document_title: Gold standard

question_text: who took the usa off the gold standard

question_tokens: who took the usa off the gold standard

text: Gold standard

text: History

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text: Origin

text: The gold specie standard arose from the widespread acceptance of gold as currency.[5] Various commodities have been used as money; typically, the one that loses the least value over time becomes the accepted form.[6] Chemically, gold is of all major metals the one most resistant to corrosion.[citation needed]

text: The use of gold as money began thousands of years ago in Asia Minor.[7]

text: During the early and high Middle Ages, the Byzantine gold solidus, commonly known as the bezant, was used widely throughout Europe and the Mediterranean.  However, as the Byzantine Empire's economic influence declined, so too did the use of the bezant.[8]  In its place, European territories chose silver as their currency over gold, leading to the development of silver standards.[citation needed]

text: Silver pennies based on the Roman denarius became the staple coin of Mercia in Great Britain around the time of King Offa, circa 757–796 CE.[9] Similar coins, including Italian denari, French deniers, and Spanish dineros, circulated in Europe. Spanish explorers discovered silver deposits in Mexico in 1522 and at Potosí in Bolivia in 1545.[10] International trade came to depend on coins such as the Spanish dollar, the Maria Theresa thaler, and, later, the United States trade dollar.[citation needed]

text: In modern times, the British West Indies was one of the first regions to adopt a gold specie standard. Following Queen Anne's proclamation of 1704, the British West Indies gold standard was a de facto gold standard based on the Spanish gold doubloon. In 1717, Sir Isaac Newton, the master of the Royal Mint, established a new mint ratio between silver and gold that had the effect of driving silver out of circulation and putting Britain on a gold standard.[11][self-published source]

text: A formal gold specie standard was first established in 1821, when Britain adopted it following the introduction of the gold sovereign by the new Royal Mint at Tower Hill in 1816. The United Province of Canada in 1854, Newfoundland in 1865, and the United States and Germany (de jure) in 1873 adopted gold.  The United States used the eagle as its unit, Germany introduced the new gold mark, while Canada adopted a dual system based on both the American gold eagle and the British gold sovereign.[12]

text: Australia and New Zealand adopted the British gold standard, as did the British West Indies, while Newfoundland was the only British Empire territory to introduce its own gold coin.[13] Royal Mint branches were established in Sydney, Melbourne, and Perth for the purpose of minting gold sovereigns from Australia's rich gold deposits.[citation needed]

text: The gold specie standard came to an end in the United Kingdom and the rest of the British Empire with the outbreak of World War I.[citation needed]

text: Silver

text: From 1750 to 1870, wars within Europe as well as an ongoing trade deficit with China (which sold to Europe but had little use for European goods) drained silver from the economies of Western Europe and the United States.  Coins were struck in smaller and smaller numbers, and there was a proliferation of bank and stock notes used as money.

text: United Kingdom

text: In the 1790s, the United Kingdom suffered a silver shortage. It ceased to mint larger silver coins and instead issued "token" silver coins and overstruck foreign coins.  With the end of the Napoleonic Wars, the Bank of England began the massive recoinage programme that created standard gold sovereigns, circulating crowns, half-crowns and eventually copper farthings in 1821.  The recoinage of silver after a long drought produced a burst of coins. The United Kingdom struck nearly 40 million shillings between 1816 and 1820, 17 million half crowns and 1.3 million silver crowns.

text: The 1819 Act for the Resumption of Cash Payments set 1823 as the date for resumption of convertibility, which was reached by 1821. Throughout the 1820s, small notes were issued by regional banks. This was restricted in 1826, while the Bank of England was allowed to set up regional branches. In 1833 however, Bank of England notes were made legal tender and redemption by other banks was discouraged.  In 1844, the Bank Charter Act established that Bank of England notes were fully backed by gold and they became the legal standard.  According to the strict interpretation of the gold standard, this 1844 act marked the establishment of a full gold standard for British money.

text: United States

text: In the 1780s, Thomas Jefferson, Robert Morris and Alexander Hamilton recommended to Congress the value of a decimal system. This system would also apply to monies in the United States. The question was what type of standard: gold, silver or both.[14] The United States adopted a silver standard based on the Spanish milled dollar in 1785.

text: International

text: From 1860 to 1871 various attempts to resurrect bi-metallic standards were made, including one based on the gold and silver franc; however, with the rapid influx of silver from new deposits, the expectation of scarce silver ended.

text: The interaction between central banking and currency basis formed the primary source of monetary instability during this period. The combination of a restricted supply of notes, a government monopoly on note issuance and indirectly, a central bank and a single unit of value produced economic stability. Deviation from these conditions produced monetary crises.

text: Devalued notes or leaving silver as a store of value caused economic problems. Governments, demanding specie as payment, could drain the money out of the economy. Economic development expanded need for credit. The need for a solid basis in monetary affairs produced a rapid acceptance of the gold standard in the period that followed.

text: Japan

text: Following Germany's decision after the 1870–1871 Franco-Prussian War to extract reparations to facilitate a move to the gold standard, Japan gained the needed reserves after the Sino-Japanese War of 1894–1895. For Japan, moving to gold was considered vital for gaining access to Western capital markets.[15]

text: Bimetallic standard

text: US: Pre-Civil War

text: In 1792, Congress passed the Mint and Coinage Act. It authorized the federal government's use of the Bank of the United States to hold its reserves, as well as establish a fixed ratio of gold to the U.S. dollar. Gold and silver coins were legal tender, as was the Spanish real. In 1792 the market price of gold was about 15 times that of silver.[14] Silver coins left circulation, exported to pay for the debts taken on to finance the American Revolutionary War. In 1806 President Jefferson suspended the minting of silver coins. This resulted in a derivative silver standard, since the Bank of the United States was not required to fully back its currency with reserves. This began a long series of attempts by the United States to create a bi-metallic standard.

