...the book, a gold standard is a diagnostic test that is assumed to be able to determine the true disease of the patient. The gold standard is said to have known validity and reliability, and is used as a benchmark in which other diagnostic tests (screening test) are compared to. In the study, hearing loss is observed in one hundred and seventeen patients with a history of hearing loss, undergoing pure tone audiometry (PTA) for the first time. The patients in the study were divided into two groups, one of which reported increased TV volume and the other reported no increase in volume. The screening test in the article is the diagnostic utility of using television volume as a marker for hearing loss. This screening test is compared to the gold standard for hearing loss which is known as a pure tone audiogram (PTA). Each patient’s PTA was used as a reference standard. The results of the experiment indicated that if the patient reported viewing television with an increased volume, then there was a 68 per cent chance of the patient have a hearing loss of 25 dB or more. Although the study concluded that self-reported television volume can be a useful screening tool in patients presenting with hearing impairment, it is not very specific and should not be used to replace the current gold standard to measure hearing loss. Increased television volume had a sensitivity of 81 per cent and a specificity of 52 per cent as a predictor of hearing loss. A hypothetical ideal gold standard test has...
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...much of his Presidency. One controversial decision FDR made was to remove the US from the Gold Standard which he did in June of 1933.1 The Gold Standard is a monetary system in which currency is backed by gold. The decision to remove the United States from the Gold Standard came as a result of the tremendous economic hardship of the Great Depression, which Americans had already been enduring the symptoms of for several years before FDR took office in 1932.2 The Gold Standard was not plausible according to many economic experts because with the Depression came staggering unemployment numbers as high as forty percent in some parts. Nearly 13 million people were out of work when Roosevelt took office.3 Whitehouse.gov Many people lived in extremely crowded living arrangements especially people of color. In 1913 the Federal Reserve was created, it was suppose to alleviate the fears of American account holders and prevent run on from banks in two ways: It could provide a vehicle for banks to borrow cash during times of stringency; therefore, satisfying their customer’s needs. The other avenue the Fed had was to create a new form of currency or Federal Reserve Notes. 2 ________________________________________________________________ 1. “FDR takes United States off gold standard,” The History Channel website, http://www.history.com/this-day-in-history/fdr-takes-united-states-off-gold-standard (accessed Apr 26, 2014). 2. Elkwell, Craig K....
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...org/2009/02/gold-standard-explained.html https://books.google.co.za/books?id=tuP0CAAAQBAJ&pg=PA140&dq=Gold+Standard+explained&hl=en&sa=X&ved=0CBwQ6AEwAGoVChMIwNPEmLHExwIVRdYUCh3QlArs#v=onepage&q=Gold%20Standard%20explained&f=false http://econ.economicshelp.org/2009/02/gold-standard-explained.html Verskaf ‘n kort geskiedenis van die Goue Standaard as ‘n internasionale monetêre stelsel, en verskaf argumente teen die terugkeer na die Goue Standaard. / Provide a brief history of the Gold Standard as an international monetary system, and provide arguments against returning to the Gold Standard. Introduction Body. The Gold Standard was a monetary system where the standard unit of currency was a fixed weight of gold at a fixed price with an intrinsic value. The Gold Standard system fixed the value of paper money (also known as fiat money), which circulates as a medium of exchange, by allowing it to convert into a certain amount of gold on demand. Furthermore, the rates of exchange between national currencies were also fixed. The advantage of the gold standard is that the amount of gold was relatively stable. It means that governments couldn't print money and create inflation. It also created confidence in the financial system. From 1871 till 1914 the Gold Standard was at its pinnacle. During this period, there were near perfect political contexts which existed. Governments tried to cooperate in order to make the Gold Standard system work...
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...Fiat Currency Vs. Gold Standard To understand the difference between Fiat Currency and Gold Standard you must first know what each of these terms mean. Fiat currency is a common typre of currency whose value is based on the issuing authority’s guarantee to pay the stated amount on demand, and not on any intrinsic worth or extrinsic backing. The Gold Standard is a monetary system in which a country’s government allows its currency unit to be freely converted into fixed amounts of gold and vice versa. The exchange rate under the gold standard monetary system is determined by the economic difference for an ounce of gold between two currencies. Gold has been used as a currency of choice throughout history. In fact, the earliest known use was in 643 in lydia, present day Turkey. As well as the gold, silver was also used for monetary currency. For example, during the Middle Ages, the Byzantine Empire used gold coins what are known as Bezant. This currency was used throughout Europe and the Mediterranean until the Byzantine Empire’s economic influence started to decline and most of Europe tended to see silver as the currency of choice instead of gold. The United States also used the Gold Standard 1900 to 1933 after Bimetallism fell through, with the passage of the Gold Standard Act, which provided that: “...the dollar consisting of twenty-five and eight-tenths grains (1.67 grams) of gold nine-tenths fine, as established by section thirty five hundred and eleven of the Revised...
