The Gold Standard

October 20, 2014

These videos were released Oct. 20, 2014.

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. St. Louis Fed economist David Andolfatto explains the gold standard and discusses its pros and cons.

Part 1: What is a Gold Standard?

Part 2: Gold Standard and Inflation

Part 3: Purchasing Power

Part 4: Benefits of a Fiat Money System

Part 5: The Gold Standard and the Central Bank

Additional Resources

Economists and other experts from the St. Louis Fed talk about their research, economics-related topics in the news and issues specifically related to the Fed. Views expressed are not necessarily those of the Federal Reserve Bank of St. Louis or of the Federal Reserve System.