text: The intention was to use gold for large denominations, and silver for smaller denominations.  A problem with bimetallic standards was that the metals' absolute and relative market prices changed. The mint ratio (the rate at which the mint was obligated to pay/receive for gold relative to silver) remained fixed at 15 ounces of silver to 1 ounce of gold, whereas the market rate fluctuated from 15.5 to 1 to 16 to 1. With the Coinage Act of 1834, Congress passed an act that changed the mint ratio to approximately 16 to 1. Gold discoveries in California in 1848 and later in Australia lowered the gold price relative to silver; this drove silver money from circulation because it was worth more in the market than as money.[16] Passage of the Independent Treasury Act of 1848 placed the U.S. on a strict hard-money standard. Doing business with the American government required gold or silver coins.

text: Government accounts were legally separated from the banking system. However, the mint ratio (the fixed exchange rate between gold and silver at the mint) continued to overvalue gold. In 1853, the US reduced the silver weight of coins to keep them in circulation and in 1857 removed legal tender status from foreign coinage. In 1857 the final crisis of the free banking era began as American banks suspended payment in silver, with ripples through the developing international financial system. Due to the inflationary finance measures undertaken to help pay for the US Civil War, the government found it difficult to pay its obligations in gold or silver and suspended  payments of obligations not legally specified in specie (gold bonds); this led banks to suspend the conversion of bank liabilities (bank notes and deposits) into specie. In 1862 paper money was made legal tender. It was a fiat money (not convertible on demand at a fixed rate into specie). These notes came to be called "greenbacks".[16]

text: US: Post-Civil War

text: After the Civil War, Congress wanted to reestablish the metallic standard at pre-war rates. The market price of gold in greenbacks was above the pre-War fixed price ($20.67 per ounce of gold) requiring deflation to achieve the pre-War price. This was accomplished by growing the stock of money less rapidly than real output. By 1879 the market price matched the mint price of gold. The coinage act of 1873 (also known as the Crime of ‘73) demonetized silver. This act removed the 412.5 grain silver dollar from circulation. Subsequently silver was only used in coins worth less than $1 (fractional currency). With the resumption of convertibility on June 30, 1879 the government again paid its debts in gold, accepted greenbacks for customs and redeemed greenbacks on demand in gold. Greenbacks were therefore perfect substitutes for gold coins. During the latter part of the nineteenth century the use of silver and a return to the bimetallic standard were recurrent political issues, raised especially by William Jennings Bryan, the People's Party and the  Free Silver movement. In 1900 the gold dollar was declared the standard unit of account and a gold reserve for government issued paper notes was established. Greenbacks, silver certificates, and silver dollars continued to be legal tender, all redeemable in gold.[16]

text: Fluctuations in the US gold stock, 1862–1877

text:
US gold stock

1862
59 tons

1866
81 tons

1875
50 tons

1878
78 tons

text: The US had a gold stock of 1.9 million ounces (59 t) in 1862. Stocks rose to 2.6 million ounces (81 t) in 1866, declined in 1875 to 1.6 million ounces (50 t) and rose to 2.5 million ounces (78 t) in 1878. Net exports did not mirror that pattern. In the decade before the Civil War net exports were roughly constant; postwar they varied erratically around pre-war levels, but fell significantly in 1877 and became negative in 1878 and 1879. The net import of gold meant that the foreign demand for American currency to purchase goods, services, and investments exceeded the corresponding American demands for foreign currencies. In the final years of the greenback period (1862–1879), gold production increased while gold exports decreased.  The decrease in gold exports was considered by some to be a result of changing monetary conditions. The demands for gold during this period were as a speculative vehicle, and for its primary use in the foreign exchange markets financing international trade. The major effect of the increase in gold demand by the public and Treasury was to reduce exports of gold and increase the Greenback price of gold relative to purchasing power.[17]

text: Gold exchange standard

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text: Towards the end of the 19th century, some silver standard countries began to peg their silver coin units to the gold standards of the United Kingdom or the United States. In 1898, British India pegged the silver rupee to the pound sterling at a fixed rate of 1s 4d, while in 1906, the Straits Settlements adopted a gold exchange standard against sterling, fixing the silver Straits dollar at 2s 4d.

text: Around the start of the 20th century, the Philippines pegged the silver peso/dollar to the U.S. dollar at 50 cents. This move was assisted by the passage of the Philippines Coinage Act by the United States Congress on March 3, 1903.[18] Around the same time Mexico and Japan pegged their currencies to the dollar. When Siam adopted a gold exchange standard in 1908, only China and Hong Kong remained on the silver standard.

text: When adopting the gold standard, many European nations changed the name of their currency, for instance from Daler (Sweden and Denmark) or Gulden (Austria-Hungary) to Crown, since the former names were traditionally associated with silver coins and the latter with gold coins.