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...Gold Standard By phil42 | Studymode.com With the Gold Standard, the US economy would print currency that equaled a specific value of gold. Meaning, you could cash in your money for a specified amount of gold because a unit of currency = a specific amount of gold. The limitations to Governments was that they could not spend what they wanted because the amount of currency in circulation had to correspond to the amount of gold in reserve. Nixon, eliminated the Gold Standard, I think during the Vietnam war. As a result, the currency in circulation today does not have to be backed up by anything, not gold, not anything. That's why we see trillion dollar deficits today. Politicians can spend what they want regardless of the real economic downfalls that eventually have to be dealt with. Nowadays, on a side note, our US debt is fianced by foreign governments such as the Chinese and others. This means most of debt the US government owns is owed to foreign investers. The answer to whether having Gold Standard is good or not is based on who you ask. Economists will have one answer, politicians will have another. The phrase “gold standard” is defined as the use of gold as the standard value for the money of a country. If a country will redeem any of its money in gold it is said to be using the gold standard. The U.S. and many other Western countries adhered to the gold standard during the early 1900’s. Today, however, gold’s role in the worldwide monetary system is negligible....
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...Brief History of the Gold Standard in the United States Craig K. Elwell Specialist in Macroeconomic Policy June 23, 2011 Congressional Research Service 7-5700 www.crs.gov R41887 CRS Report for Congress Prepared for Members and Committees of Congress Brief History of the Gold Standard in the United States Summary The U.S. monetary system is based on paper money backed by the full faith and credit of the federal government. The currency is neither valued in, backed by, nor officially convertible into gold or silver. Through much of its history, however, the United States was on a metallic standard of one sort or another. On occasion, there are calls for Congress to return to such a system. Such calls are usually accompanied by claims that gold or silver backing has provided considerable economic benefits in the past. This report briefly reviews the history of the gold standard in the United States. It is intended to clarify the dates during which the standard was used, the type of gold standard in operation at the various times, and the statutory changes used to alter the standard and eventually end it. It is not a discussion of the merits of such a system. The United States began with a bimetallic standard in which the dollar was defined in terms of both gold or silver at weights and fineness such that gold and silver were set in value to each other at a ratio of 15 to 1. Because world markets valued them at a 15½ to 1 ratio, much of the gold left the country and...
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...being passed on to our children and grandchildren is to go back on the gold standard. Under the gold standard, a free banking system stands as the protector of an economy's stability and balanced growth. In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves. This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the "hidden" confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard. (Alan Greenspan "Gold and Economic Freedom" CUI 96) The government initiates a credit con game, as it borrows money from the producers, which is to be re-paid with money it will borrow from you the day after tomorrow, and so on. This is known as deficit spending, and is made possible by the fact that the government cuts the connection between goods and money. It issues paper money, which is used as a claim check on actually existing goods, but that money is not backed by any goods, it is not backed by gold, and it is backed by nothing. It is a promissory note issued to you...
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...economies worldwide. However, the evolution of the world economy has occurred so rapidly that it has outpaced its regulators (Schwab, 2012). The International Monetary System, in accordance with its mayor international currencies, has been faced with a myriad of challenges. In this era of free global trade, the present dollar-based system is being forced to change (Schwab, 2012). With much speculation and evolving ideals, the most plausible solution has been the multipolar currency system based on the euro, dollar, and RMB (Schwab, 2012). In order to ensure a crisis-proof economic system, however, some economists believe this tripolar system must be backed by a Central Bank, an improvement in monetary regulations, and perhaps an induction of gold as a hedge and safe-haven asset. Introducing a World Central Bank within a three-currency monetary union: would this lead to greater stabilization and coordination of Macroeconomic Policies among countries? Some countries such as Germany have expressed interest in researching new alternatives to the existing rate regime, considering that neither of the two poles (fixed or flexible) are completely appropriate (Belke, Bernoth and Fichtner, 2011). According to Belke et al, the best and most suitable system would be one with only a few big currency areas, interconnected to each other by flexible exchange rates (Belke, Bernoth and Fichtner, 2011). Furthermore, the best “multi-polar key currency system”should be compelled by: the US Dollar, the...
