Gold standard in the context of "Unit of account"

The Bretton Woods system of monetary management established the rules for commercial relations among 44 countries, including the United States, Canada, Western European countries, and Australia, after the 1944 Bretton Woods Agreement until the Jamaica Accords in 1976. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent states. The Bretton Woods system required countries to guarantee convertibility of their currencies into U.S. dollars to within 1% of fixed parity rates, with the dollar convertible to gold bullion for foreign governments and central banks at US$35 per troy ounce of fine gold (or 0.88867 gram fine gold per dollar). It also envisioned greater cooperation among countries in order to prevent future competitive devaluations, and thus established the International Monetary Fund (IMF) to monitor exchange rates and lend reserve currencies to countries with balance of payments deficits.

Preparing to rebuild the international economic system while World War II was still being fought, 730 delegates from all 44 Allied countries gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire, United States, for the United Nations Monetary and Financial Conference, also known as the Bretton Woods Conference. The delegates deliberated from 1 to 22 July 1944, and signed the Bretton Woods agreement on its final day. Setting up a system of rules, institutions, and procedures to regulate the international monetary system, these accords established the IMF and the International Bank for Reconstruction and Development (IBRD), which today is part of the World Bank Group. The United States, which controlled two-thirds of the world's gold, insisted that the Bretton Woods system rest on both gold and the US dollar. Soviet representatives attended the conference but later declined to ratify the final agreements, charging that the institutions they had created were "branches of Wall Street". These organizations became operational in 1945 after a sufficient number of countries had ratified the agreement. According to Barry Eichengreen, the Bretton Woods system operated successfully due to three factors: "low international capital mobility, tight financial regulation, and the dominant economic and financial position of the United States and the dollar."

A fixed exchange rate, often called a pegged exchange rate or pegging, is a type of exchange rate regime in which a currency's value is fixed, or pegged, by a monetary authority against the value of another currency, a basket of other currencies, or another measure of value, such as gold or silver.

There are benefits and risks to using a fixed exchange rate system. A fixed exchange rate is typically used to stabilize the exchange rate of a currency by directly fixing its value in a predetermined ratio to a different, more stable, or more internationally prevalent currency (or currencies) to which the currency is pegged. In doing so, the exchange rate between the currency and its peg does not change based on market conditions, unlike in a floating (flexible) exchange regime. This makes trade and investments between the two currency areas easier and more predictable and is especially useful for small economies that borrow primarily in foreign currency and in which external trade forms a large part of their GDP.

The Gold Standard Act was an Act of the United States Congress, signed by President William McKinley and effective on March 14, 1900, defining the United States dollar by gold weight and requiring the United States Treasury to redeem, on demand and in gold coin only, paper currency the Act specified.

The Act formalized the American gold standard that the Coinage Act of 1873, which demonetized silver, and the Resumption Act of 1875, which made all legal tender notes redeemable in gold at the Treasury, had established by default. Before and after the Act, silver currency including silver certificates and the silver dollar circulated at face value as fiat currency not redeemable for gold.

Sir Winston Leonard Spencer Churchill (30 November 1874 – 24 January 1965) was a British statesman, military officer, and writer who was Prime Minister of the United Kingdom from 1940 to 1945 (during the Second World War) and again from 1951 to 1955. For some 62 of the years between 1900 and 1964, he was a Member of Parliament (MP) and represented a total of five constituencies over that time. Ideologically an adherent to economic liberalism and imperialism, he was for most of his career a member of the Conservative Party, which he led from 1940 to 1955. He was a member of the Liberal Party from 1904 to 1924.

Of mixed English and American parentage, Churchill was born in Oxfordshire into the wealthy, aristocratic Spencer family. He joined the British Army in 1895 and saw action in British India, the Mahdist War and the Second Boer War, gaining fame as a war correspondent and writing books about his campaigns. Elected a Conservative MP in 1900, he defected to the Liberals in 1904. In H. H. Asquith's Liberal government, Churchill was president of the Board of Trade and later Home Secretary, championing prison reform and workers' social security. As First Lord of the Admiralty before and during the First World War he oversaw the disastrous naval attack on the Dardanelles (a prelude to the Gallipoli campaign) and was demoted to Chancellor of the Duchy of Lancaster. He resigned in November 1915 and joined the Royal Scots Fusiliers on the Western Front for six months. In 1917, he returned to government under David Lloyd George and served successively as Minister of Munitions, Secretary of State for War, Secretary of State for Air, and Secretary of State for the Colonies, overseeing the Anglo-Irish Treaty and British foreign policy in the Middle East. After two years out of Parliament, he was Chancellor of the Exchequer in Stanley Baldwin's Conservative government, returning sterling in 1925 to the gold standard, depressing the UK economy.