text: Impact of World War I

text: Governments with insufficient tax revenue suspended convertibility repeatedly in the 19th century. The real test, however, came in the form of World War I, a test which "it failed utterly" according to economist Richard Lipsey.[5]

text: By the end of 1913, the classical gold standard was at its peak but World War I caused many countries to suspend or abandon it.[19] According to Lawrence Officer the main cause of the gold standard’s failure to resume its previous position after World War I was “the Bank of England's precarious liquidity position and the gold-exchange standard.” A run on sterling caused Britain to impose exchange controls that fatally weakened the standard; convertibility was not legally suspended, but gold prices no longer played the role that they did before.[20] In financing the war and abandoning gold, many of the belligerents suffered drastic inflations. Price levels doubled in the US and Britain, tripled in France and quadrupled in Italy. Exchange rates changed less, even though European inflations were more severe than America’s. This meant that the costs of American goods decreased relative to those in Europe. Between August 1914 and spring of 1915, the dollar value of US exports tripled and its trade surplus exceeded $1 billion for the first time.[21]

text: Ultimately, the system could not deal quickly enough with the large balance of payments deficits and surpluses; this was previously attributed to downward wage rigidity brought about by the advent of unionized labor, but is now considered as an inherent fault of the system that arose under the pressures of war and rapid technological change. In any case, prices had not reached equilibrium by the time of the Great Depression, which served to kill off the system completely.[5]

text: For example, Germany had gone off the gold standard in 1914, and could not effectively return to it because War reparations had cost it much of its gold reserves. During the Occupation of the Ruhr the German central bank (Reichsbank) issued enormous sums of non-convertible marks to support workers who were on strike against the French occupation and to buy foreign currency for reparations; this led to the German hyperinflation of the early 1920s and the decimation of the German middle class.

text: The US did not suspend the gold standard during the war.  The newly created Federal Reserve intervened in currency markets and sold bonds to “sterilize” some of the gold imports that would have otherwise increased the stock of money.[citation needed] By 1927 many countries had returned to the gold standard.[16] As a result of World War I the United States, which had been a net debtor country, had become a net creditor by 1919.[22]

text: Abandonment of the gold standard

text: The gold specie standard ended in the United Kingdom and the rest of the British Empire at the outbreak of World War I, when Treasury notes replaced the circulation of gold sovereigns and gold half sovereigns.  Legally, the gold specie standard was not repealed. The end of the gold standard was successfully effected by the Bank of England through appeals to patriotism urging citizens not to redeem paper money for gold specie. It was only in 1925, when Britain returned to the gold standard in conjunction with Australia and South Africa that the gold specie standard was officially ended.

text: The British Gold Standard Act 1925 both introduced the gold bullion standard and simultaneously repealed the gold specie standard. The new standard ended the circulation of gold specie coins. Instead, the law compelled the authorities to sell gold bullion on demand at a fixed price, but "only in the form of bars containing approximately four hundred ounces troy [12 kg] of fine gold".[23][24] John Maynard Keynes, citing deflationary dangers, argued against resumption of the gold standard.[25] By fixing the price at the pre-war rate of $4.86,[clarification needed] Churchill is argued to have made an error that led to depression, unemployment and the 1926 general strike. The decision was described by Andrew Turnbull as a "historic mistake".[26]

text: Many other countries followed Britain in returning to the gold standard, this was followed by a period of relative stability but also deflation.[27] This state of affairs lasted until the Great Depression (1929–1939) forced countries off the gold standard. In September 19, 1931, speculative attacks on the pound forced Britain to abandon the gold standard. Loans from American and French Central Banks of £50,000,000 were insufficient and exhausted in a matter of weeks, due to large gold outflows across the Atlantic.[28][29][30] The British benefited from this departure. They could now use monetary policy to stimulate the economy. Australia and New Zealand had already left the standard and Canada quickly followed suit.

text: The interwar partially backed gold standard was inherently unstable, because of the conflict between the expansion of liabilities to foreign central banks and the resulting deterioration in the Bank of England's reserve ratio. France was then attempting to make Paris a world class financial center, and it received large gold flows as well.[31]

text: In May 1931 a run on Austria's largest commercial bank caused it to fail. The run spread to Germany, where the central bank also collapsed. International financial assistance was too late and in July 1931 Germany adopted exchange controls, followed by Austria in October. The Austrian and German experiences, as well as British budgetary and political difficulties, were among the factors that destroyed confidence in sterling, which occurred in mid-July 1931. Runs ensued and the Bank of England lost much of its reserves.

text: Depression and World War II

text: Great Depression

text: Some economic historians, such as Barry Eichengreen, blame the gold standard of the 1920s for prolonging the economic depression which started in 1929 and lasted for about a decade.[33] In the United States, adherence to the gold standard prevented the Federal Reserve from expanding the money supply to stimulate the economy, fund insolvent banks and fund government deficits that could "prime the pump" for an expansion. Once off the gold standard, it became free to engage in such money creation. The gold standard limited the flexibility of the central banks' monetary policy by limiting their ability to expand the money supply. In the US, the central bank was required by the Federal Reserve Act (1913) to have gold backing 40% of its demand notes.[34] Others including former Federal Reserve Chairman Ben Bernanke and Nobel Prize-winner Milton Friedman place the blame for the severity and length of the Great Depression at the feet of the Federal Reserve, mostly due to the deliberate tightening of monetary policy even after the gold standard.[35] They blamed the US major economic contraction in 1937 on tightening of monetary policy resulting in higher cost of capital, weaker securities markets, reduced net government contribution to income, the undistributed profits tax and higher labor costs.[36] The money supply peaked in March 1937, with a trough in May 1938.[37]

