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Could the gold Standard be Reinstated Today?
The gold standard, which springs from 17the century, can be described as an economic tool, capable of enhancing economic stability among nations. Being an adoption of standard value of medium of exchange among nations, the gold standard has been revealed to correct various economic crises like inflation and economic depressions. Considering the Great Depression experienced during the Second World War, the adoption of gold standard in UK and US was found quite useful in reinstating economic stability in cases of economic crises. In this regard therefore, suppose the gold standard is reinstated today, economic crises faced today among nations resulting into harmonious economic status world wide. As this strategy would establish a common value of medium of exchange among countries, currency instabilities as a result of either inflation or deflation would not be experienced (Cicero 1).
The Purpose of Reinstating the Gold Standard
By establishing the use of gold standard as a medium of exchange among nations, it would be enhancing the determination of financial policy since such strategy would determine the rate of gold production. Basically, the currently used reserves by Central banks would not be significant as the rate at which gold is produced would be the ultimate measure of liquidity in the economy. More specifically, through the employment of gold standard strategy, monetary policies by central banks would be made more fixed and credit facilities would be facilitated. This would result into stabilizing of the prices; as there would be low inflations as compared to when using the monetary system. By so doing, economies would face reasonable price fluctuations as there would be standardized measure of value across all the nations (Cicero 1).
As economic recessions are diminished by more monetary supplies, when the gold standard is adopted, supply of more gold would be necessitated in order to mitigate the situation. In this respect therefore, monetary policies would never be necessary in correcting various economic instabilities. Following the complicated nature of various monetary and fiscal policies among nations, it would be easier for global economists to evaluate economic performances of economies and provide for various resolutions for them. Basically, it would be more possible for world economists to determine which specific aspect of economies needs to be restructured for better performance as there would be standard measure of value across the nations. On this basis, the gold standard would act to enhance easy and more simplified system of evaluating economic development and growth among various nations (Cicero 2).
Being a rare commodity and very valuable one, gold could be the most accurate form of currency among nations since it would be possible to retain its value for long; both in terms of monetary and physical value. More importantly, gold would serve as an ultimate store of value, regardless of whether the economy fluctuates, as it would have its fixed value in terms of its amount or size. As opposed to money system where there is use of money papers which have no other use once rendered useless, gold would be quite useful when used as a medium of exchange since it will have its real value, apart from being only a measure of value. Specifically, the purpose of establishing gold standard among economies would act to increase the utility of money. On this basis, economic measures would be more accurate sine even after a gold piece is not used in exchange of commodities, the holders would have it as a valuable commodity (Cicero 3).
Through adopting the gold standard system, international transaction would be made easier, since there would be a common measure of standards. More specifically, monetary conversations would not be useful any more, since there would be uniform measure of value among nations. In this case, international gold standards would result into standardization of international payments would act to correct deficits in various economies across the world. As a result, sustainable and more equitable economic growth among nations would be experienced. Basically, the reinstating of international gold standards would ensure equity in economic development among nations (Cicero 2).
Evaluation of the Pros and Cons of the International Gold Standards
Through the adoption of the international gold standards, it would be easier for governments to forecast the future their future economic trends as opposed to when adopting monetary systems. In this case, the establishment of international gold standard would act to stabilize prices, as the gold value would not be fluctuating as it is in money system. On this consideration, it would be easier for governments to evaluate their economic status and establish reliable economic development plans and strategies, as it would be possible to forecast their future economic performance. This would be possible because in the monetary system, currency fluctuation would not enhance easy forecasting of the future. In this respect the international gold standard system would be more accurate than the monetary system (Cicero 3).
By establishing international gold standards, price stabilities would be enhanced in the long-run, as opposed to monetary system. In this case, high levels of both inflation and deflation would be rare since the system would not experience extremes whatsoever. This is because; the supply of gold would only be determined by its production, in which its amount in circulation would not impact a lot in prices since there would be standard measure of value. In this respect therefore, the international gold standard would be a very useful strategy of correcting economic imbalances. Basically, through the adoption of international gold standard, it would be easier to control most of economic instabilities experienced using monetary system (Cicero 4).
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What is the proper Oxygen to Acetalene ratio for most standard cutting tourches, propane mix also?
7 to 1
This is just an average and metal thickness and material makes a difference........35 psi on oxygen....7 psi on acetylne
I have never cut with propane.
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