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Develop and improve products. List of Partners vendors. Table of Contents Expand. Federal Reserve notes are not redeemable in gold, silver, or any other commodity. Federal Reserve notes have not been redeemable in gold since January 30, , when the Congress amended Section 16 of the Federal Reserve Act to read: "The said [Federal Reserve] notes shall be obligations of the United States….
They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank. With instability in the market, it is common to hear talk of creating another gold standard, but it is not a flawless system. Viewing gold as a currency and trading it as such can mitigate risks compared with paper currency and the economy, but there must be an awareness that gold is forward-looking.
If one waits until disaster strikes, it may not provide an advantage if it has already moved to a price that reflects a slumping economy. The National Archives. Congressional Research Service. Accessed Sept. United States Government. Peter Bernstein. Allan L. University of Chicago Press, Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page.
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Economy Monetary Policy. Figure 1: USD Index right axis vs. Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
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This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. Related Articles. Macroeconomics How the U. Dollar Became the World's Reserve Currency. Economics Fiat vs. Representative Money: What's the Difference? Partner Links. Related Terms Gold Standard The gold standard is a system in which a country's government allows its currency to be freely converted into fixed amounts of gold. The USD is the abbreviation for the U.
Nixon Shock Nixon Shock refers to the economic actions taken by President Richard Nixon in that eventually led to the collapse of the Bretton Woods system.
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