text: Higher interest rates intensified the deflationary pressure on the dollar and reduced investment in U.S. banks.  Commercial banks converted Federal Reserve Notes to gold in 1931, reducing its gold reserves and forcing a corresponding reduction in the amount of currency in circulation. This speculative attack created a panic in the U.S. banking system.  Fearing imminent devaluation many depositors withdrew funds from U.S. banks.[38] As bank runs grew, a reverse multiplier effect caused a contraction in the money supply.[39] Additionally the New York Fed had loaned over $150 million in gold (over 240 tons) to European Central Banks. This transfer contracted the US money supply. The foreign loans became questionable once Britain, Germany, Austria and other European countries went off the gold standard in 1931 and weakened confidence in the dollar.[40]

text: The forced contraction of the money supply resulted in deflation. Even as nominal interest rates dropped, inflation-adjusted real interest rates remained high, rewarding those who held onto money instead of spending it, further slowing the economy.[41] Recovery in the United States was slower than in Britain, in part due to Congressional reluctance to abandon the gold standard and float the U.S. currency as Britain had done.[42]

text: In the early 1930s, the Federal Reserve defended the dollar by raising interest rates, trying to increase the demand for dollars. This helped attract international investors who bought foreign assets with gold.[38]

text: Congress passed the Gold Reserve Act on 30 January 1934; the measure nationalized all gold by ordering Federal Reserve banks to turn over their supply to the U.S. Treasury. In return the banks received gold certificates to be used as reserves against deposits and Federal Reserve notes. The act also authorized the president to devalue the gold dollar. Under this authority the president, on 31 January 1934, changed the value of the dollar from $20.67 to the troy ounce to $35 to the troy ounce, a devaluation of over 40%.

text: Other factors in the prolongation of the Great Depression include trade wars and the reduction in international trade caused by barriers such as Smoot–Hawley Tariff in the US and the Imperial Preference policies of Great Britain,[43] the failure of central banks to act responsibly,[44] government policies designed to prevent wages from falling, such as the Davis–Bacon Act of 1931, during the deflationary period resulting in production costs dropping slower than sales prices, thereby injuring business profits[45] and increases in taxes to reduce budget deficits and to support new programs such as Social Security. The US top marginal income tax rate went from 25% to 63% in 1932 and to 79% in 1936,[46] while the bottom rate increased over tenfold, from .375% in 1929 to 4% in 1932.[47] The concurrent massive drought resulted in the US Dust Bowl.

text: The Austrian School asserted that the Great Depression was the result of a credit bust.[48] Alan Greenspan wrote that the bank failures of the 1930s were sparked by Great Britain dropping the gold standard in 1931. This act "tore asunder" any remaining confidence in the banking system.[49] Financial historian  Niall Ferguson wrote that what made the Great Depression truly 'great' was the European banking crisis of 1931.[50] According to Fed Chairman Marriner Eccles, the root cause was the concentration of wealth resulting in a stagnating or decreasing standard of living for the poor and middle class. These classes went into debt, producing the credit explosion of the 1920s. Eventually the debt load grew too heavy, resulting in the massive defaults and financial panics of the 1930s.[51]

text: World War II

text: Under the Bretton Woods international monetary agreement of 1944, the gold standard was kept without domestic convertibility. The role of gold was severely constrained, as other countries’ currencies were fixed in terms of the dollar. Many countries kept reserves in gold and settled accounts in gold. Still they preferred to settle balances with other currencies, with the American dollar becoming the favorite. The International Monetary Fund was established to help with the exchange process and assist nations in maintaining fixed rates. Within Bretton Woods adjustment was cushioned through credits that helped countries avoid deflation. Under the old standard, a country with an overvalued currency would lose gold and experience deflation until the currency was again valued correctly. Most countries defined their currencies in terms of dollars, but some countries imposed trading restrictions to protect reserves and exchange rates. Therefore, most countries' currencies were still basically inconvertible. In the late 1950s, the exchange restrictions were dropped and gold became an important element in international financial settlements.[16]

text: Bretton Woods

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text: After the Second World War, a system similar to a gold standard and sometimes described as a "gold exchange standard" was established by the Bretton Woods Agreements. Under this system, many countries fixed their exchange rates relative to the U.S. dollar and central banks could exchange dollar holdings into gold at the official exchange rate of $35 per ounce; this option was not available to firms or individuals. All currencies pegged to the dollar thereby had a fixed value in terms of gold.[5]

text: Starting in the 1959–1969 administration of President Charles de Gaulle and continuing until 1970, France reduced its dollar reserves, exchanging them for gold at the official exchange rate, reducing US economic influence. This, along with the fiscal strain of federal expenditures for the Vietnam War and persistent balance of payments deficits, led U.S. President Richard Nixon to end international convertibility of the U.S. dollar to gold on August 15, 1971 (the "Nixon Shock").

text: This was meant to be a temporary measure, with the gold price of the dollar and the official rate of exchanges remaining constant. Revaluing currencies was the main purpose of this plan. No official revaluation or redemption occurred. The dollar subsequently floated. In December 1971, the "Smithsonian Agreement" was reached. In this agreement, the dollar was devalued from $35 per troy ounce of gold to $38. Other countries' currencies appreciated. However, gold convertibility did not resume. In October 1973, the price was raised to $42.22. Once again, the devaluation was insufficient. Within two weeks of the second devaluation the dollar was left to float. The $42.22 par value was made official in September 1973, long after it had been abandoned in practice. In October 1976, the government officially changed the definition of the dollar; references to gold were removed from statutes. From this point, the international monetary system was made of pure fiat money.

