This double whammy was to prove to be fatal to the Classical Gold Standard. After the Great War ended, Auto-Lotto Processor Britain 'tried' to get 'back on Gold'... but without resuscitating the Real Bills market. Furthermore, the attempt at going 'back on Gold' was made without devaluing the Pound... to account for the enormous number of Pound notes printed to finance the war.Returning to the pre-war ratio was considered highly deflationary. This is more of a red herring than anything else, designed to draw attention away from the real cause; the failure to allow Real ill circulation to resume.
The effort was doomed to failure, and indeed it did fail. Great Britain went 'Off Gold". Soon the Us followed... and to rub salt into the wound, President Roosevelt confiscated all the Gold held by US citizens, then a few months later devalued the Dollar from $22 per once to $35 per ounce.
This was the death knell of the Gold Coin Standard, the Classical Gold standard of the nineteenth century. The world retreated to the so called Gold Bullion standard, where only large entities were entitled to hold or trade Gold. No ordinary citizen was allowed to do so. The power of Gold was concentrated into the hands of an 'elite' minority, while the large majority had to be content with irredeemable paper... IOU nothing bank notes.
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