54 years after the gold standard has been lifted: plea for a fairer monetary system

54 years after the gold standard has been lifted: plea for a fairer monetary system

54 years after the gold standard has been lifted: a reflection on the need for a new monetary system

Today, the lifting of the gold standard is annoyed by the then US President Richard Nixon for the 54th time. A historical event that not only influenced the financial markets of the United States, but also changed global economic structures. At a time when economic stability and transparency are becoming increasingly important, the question arises whether it is time to establish a new money system that creates more fairer and more stable conditions for everyone.

The gold standard, which was in many countries until 1971, tied the value of currencies to a fixed amount of gold. This led to a stable currency evaluation, but limited monetary policy flexibility and made it difficult for the governments to react to economic crises. With the abolition of the standard, the US currency became a Fiat currency, the value of which is no longer covered by physical goods, but by the trust of people into the government and the economy.

In recent decades, cryptocurrencies and digital payment systems have developed that question the basics of the current monetary system. These new technologies offer potential for a decentralized and transparent financial system. Such a system could not only reduce the dependence on central banks, but also enable a wider part of the population to access financial services.

The discussion about a new monetary system is more relevant than ever. In view of increasing global uncertainties and economic inequalities, the time could be ripe to check innovative approaches to monetary and monetary policy. It remains to be seen which form a new monetary system could accept. One thing is certain: reflection on the past offers valuable lessons for the future of monetary policy and the design of a more stable, fairer financial system.