History of inequality in America
History of money in America
- 1781-Present: Central Banking: Central banks have the power to take over a nation's economy and are a nation's real governing force. Countries sell bonds to the bank in return for money it cannot raise in taxes.
- 1816: The Gold Standard: Gold officially made standard of value in England. Guidelines were made to allow for a non-inflationary production of standard banknotes representing certain amounts of gold.
- 1900: Gold Standard Act : A central bank in the United States was officially established with this act.
- 1930: End of the Gold Standard: The Great Depression marked the beginning of the end for the gold standard. It was revised and the price of gold was devalued in the US. British and international gold standards soon ended, and the complexities of international monetary regulation began.
- 1963: Executive Order 11110: Signed by John F. Kennedy, this order would have returned the Constitutional power to create and issue money without going through the privately owned Federal Reserve Bank to the federal government, specifically the Treasury Department.
- 1967: Silver in Coins: Congress authorized the U.S. Treasury to stop redeeming silver certificates in silver dollars or bullion. By 1970, silver was removed from the production of coins. Old coins gradually removed from circulation and were replaced with copper and nickel coins.
- 2013-Future: Electronic Money: Transactions regularly take place electronically, without the exchange of physical currency. This is the most likely form of currency for the future.