury bonds as the carrier. We don't want to pay as much as we want. If we pay too much, it will lead to inflation and devaluation of the US dollar. If there is less expectation of deflation, it is not concive to economic development.
in the beginning, the currency of all countries was gold or silver. But the physical currency is far from meeting the needs of social development, so it is inevitable to proce credit currency. It is based on physical currency, plus the leverage of credit. In this way, we can use less physical money to promote social development, save most of the physical money to do more social investment and construction
after the signing of Basel Accord, the world monetary system with us dollar as the core has graally formed. That is, the currencies of all countries are linked to the US dollar, and the US dollar is directly linked to gold. But in this way, all countries can go directly to the United States to exchange dollars for gold. Finally, the United States could not bear it, and the dollar graally separated from gold. In this way, the new world monetary system has become that the currencies of all countries are directly linked to the US dollar, which is based on the US government credit
now, it seems that only the Swiss franc is theoretically linked to gold
this is very clear in the currency war. The US dollar is a debt type currency. It is formulated to issue US Treasury bonds based on the US fiscal revenue, and then issued by the Federal Reserve with the US Treasury bonds as the carrier. We don't want to pay as much as we want. If we pay too much, it will lead to inflation and devaluation of the US dollar. If there is less expectation of deflation, it is not concive to economic development.
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