abandon the gold standard sent the dollar plummeting on world markets. Without a central bank in the summer of 1914, the …'s triumph over a monetary crisis at the outbreak of World War I that threatened the United States with financial disaster. The … biggest gold outflow in a generation imperiled America's ability to repay its debts abroad. Fear that the United States would …

A new hypothesis is set forth regarding what it means for gold to be a store of wealth. This property is contingent on … the type of monetary standard. Gold is a store of wealth in a Gold Standard when the value of a perpetuity paying one unit … of gold-compensated currency (Fisher, 1912) is constant. In a fiat economy, gold fulfills its store of wealth property …