text: Production of gold

text: An estimated total of 174,100 tonnes of gold have been mined in human history, according to GFMS as of 2012. This is roughly equivalent to 5.6 billion troy ounces or, in terms of volume, about 9,261 cubic metres (327,000 cu ft), or a cube 21 metres (69 ft) on a side. There are varying estimates of the total volume of gold mined. One reason for the variance is that gold has been mined for thousands of years. Another reason is that some nations are not particularly open about how much gold is being mined. In addition, it is difficult to account for the gold output in illegal mining activities.[52]

text: World production for 2011 was circa 2,700 tonnes. Since the 1950s, annual gold output growth has approximately kept pace with world population growth (i.e. a doubling in this period)[53] although it has lagged behind world economic growth (approximately 8-fold increase since the 1950s[54], and 4x since 1980[55]).

text: Theory

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text: Commodity money is inconvenient to store and transport in large amounts. Furthermore, it does not allow a government to manipulate the flow of commerce with the same ease that a fiat currency does. As such, commodity money gave way to representative money and gold and other specie were retained as its backing.

text: Gold was a preferred form of money due to its rarity, durability, divisibility, fungibility and ease of identification,[56] often in conjunction with silver. Silver was typically the main circulating medium, with gold as the monetary reserve. Commodity money was anonymous, as identifying marks can be removed. Commodity money retains its value despite what may happen to the monetary authority. After the fall of South Vietnam, many refugees carried their wealth to the West in gold after the national currency became worthless.[citation needed]

text: Under commodity standards currency itself has no intrinsic value, but is accepted by traders because it can be redeemed any time for the equivalent specie. A US silver certificate, for example, could be redeemed for an actual piece of silver.

text: Representative money and the gold standard protect citizens from hyperinflation and other abuses of monetary policy, as were seen in some countries during the Great Depression. Commodity money conversely led to deflation and bank runs.

text: Countries that left the gold standard earlier than other countries recovered from the Great Depression sooner. For example, Great Britain and the Scandinavian countries, which left the gold standard in 1931, recovered much earlier than France and Belgium, which remained on gold much longer. Countries such as China, which had a silver standard, almost entirely avoided the depression (due to the fact it was then barely integrated into the global economy). The connection between leaving the gold standard and the severity and duration of the depression was consistent for dozens of countries, including developing countries. This may explain why the experience and length of the depression differed between national economies.[57]

text: Variations

text: A full or 100%-reserve gold standard exists when the monetary authority holds sufficient gold to convert all the circulating representative money into gold at the promised exchange rate. It is sometimes referred to as the gold specie standard to more easily distinguish it. Opponents of a full standard consider it difficult to implement, saying that the quantity of gold in the world is too small to sustain worldwide economic activity at or near current gold prices; implementation would entail a many-fold increase in the price of gold.[citation needed] Gold standard proponents have said, "Once a money is established, any stock of money becomes compatible with any amount of employment and real income."[58] While prices would necessarily adjust to the supply of gold, the process may involve considerable economic disruption, as was experienced during earlier attempts to maintain gold standards.[59]

text: In an international gold-standard system (which is necessarily based on an internal gold standard in the countries concerned),[60] gold or a currency that is convertible into gold at a fixed price is used to make international payments. Under such a system, when exchange rates rise above or fall below the fixed mint rate by more than the cost of shipping gold, inflows or outflows occur until rates return to the official level. International gold standards often limit which entities have the right to redeem currency for gold.

text: Advantages

text:
Long-term price stability has been described as one of the virtues of the gold standard.[61] The gold standard makes it difficult for governments to inflate prices through expanding the money supply. Under the gold standard, significant inflation is rare, and hyperinflation is essentially impossible because the money supply can only grow at the rate that the gold supply increases. High inflation under a gold standard is seen only when warfare destroys a large part of an economy, reducing the production of goods, or when a major new gold source becomes available.[62] In the U.S., inflation occurred during the Civil War, which destroyed the economy of the South.[63] Inflation also followed the California Gold Rush that made large amounts of gold available for minting.[64] Historical data shows that the magnitude of short run swings in prices were far higher under the gold standard.[65][61]
The gold standard provides fixed international exchange rates between participating countries and thus reduces uncertainty in international trade. Historically, imbalances between price levels were offset by a balance-of-payment adjustment mechanism called the "price–specie flow mechanism".[62] Gold used to pay for imports reduces the money supply of importing nations, causing deflation, which makes them more competitive, while the importation of gold by net exporters serves to increase their money supply, causing inflation, making them less competitive.[66]
A gold standard does not allow some types of financial repression.[67] Financial repression acts as a mechanism to transfer wealth from creditors to debtors, particularly the governments that practice it. Financial repression is most successful in reducing debt when accompanied by inflation and can be considered a form of taxation.[68][69] In 1966 Alan Greenspan wrote "Deficit spending is simply a scheme for the 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."[70]

