Abstract
The forced overthrow of the historic meter of commercial development, the monetary Gold Standard, as adopted originally in the USA on the first of August 1914’s, triggered, and led during the next decade, the great inflations in France, Germany, Russia and almost all other European Countries. The ensuing convulsions of the social order, the rise of the speculator opportunities, the obliteration of the savings of the laboring and middle classes, based on fixed incomes, produced directly and afterwards, the rise of Bolshevism, Fascism, and Nazism. They were follow-ups of the floating European currencies, perennial budgetary and balance of payments deficits, Central banks’ emergency money printing, currency wars and the neo-mercantilism practices. After Nixon 15 August 1971 second American repudiation of the new Gold Exchange Standard, we entered a slow replay of the first experience, trough inflation, large monetary quantitative expansions and, through bursting bubbles, recessions and stagnations and, finally, new consequent barriers and tariffs perspectives. The most relevant comment, I always share in my speeches is this, coming from a statement on the 100th anniversary of the birth of Jacques Rueff. The comment address has been formulated by Lewis E. Lehrman, at the parliament of France (Assemble Nationale), on November 7, 1996: “Money will decide the fate of mankind, because individual liberty is only possible - or even thinkable - when confined within the boundaries of a collective discipline, calculated to curb the disorders that uncontrolled action is bound to provoke”. (Rueff, 1971).
Highlights
Money is very commonly defined as a medium of exchange, a commodity, it is said, is chosen for this purpose, and people who come to market avoid the inconvenience and complication of bartering one product against another
John Monks, the head of the British Trades Union Congress, remarked in the agenda for the TUC’s Congress in Manchester England, in 1868, listed items needed to be discussed as: “The need to deal with competition from the Asian colonies and the need to match the educational and training standards of the United States and Germany.”i iThe first TUC meeting was held in 1868 when the Manchester and Salford Trades Council convened the founding meeting in the Manchester Mechanics' Institute
Back in 1980, China accounted for perhaps 2 percent of the world economy
Summary
Money is very commonly defined as a medium of exchange, a commodity, it is said, is chosen for this purpose, and people who come to market avoid the inconvenience and complication of bartering one product against another. The second TUC meeting took place in 1869 at the Oddfellows Hall, Temple Street, Birmingham where delegates discussed the eight-hour working day, election of working people to Parliament and the issue of free education. In those days, people migrated more than we remember and, other than in wartime, countries did not require passports for travel before 1914. Economists have at times been inclined to teach that this usage is so firmly established that it approximates to a moral principle, if the use a metallic currency were somehow essential to honest dealing Credit, it is said, is a means of economizing gold and silver. The fractional reserves lending capability and the Central Bank clearing and lending facilities arise, with all the monetary and financial imbalances of the last decades
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