Timely Topics Videos: About the Gold Standard

At one time or another, many of the major countries around the world had monetary systems based on a gold standard—currency that could be redeemed, at least in part, for gold. But not a single country does so today. The U.S. and many other economies abandoned the gold standard more than 40 years ago. Still, advocates of a gold standard periodically call for its return, saying that it would curtail or prevent inflation.

In these brief videos, St. Louis Fed economist David Andolfatto explains the gold standard and discusses its pros and cons.

• Part 1: How the Gold Standard Compares to a Fiat Money System (2:04)
• Part 2: Gold Standard and Inflation (3:00)
• Part 3: Purchasing Power (3:17)
• Part 4: Benefits of a Fiat Money System (2:23)
• Part 5: The Gold Standard and the Central Bank (1:46)