Dienstag, 3. April 2012

“providing a gold parity for all forms of money”?

Die New York Sun vom 21.03.2012 schrieb im Editorial "Bernanke 101" über die Gründung der Federal Reserve im Jahr 1913 das Folgende:

"The first one we found was “An Adventure in Constructive Finance,” the memoir of Carter Glass, the congressman who led in the creation of the Fed. It turns out that as the Federal Reserve Act of 1913 was moving through the House, it was hit with what Glass calls a “feverish outbreak about an imaginary ‘assault on the gold standard’.” It seems a group of Republicans was concerned that it would rescind the Gold Standard Act of 1900, which had settled the great battle over bimetallism that erupted in the late 19th century.

It turns out that Congress reacted to the assault by adopting an amendment put forth by an Ohio Republican, Simon Fess. It declared, as Glass put it, that nothing in the bill should be construed as a repeal of the law “providing a gold parity for all forms of money.” It was only against that assurance in law that the Federal Reserve Act actually made it through the House."

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