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...Carlton’s Success Abstract For over 100 years The Ritz-Carlton has set the standard for luxury and lifestyle hotel service. The chain has expanded to 81 properties in 27 countries and employees 38,000 people while continuing to win quality and service awards, receive consistent accolades from independent reviewers and maintain strong financial performance. This paper analyzes the underlying factors associated with this consistently superior performance and in particular how this is accomplished on a global scale. Through a well-defined set of values and philosophies and consistent application proven leadership and management methods, The Ritz-Carlton truly has developed into the gold standard of luxury hotel accomodations. Analysis of The Ritz-Carlton’s Success The Ritz-Carlton proudly announces on their website: You can't be a legend without a great story... The Ritz-Carlton has been recognized with numerous awards for being the gold standard of hospitality. Now with 81 properties in 27 countries and 38,000 employees, The Ritz-Carlton continues to achieve this superior service level regardless of the workforce or culture of a country in which it operates. The hotel chain accomplishes this through a combination of culture, policy, procedure and management methods that they refer to as The Gold Standards. In fact they lay out these standards for the world to see. Not only are the Gold Standards outlined on their web site; they even go so far as to open up their corporate...
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...Corporation’s newest venture, while defining the vision, mission, and goals of this Corporation and how it will interlink. It will state the company’s values and will offer strategic direction while considering the culture, social responsibility, and ethics. It will show how the mission statement along with the vision and values will help the company to achieve success in its new venture of promoting gold in a new format, and how it will guide the strategic direction of the company. It will address the needs of the public and global economies and how the company will offer a competitive advantage over all other companies in this industry. Company History Newmont Mining Corporation is an exploration, refining, and marketing company of gold and copper. They operate in the US, Australia, Peru, Indonesia, Ghana, New Zealand, and Mexico. As of December 31, 2013 , Newmont employed 15,085 people with its headquarters in Denver, Colorado. For the year ended in December 2013, they recorded revenues of $8,322 million. They are considered to be one of the largest producers of gold in the world (“Newmont”, 2014). Vision They consider their mission, vision , and values are what has helped to successfully grow their business. Their Vision is to be the most valued and respected mining company through industry leading performance. Their sustainability as a business depends solely on their ability to open, operate, develop, and close mines that allows value to be shared collectively...
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...Annual Report 2009 Wits Gold Prospecting Rights in the Witwatersrand Basin, South Africa Witwatersrand Basin Johannesburg Carletonville Potchefstroom Goldfield Evander Klerksdorp Klerksdorp Goldfield Potchefstroom N 0 100 Km Welkom Southern Free State Goldfield Wits Gold Prospecting Rights Mining Leases Witwatersrand Basin Basement Rocks Disclaimer Certain statements in this directors’ report may constitute forward-looking information within the meaning of securities laws. In some cases, forward-looking information can be identified by use of terms such as “may”, “will”, “should”, “expect”, “believe”, “plan”, “scheduled”, “intend”, “estimate”, “forecast”, “predict”, “potential”, “continue”, “anticipate” or other similar expressions concerning matters that are not historical facts. Forward-looking information may relate to management’s future outlook and anticipated events or results, and may include statements or information regarding the future plans or prospects of the Company. Without limitation, statements about the timing of the pre-feasibility studies regarding the Company’s Bloemhoek project and De Bron project, the ability of the Company to manage its business risks, the sufficiency of capital to cover exploration and operating expenses, and other related statements are forwardlooking information. Forward-looking information involves known and unknown risks, uncertainties and other important factors that could cause the actual results,...
