'GOLD STANDARD AS AUTOMATIC REGULATOR OF VALUE IS GONE,' SAYS YALE PROF
Wellesley, Massachusetts (JFK+50) On August 16, 1924, The Associated Press reports that Professor Irving Fisher of Yale University said yesterday...
"Practically nowhere, except in America, can we even pretend that the gold standard exists, while other money is redeemable in gold here...it would be more correct to say that gold is redeemable in other money."
The Professor also says that "the gold standard* as an automatic regulator of value is gone."
Professor Irving Fisher spoke at the close of the Babson Institute** clinic of business.
*Gold Standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. It was the basis for the international monetary system 1870-early 1920s, late 1920s-1932, 1944-1971.
**Babson College is a private business school founded in 1919 by Roger W. Babson & located in Wellesley, MA, 15 miles west of Boston. Among its graduates are Edsel Ford (1973) & Akio Toyoda (1982).
SOURCE
"Gold Money Standard Called Thing Of Past," The Evening Star, Washington, D.C., August 16, 1924, Chronicling America, Library of Congress, www.loc.gov/
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