text: Disadvantages

text:
The unequal distribution of gold deposits makes the gold standard more advantageous for those countries that produce gold.[71] In 2010 the largest producers of gold, in order, were China, Australia, U.S., South Africa and Russia.[72] The country with the largest unmined gold deposits is Australia.[73]
Some economists believe that the gold standard acts as a limit on economic growth. "As an economy's productive capacity grows, then so should its money supply. Because a gold standard requires that money be backed in the metal, then the scarcity of the metal constrains the ability of the economy to produce more capital and grow."[74]
Mainstream economists believe that economic recessions can be largely mitigated by increasing the money supply during economic downturns.[75] A gold standard means that the money supply would be determined by the gold supply and hence monetary policy could no longer be used to stabilize the economy.[76] The gold standard is often blamed for prolonging the Great Depression, as under the gold standard, central banks could not expand credit at a fast enough rate to offset deflationary forces.[77]
Although the gold standard brings long-run price stability, it is historically associated with high short-run price volatility.[61][78] It has been argued by Schwartz, among others, that instability in short-term price levels can lead to financial instability as lenders and borrowers become uncertain about the value of debt.[78]
Deflation punishes debtors.[79][80] Real debt burdens therefore rise, causing borrowers to cut spending to service their debts or to default. Lenders become wealthier, but may choose to save some of the additional wealth, reducing GDP.[81]
The money supply would essentially be determined by the rate of gold production. When gold stocks increase more rapidly than the economy, there is inflation and the reverse is also true.[61][82] The consensus view is that the gold standard contributed to the severity and length of the Great Depression.[83][84]
Hamilton contended that the gold standard is susceptible to speculative attacks when a government's financial position appears weak. Conversely, this threat discourages governments from engaging in risky policy (see moral hazard). For example, the U.S. was forced to contract the money supply and raise interest rates in September 1931 to defend the dollar after speculators forced the UK off the gold standard.[84][85][86][87]
Devaluing a currency under a gold standard would generally produce sharper changes than the smooth declines seen in fiat currencies, depending on the method of devaluation.[88]
Most economists favor a low, positive rate of inflation of around 2%. This reflects fear of deflationary shocks and the belief that active monetary policy can dampen fluctuations in output and unemployment. Inflation gives them room to tighten policy without inducing deflation.[89]
A gold standard provides practical constraints against the measures that central banks might otherwise use to respond to economic crises.[90] Creation of new money reduces interest rates and thereby increases demand for new lower cost debt, raising the demand for money.[91]

text: Advocates

text: A return to the gold standard was considered by the US Gold Commission back in 1982, but found only minority support.[92] In 2001 Malaysian Prime Minister Mahathir bin Mohamad proposed a new currency that would be used initially for international trade among Muslim nations, using the Islamic gold dinar, defined as 4.25 grams of pure (24-carat) gold. Mahathir claimed it would be a stable unit of account and a political symbol of unity between Islamic nations.  This would purportedly reduce dependence on the US dollar and establish a non-debt-backed currency in accord with Sharia law that prohibited the charging of interest.[93] As of  2013[update] the global monetary system continued to rely on the US dollar as the main reserve currency.[94]

text: Former U.S. Federal Reserve Chairman, Alan Greenspan acknowledged he was one of "a small minority" within the central bank that had some positive view on the gold standard.[95] In a 1966 essay he contributed to a book by Ayn Rand, titled "Gold and Economic Freedom", Greenspan argued the case for returning to a 'pure' gold standard; in that essay he described supporters of fiat currencies as "welfare statists" intending to use monetary policy to finance deficit spending.[96] More recently he claimed that by focusing on targeting inflation "central bankers have behaved as though we were on the gold standard", rendering a return to the standard unnecessary.[97]

text: Similarly, economists like Robert Barro argued that whilst some form of "monetary constitution"  is essential for stable, depoliticized monetary policy, the form this constitution takes—for example, a gold standard, some other commodity-based standard, or a fiat currency with fixed rules for determining the quantity of money—is considerably less important.[98]

text: The gold standard is supported by many followers of the Austrian School of Economics, free-market libertarians and some supply-siders.[99]

text: US politics

text: In the United States, strict constitutionalists object to the government issuing fiat currency through central banks. Some gold-standard advocates also call for a mandated end to fractional-reserve banking. Many similar alternatives have been suggested, including energy-based currencies, collections of currencies or commodities, with gold as one component.

text: Former congressman Ron Paul is a long-term, high-profile advocate of a gold standard, but has also expressed support for using a standard based on a basket of commodities that better reflects the state of the economy.[100]

text: In 2011 the Utah legislature passed a bill to accept federally issued gold and silver coins as legal tender to pay taxes.[101] As federally issued currency, the coins were already legal tender for taxes, although the market price of their metal content currently exceeds their monetary value. Similar legislation is under consideration in other US states.[102] The bill was initiated by newly elected Republican Party legislators associated with the Tea Party movement and was driven by anxiety over the policies of President Barack Obama.[103]

text: In 2013, the Arizona Legislature passed SB 1439, which would have made gold and silver coin a legal tender in payment of debt, but the bill was vetoed by the Governor.[104]

text: In 2015, some candidates for the 2016 presidential election advocated for a gold standard, based on concern that the Federal Reserve’s attempts to increase economic growth may create inflation. Economic historians did not agree with candidate's assertions that the gold standard would benefit the US economy.[105]

text: Critics

text: In 2012 a poll of 40 U.S. economists in the IGM Economic Experts Panel found that none of them believed returning to the gold standard would result in "price-stability and employment outcomes [that] would be better for the average American." The panel of polled economists included past Nobel Prize winners, former economic advisers to both Republican and Democratic presidents, and senior faculty from Harvard, Chicago, Stanford, MIT, and other well-known research universities. (The specific statement with which the economists were asked to agree or disagree was as follows: "If the US replaced its discretionary monetary policy regime with a gold standard, defining a 'dollar' as a specific number of ounces of gold, the price-stability and employment outcomes would be better for the average American.")[3]