Foreign exchange reserves, also called Forex reserves, in a strict sense, are foreign-currency deposits held by nationals and monetary authorities. However, in popular usage and in the list below, it also includes gold reserves, special drawing rights (SDRs) and IMF reserve position because this total figure, which is usually more accurately termed as official reserves or international reserves or official international reserves, is more readily available and also arguably more meaningful. These foreign-currency deposits are the financial assets of the central banks and monetary authorities that are held in different reserve currencies (e.g., the U.S. dollar, the euro, the pound sterling, the Japanese yen, the Indian rupee, the Swiss franc, and the Chinese renminbi) and which are used to back its liabilities (e.g., the local currency issued and the various bank reserves deposited with the Central bank by the government or financial institutions). Before the end of the gold standard, gold was the preferred reserve currency.

Foreign-exchange reserves is generally used to intervene in the foreign exchange market to stabilize or influence the value of a country's currency. Central banks can buy or sell foreign currency to influence exchange rates directly. For example, if a currency is depreciating, a central bank can sell its reserves in foreign currency to buy its own currency, creating demand and helping to stabilize its value. High levels of reserves instill confidence among investors and traders. If market participants believe that a country has sufficient reserves to support its currency, they are less likely to engage in speculative attacks that could lead to a sharp depreciation. In times of economic uncertainty or financial market volatility, central banks can use reserves to smooth out fluctuations in the exchange rate, reducing the impact of sudden capital outflows or shocks to the economy. Adequate reserves ensure that a country can meet its international payment obligations, which helps maintain a stable exchange rate by preventing panic in the foreign exchange market. Having substantial reserves allows central banks to implement monetary policies more effectively. They can afford to maintain interest rates or engage in other measures without the immediate fear of depleting reserves, which can influence market expectations positively.

The Satsuma Rebellion, also known as the Seinan War (Japanese: 西南戦争, Hepburn: Seinan Sensō; lit. 'Southwestern War'), was a revolt of disaffected samurai against the new imperial government of the Empire of Japan, nine years into the Meiji era. Its name comes from the Satsuma Domain, which had been influential in the Restoration and became home to unemployed samurai after military reforms rendered their status obsolete. The rebellion lasted from 29 January until 24 September of 1877, when it was decisively crushed, and its leader, Saigō Takamori, was shot and mortally wounded.

Saigō's rebellion was the last and most serious of a series of armed uprisings against the new government of the Empire of Japan, the predecessor state to modern Japan. The rebellion was very expensive for the government, which forced it to make numerous monetary reforms including leaving the gold standard. The conflict effectively ended the samurai class and ushered in modern warfare fought by conscript soldiers instead of military nobles. It is also the most recent civil war fought in Japan.

The Republican Party, also known as the Grand Old Party (GOP), is one of the two major political parties in the United States. It is the second-oldest extant political party in the United States after its main political rival, the Democratic Party. In 1854, the Republican Party emerged to combat the expansion of slavery into western territories after the passing of the Kansas–Nebraska Act. The early Republican Party consisted of northern Protestants, factory workers, professionals, businessmen, prosperous farmers, and after the Civil War also of black former juivu. The party had very little support from white Southerners at the time, who predominantly backed the Democratic Party in the Solid South, and from Irish and German Catholics, who made up a major Democratic voting bloc. While both parties adopted pro-business policies in the 19th century, the early GOP was distinguished by its support for the national banking system, the gold standard, railroads, and high tariffs. The party opposed the expansion of slavery before 1861 and led the fight to dismantle the Confederate States of America (1861–1865). While the Republican Party had almost no presence in the Southern United States at its inception, it was very successful in the Northern United States, where by 1858 it had enlisted former Whigs and former Free Soil Democrats to form majorities in nearly every Northern state.

With the election of its first president, Abraham Lincoln, in 1860, the party's success in guiding the Union to victory in the Civil War, and the party's role in the abolition of slavery, the Republican Party largely dominated the national political scene until 1932. In 1912, former Republican president Theodore Roosevelt formed the Progressive Party after being rejected by the GOP and ran unsuccessfully as a third-party presidential candidate calling for social reforms. The GOP lost its congressional majorities during the Great Depression (1929–1940); under President Franklin D. Roosevelt, the Democrats formed a winning New Deal coalition that was dominant from 1932 through 1964.

The Emergency Banking Relief Act (E.B.R.A.) (Pub. L. 73–1, 48 Stat. 1, enacted March 9, 1933) was an act passed by the United States Congress in March 1933 in an attempt to stabilize the banking system.

The act authorized the Federal Reserve to issue additional currency to banks that were deemed solvent without the requirement that these reserves be backed by gold. One month following the passage of this act, President Roosevelt signed Executive Order 6102 criminalizing the possession of monetary gold by any individual, partnership, association or corporation.

The Scandinavian Monetary Union was a monetary union formed by Denmark and Sweden on 5 May 1873, with Norway joining in 1875. It established a common currency unit, the krone/krona, based on the gold standard. It was one of the few tangible results of the Scandinavian political movement of the 19th century. The union ended during World War I.