Zlatni standard

Zlatni standard postoji kada monetarne vlasti imaju dovoljno zlatnih rezervi da pretvore u zlato sav novac stavljen u opticaj po obećanom kursu. Zlatni standard ograničava moć vlada da povećavaju cene prekomernim izdavanjem papirne valute. Tokom Prvog i Drugog svetskog rata, mnoge zemlje su privremeno napustile zlatni standard kako bi finansirale svoje ratne napore. Ovo je dovelo do devalvacije mnogih valuta i rasta cena zlata, jer je investitore privukla relativna sigurnost zlata. Posle Drugog svetskog rata, sporazumima postignutim na konferenciji u Breton Vudsu 1944. godine, stupio je na snagu poslednji zlatni standard po kome su mnoge zemlje vezivale kurs svojih valuta za američki dolar.

Sjedinjene Države su tada obećale fiksnu cenu zlata od 35 dolara po unci. Kao rezultat toga, sve valute vezane za kurs dolara dobile su fiksnu vrednost u smislu zlata. Pod predsednikom Šarlom de Golom, do 1970-ih, Francuska je smanjivala svoje dolarske rezerve kupujući zlato za njih od vlade SAD, smanjujući tako američki ekonomski uticaj u svetu.

Ovo je, zajedno sa finansijskim pritiskom izazvanim Vijetnamskim ratom, primoralo predsednika Ričarda Niksona da 1971. godine ukine zlatni standard, odnosno direktnu konvertibilnost dolara u zlato. Kao rezultat toga, savremene svetske valute su izgubile svoju materijalnu osnovu, a centralne banke, od kojih su mnoge u privatnom vlasništvu, dobile su teorijsku mogućnost da emituju novac u neograničenim količinama.

Robni novac nije pogodan za skladištenje i prenos, pa je postepeno ušao u upotrebu papirni, a odnedavno i elektronski.

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Spoljašnje veze

• 1925: Churchill & The Gold Standard - UK Parliament Living Heritage
• What is The Gold Standard? University of Iowa Center for International Finance and Development
• History of the Bank of England Bank of England
• Timeline: Gold's history as a currency standard