I opened this in GD, not because it’s a debate, but because I know it could be debated. I don’t know much about “economic history” or economics (and, IMHO, neither do economists, or they would always agree, and they’d always be right), and I have a couple of questions about some details that I read in an article on money and the gold standard that appeared in a local newspaper. I’d like to know the sources for these points if these are verifiable.
Before the 20th centure, the US dollar was defined as 23.22 grains of gold. (Where is this defined?)
Although FDR revoked citizens’ ability to redeem paper notes for gold, foreign claimants still could until Nixon revoked that in 1971. As a result, oil prices began to rise. (I thought that oil prices started rising as a result of the Yom Kippur War/Arab oil embargo.)
Although we were off the gold standard by then, there was still language in the US Code that valued gold at $42.22 per troy ounce. In 1976, “someone” removed that language, and not by any Act of Congress. (Who can go in and just “modify” US Code.)