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Brief History of the gold Standard in the United States Craig K. Elwell Specialist in Macroeconomic Policy June 23, 2011. Congressional Research Service 7-5700. R41887. CRS Report for Congress Prepared for Members and Committees of Congress Brief History of the gold Standard in the United States Summary The monetary system is based on paper money backed by the full faith and credit of the federal government. The currency is neither valued in, backed by, nor officially convertible into gold or silver. Through much of its History , however, the United States was on a metallic Standard of one sort or another. On occasion, there are calls for Congress to return to such a system. Such calls are usually accompanied by claims that gold or silver backing has provided considerable economic benefits in the past. This report briefly reviews the History of the gold Standard in the United States.
CRS Report for Congress Prepared for Members and Committees of Congress Brief History of the Gold Standard in the United States Craig K. Elwell
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