I know that before the Breton woods agreement all money was backed

>>1599576
idk but now the US runs it all backed up by the USD standard

>>1599588

1 USD is worth 1 USD? that dunt sound rite.

>>1599592
foreign currencies and economies are based on the american dollar. you gotta learn this stuff if you want to understand how economies work to understand how the stock market works.

>>1599588
Ah, i think i got it (i changed my search terms a bit):

https://en.wikipedia.org/wiki/World_currency#Pound_sterling

Sadly, it's from Wikipedia.

>>1599685
In 1663, a new gold coinage was introduced based on the 22 carat fine guinea. Fixed in weight at 44 1⁄2 to the troy pound from 1670, this coin's value varied considerably until 1717, when it was fixed at 21 shillings (21/-, 1.05 pounds).[23] However, despite the efforts of Sir Isaac Newton, Master of the Mint, to reduce the guinea's value, this valuation overvalued gold relative to silver when compared to the valuations in other European countries. British merchants sent silver abroad in payments whilst goods for export were paid for with gold. As a consequence, silver flowed out of the country and gold flowed in, leading to a situation where Great Britain was effectively on a gold standard. Aggravating this outflow was the fact that silver was the only commodity accepted by China for exporting goods during this period. From the mid-17th century, around 28 million kilograms (62 million pounds) of silver were received by China, principally from European powers, in exchange for Chinese tea and other goods. In order to trade with China, Great Britain had to first trade with the other European nations to receive silver, which led to the East India Company redressing this trade imbalance through the indirect sale of opium to the Chinese.[24]

Domestic offtake further reduced silver in circulation as the improving fortunes of the merchant class led to increased demand for tablewares. Silversmiths had always regarded coinage as a source of raw material, already government verified for fineness. As a result, sterling coins were being melted and fashioned into sterling silverware at an accelerating rate. A 1697 Act of Parliament attempted to stem this tide by raising the minimum acceptable fineness on wrought plate from sterling's 92.5% to a new Britannia silver standard of 95.83%. Product then made solely from melted coins would be found wanting when the silversmith took his wares to the Assay Office, thus discouraging the melting of coins.
Interesting

>>1599696
So, the opium wars was a result of British fiscal policy. Fucking lol.

>"backed by gold"

Until it isn't.

Although sterling was the world's most popular currency for some time (most notably during the British Century from 1815-1914), its link to gold was anything but simple.

• The Bank of England restricted specie payments (quid could not be redeemed for coin) from 1797 to 1823, ostensibly to protect against any bank runs spurred by the Napoleonic Wars.

• BofE inquiries into the Baring Crisis of 1890 revealed widespread underweight coinage (most pronounced in the half-sovereigns). Tellers could deposit old, underweight coins (say 0.98 of a troy ounce) and then withdraw proper coins for a tidy profit in arbitrage.

• Later, the gold standard was dropped for WWI. Markets reeled when Churchill readopted the gold standard due to his administration's decision to apply the old price of bullion to the new monetary environment (more bills were chasing essentially the same bullion). Massive deflationary pressure ensued.

• In 1931, the gold standard become too demanding on their vaults so the UK simply defaulted into paper.

>>1599696
>>1599736
This stuff is really interesting. Do you guys know any books or documentaries where i can learn more about this?