text: The economist Allan H. Meltzer of Carnegie Mellon University presented arguments against Ron Paul's advocacy of the gold standard from the 1970s onward.  He sometimes summarized his opposition by stating simply, "[W]e don’t have the gold standard. It’s not because we don’t know about the gold standard, it’s because we do."[106]


document_title: The Five Heartbeats

question_text: who sang the songs for the five heartbeats

root

text: The Five Heartbeats

text: Plot[edit]

text: Donald "Duck" Matthews, Anthony "Choirboy" Stone, J.T. Matthews, Terrence "Dresser" Williams, and Eddie King Jr. perform at a Battle of the Bands contest as The Heartbeats. The group loses to Flash and the Ebony Sparks but pleases the crowd and is noticed by Jimmy Potter. Jimmy offers to manage the group, promising them $100 if they do not win the next month's Battle of the Bands contest. After the group loses, Jimmy pays them. When the owner of the club asks to hire them, they agree to let Jimmy manage them.

tag: p

text: Bird and The Midnight Falcons witness the Heartbeats rehearsing for a competition and are concerned they could lose; frontman Victor "Bird" Thomas asks his girlfriend to invite her friends and boo The Heartbeats while cheering The Falcons. The announcer, a cousin of one of the Falcons, forces The Heartbeats to use the house piano player. Duck grows frustrated with the house piano player and shoves him off the piano stool. Eddie leads the group in a number that results in Bird's girlfriend fainting in Eddie's arms. The Heartbeats win the contest and the interest of Big Red Davis, who owns Big Red Records. Big Red offers them a deal, but Jimmy and his wife Eleanor, aware of Big Red's corruption, decline. The group instead releases their first single on Jimmy's own independent label and searches for a record company they can trust, but no one else is interested aside from a label which wants to buy Duck's songs for a group they've already signed, The Five Horsemen, prompting The Heartbeats to sign with Big Red.

text: The group goes on the road, but the travel is marred by racism and poor living conditions. Dresser's girlfriend visits and reveals she is pregnant, and the group is faced with their first album cover featuring white people, despite the label having earlier approved a photo of the Heartbeats as the cover.

text: Throughout the mid to late 1960s The Five Heartbeats receive numerous awards, chart several hits, and are featured on magazine covers. Eddie abuses alcohol and cocaine, affecting his performance and prompting his girlfriend Baby Doll to break up with him. Convinced that Jimmy intends to replace him due to his deteriorating condition, he cuts a deal with Big Red to have Jimmy cut out of his contract. Jimmy threatens to go to authorities with information about bootlegged LPs, cooked books and payola that could have Big Red arrested, leading Red to have Jimmy killed. The group learns that Eddie's deceit caused the argument between Jimmy and Big Red. Big Red is convicted of Jimmy's murder, forcing the group to sign to a new record label, and a guilt-ridden Eddie to leave in disgrace. Duck later hears on the radio that Eddie was involved in an armed robbery and, after a shootout with the police, was in critical condition.

text: The Heartbeats add Flash as their lead singer. Duck comes to suspect his fiancé, Tanya Sawyer, is having an affair with Choirboy. He follows her to a hotel, only to discover that Tanya is meeting with J.T., not Choirboy. Tanya's relationship with J.T. predates her relationship with Duck, but she says she is now in love with Duck. J.T. urges Tanya to disclose the affair, but she refuses. At an awards ceremony celebrating their success, Flash announces he is going solo. Duck reveals that he knows about Tanya and J.T. and also leaves.

text: The film then skips ahead to the early 1990s. Choirboy, true to his nickname, has returned to singing in his father's church. After converting to Christianity, Eddie became clean and sober. He is now married to Baby Doll, sings in Choirboy's choir, and manages a group. He asks Duck to write songs for them, to which he agrees. J.T. has a wife and two children, including a son named "Duck". The brothers reconcile. The only member to have maintained a singing career is Flash, who transitioned from doo-wop to pop music, and is part of the group Flash and The Five Horsemen.

text: At a family gathering, Eleanor Potter, coming to terms with her husband's death, forgives Eddie. The Five Heartbeats reunite in front of their families and friends, trying to remember their old moves.

text: Cast and characters[edit]

text: The Five Heartbeats[edit]

text:
Robert Townsend as Donald "Duck" Matthews: Duck hails from a poor family.  He is The Five Heartbeats' co-founder and brother of fellow Heartbeat's member J.T. Matthews, and originally was only the composer and musician for the group. He is a permanent vocalist after Bobby disappears. He serves as the movie's narrator, with the film beginning as he reminisces about the group's career.
Leon Robinson as J.T. Matthews: J.T. is the older brother of Duck. A womanizer; he and his brother Duck share a close and sometimes turbulent relationship.
Michael Wright as Eddie King, Jr.: Eddie comes from an area that features predominantly poor individuals, his own father believing his attempts to start a career in the music industry will be unsuccessful. Similar to David Ruffin, Eddie is the lead vocalist of the band and falls into a life of drugs that eventually leads to his expulsion from the group as well as emotional trauma. Eddie is one of the founding members of The Heartbeats and serves as the crowd pleaser whose voice leads to success in many of their performances.