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...T. TARIMAN PROFESSOR - ENGLISH II FEBRUARY 8, 2013 TABLE OF CONTENTS CONTENTS PAGE PRELIMINARY PAGE Title Page Table of Contents Outline CHAPTERS 1 Introduction Overview of the Topic 2 Discussion 3 Conclusion BIBLIOGPAPHY CURRICULUM VITAE ii INTERNATIONAL BANKING: HISTORICAL SYNTHESIS OF THE BASIC PROBLEMS AND DEVELOPMENTS OF THE MONETARY AND CREDIT SYSTEMS DURING THE 19th AND 20th CENTURIES Thesis Statement: Our historical synthesis focuses on the economic and political aspects of banking, with questions of industrial management and the credit economy taking second place. OUTLINE I CURRENCY AND MONETARY HISTORY IN THE 19th CENTURY 1 From Silver and Bimetal Currency to Gold Standard 2 The Development of the Bank Note into a Legal Tender A Bank Notes and Issuing Banks in England until Mid-19th Century B Peel’s Bank Charter Act C The Banque de France in the 19th Century D Overcoming the Federal System of German Issuing Banks E The United States’ Arduous Journey Towards the Federal System II BANKS AND BANKING FROM THE EARLY PHASE OF INDUSTRIALIZATION TO THE MIDDLE OF THE 19th CENTURY iii 1 Bank Types at the Beginning of the 19th Century A Private Bankers B Public Banks C State Banks 2 The State Loan Business and the Political Role of Private Bankers 3 The Financing of Railway Construction 4 The Financing of Early Industry 5 The International Financing Power of the Rothschilds III...
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...GOLD TRADING SUMMARY: Of all the precious metals, gold is the most popular as an investment. Investors generally buy gold as a hedge or harbor against economic, political, or social fiat currency crises. The gold market is subject to speculation as are other markets, especially through the use of futures contracts and derivatives. Gold price has shown a long term correlation with the price of crude oil. Indian measures to discourage gold imports is shutting the door on top exporter Dubai, where trade activity has fallen by as much as 60 percent over the past two months. The gold standard was also an international standard determining the value of a country's currency in terms of other countries' currencies. Because adherents to the standard maintained a fixed price for gold, rates of exchange between currencies tied to gold were necessarily fixed. Each market have their own operating times depending on the time zones and this means that gold can be traded more or les around the clock. There is much trading between the markets as a result. INTRODUCTION: Gold has been a sign of wealth and social position in many societies since it was first used as currency. Today gold is still an important material of trade and business. Countries value gold as a measure of wealth and a base of exchange. Individuals value gold as insurance because paper money is not always certain. Gold continues to have effects on world financial markets today and will into the future. From the 1980s on...
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...short term loans to financial institutions as a last resort. The role of lender of last resort provides apossible fail safe in providing liquid assets to cover immediate losses of solvent but illiquid firms. 3.) Long and short term illiquid assets and liabilities could contribute to a financial panic if there is a run on a financial intuition as they would not be able to liquidate the amount needed. B.) Illiquid banks do not have the money available to cover monetaryobligations. An insolvent bank owes more than it owns. 4.) Among a few of the events, the StockMarket crashed in 1929, financial repercussions from WW1, the structure of the international gold standard and The Fed failure to be a lender of last resort having too tight of a monetary policy, all contributed to the economic melt down. The gold standard held rates higher than most anyone could actually afford. Output fell due to no investments and no money to pay for production. Over 9700 banks suspend operations between 1929 and 1933. 5.) The establishment of the FDIC in 1934 was a very successful tool in helping the economy stabilize and stopping bank runs, in turn helping to stop the massive bank closure...
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...A large number of criticisms have been leveled against the United States federal reserve system. Conduct a web search on the criticisms about the system. Do you agree with these views? Why or why not? What changes would you recommend to the system? Criticisms of the Federal Reserve have existed since its evolution and official inception with democrats wanting the Central Bank to be out of the hands of Wall Street control. Some of the more interesting characters who have criticized aspects of the Federal Reserve are profiled below along with my input. CHARLES AUGUST LINDBERGH Lindbergh stated that "The problem of private banks working against the best interests of the citizens: The financial system has been turned over to the Federal Reserve Board. That Board administers the finance system by authority of a purely profiteering group. The system is Private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people's money." [Lindbergh]. When the President signs this act [Federal Reserve Act of 1913], the invisible government by the money power -- proven to exist by the Monetary Trust Investigation -- will be legalized. The new law will create inflation whenever the trusts want inflation. From now on, depressions will be scientifically created. [Lindbergh2] I believe Lindbergh, a Democrat, had foresight into the possible dangers that were realized later with the Great Depression. He was justified in his belief that the Federal...
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