摘要：随着时间的推移，国际市场上由于 secondly, the gold standard itself is not an absolutely stable coinage as people generally regard. even though the monetary system is backed by real gold, the eruption of currency crisis still remains around the corner. as is the case with fixed exchange rate system, once there is a severe misconduct in a country's macroeconomic policies, for example a comparatively high level of government deficit, the exchange speculators will tend to expect the hardship for the government to maintain the price ratio between its currency and gold. speculators are then likely to run on gold against us dollar in order to keep value and even make profit. let's take the wild-spread unrest in western countries in year 1960 for example. because of the anxiety for the further depreciation of us dollar, which was caused by the increasingly intensified fiscal crisis in america, the gold price in london market rocketed straightly from initially 35 dollars per ounce to 40.6 dollars. besides, france, italy, switzerland, germany, as well as canada all suffered from a national panic purchase which was lateer described as one incredibly and unprecedentedly. even in new york market, the amount of gold bought solely in october 20th reached to a record 20,000,000 dollars. therefore, taking the gold standard as a countermeasure against the fact of persistently depreciation is on the cards to induce a new term of fluctuation.

thirdly, the gold standard will render tougher and tougher questions, bring about vicious circles if not handled properly, and finally cause a systemic recession all around the world. for one thing, a central bank can not regulate gross requirement via dominating gross money supply under the gold standard. as a result, when a country is suffering from a decline in its economy, the central bank could not help to stimulate the national demand or to spur the economical performance and the decline in economy will eventually lead to an overall stagnancy with the time-lapse. for another, because of the confinement to the amount of gold, all the countries around the world will endeavor to improve their production level to achieve a larger quota of the global gold. according to the fisher equation (p×y=m×v), as the national output increases, the price for unite product and work force is getting lower and lower. this will cause a worldwide unemployment and then break the internal balance of an open economy, leading to a low efficiency of t

[1] [2] [3] 下一页