Tico Wells as Anthony "Choirboy" Stone: Stone is given the nickname "Choirboy" (much to his chagrin) for his past as a choir boy in his father's church. Similar to Eddie, Stone's father does not support his decision to become a music artist fearing rock and jazz are "the devil's music." He becomes more of a womanizer as the group becomes more successful, but later goes back to being a part of his father's ministry after the group disbands.
Harry J. Lennix as Terrence "Dresser" Williams: The original choreographer of The Heartbeats, Dresser serves as the groups bass singer and one of the founding members. He is replaced by Ernest "Sarge" Johnson as the choreographer after Sarge out-dances Dresser.

tag: ul

text: Other characters[edit]

text:
Hawthorne James as Big Red Davis: Corrupt owner of the first record label The Five Heartbeats are signed to.
Chuck Patterson as Jimmy Potter: The Heartbeats' manager, Jimmy is responsible for giving the group the opportunity to perform at more publicized events and receive training from Ernest "Sarge" Johnson.
Diahann Carroll as Eleanor Potter: Jimmy Potter's wife, Eleanor along with her husband are the original supporters of The Five Heartbeats.
John Canada Terrell as Michael "Flash" Turner: Lead singer of Flash and the Ebony Sparks, the Heartbeats' only competition. When Eddie goes into a downward spiral, Flash is brought in as the new lead singer.
Roy Fegan as Victor "Bird" Thomas: Bird is the lead singer of Bird and The Midnight Falcons. Early in the film the character attempts to defeat The Five Heartbeats in a vocal contest. After Big Red orchestrates the murder of Jimmy Potter, Bird, who was previously attacked and intimidated by Big Red during a party, joins members of the Heartbeats in testifying against Red and helps to convict him of the murder.
Harold Nicholas of The Nicholas Brothers as Ernest "Sarge" Johnson: Johnson is The Five Heartbeat's choreographer. Sarge is last seen in the hospital on his birthday.
Troy Beyer as Baby Doll: Eddie's girlfriend, who leaves him after he abuses drugs and alcohol. She later marries Eddie and they are shown singing together in a choir.
Theresa Randle as Brenda: Dresser's girlfriend, who later becomes his wife. She and Dresser have a daughter named Monica.
Lamont Johnson as Bobby Cassanova: Bobby and Eddie are the original co-lead singers of the group. Bobby is only seen in the movie's opening scenes when he and Eddie are caught cheating at a high-stakes poker game. Bobby gets shot in the leg and is replaced by Eddie as the lead singer.
Carla Brothers as Tanya Sawyer: Duck's love interest. His earlier attempts to win her heart are unsuccessful but they reconnect at a party for the group and later date. Tanya and Duck were set to be wed, but Duck's suspicion about Tanya and Choir Boy had him follow her to a hotel only to find out that his brother J.T. was the one seeing her. This led Duck to estrange himself from the Heartbeats and his brother for years.
Tressa Thomas as "Duck's Little Sister": Clara Matthews, Duck's little sister, was also his muse, often helping him compose and arrange songs for the group as they did household chores. She was instrumental in arranging the vocals for "We Haven't Finished Yet".

text: Other bands[edit]

text:
Bird and The Midnight Falcons portrayed by actors Roy Fegan, Gregory Alexander, Roger Rose, Jimmy Woodard: The group The Five Heartbeats compete against in their second onscreen performance. The Midnight Falcons attempt to cheat by ordering their girlfriends to deliberately cheer against The Heartbeats. They would later sign with Big Red Records along with the Five Heartbeats.
Flash and the Ebony Sparks portrayed by John Canada Terrell, Ron Jackson, Recoe Walker and Wayne "Crescendo" Ward: The Ebony Sparks defeat The Five Heartbeats in singing competitions—many of which are rigged—prior to their mainstream popularity. Flash later becomes the lead singer for the Five Heartbeats.

text: Production[edit]

text: After writing (along with Keenen Ivory Wayans), producing, directing, and starring in his first film Hollywood Shuffle, Robert Townsend had attained near-cult status among independent filmmakers due to his dedication to that film—a project which caused him to max out all his credit cards and spend nearly $100,000 of his own money raised through savings and various acting jobs in order to produce the film. When writing Townsend's first studio film The Five Heartbeats, Townsend and Wayans kept comedy an important aspect of the film, but also explored complex characters in a more dramatic way.[12] After extensive research with rhythm and blues-singing group The Dells, who were renowned for their four-decade career, Townsend used his film to depict a similar story, following the lives of three friends who aspire to musical stardom.[13] Given the setting of the film, he was able to tie in other elements, such as race relations, as well.[13] Due to the production's budgetary constraints, Townsend used little-known actors of the time, with the exceptions of Leon Robinson, Diahann Carroll and Harold Nicholas of The Nicholas Brothers.[1]

text: Promotion[edit]

text: To promote the film prior to its release, Townsend, along with the other actors who portrayed the fictional musical quartet The Five Heartbeats (Leon Robinson, Michael Wright, Harry J. Lennix, and Tico Wells) performed in a concert with real-life Soul/R&B vocal group The Dells, one of many groups that inspired the film. The Dells sang and recorded the vocals as the actors lip synced.[14]

text: Soundtrack[edit]

text:
The Five Heartbeats (Music from the Motion Picture)
Soundtrack album by Various ArtistsReleased
April 2, 1991Genre
R&B, soulLabel
Capitol[9][15]

tag: table

text: Professional ratingsReview scoresSourceRatingAllMusic[16]

text: A soundtrack for the film was released by Virgin Records, featuring original music by various artists. Both "Nights like This" and "A Heart Is a House for Love" became top 20 hits on the U.S. Billboard Hot R&B Singles chart.[16] Many of the tracks are credited to fictional characters in the film as opposed to the actual vocalists.

text:
A Heart Is a House for Love - Billy Valentine/ The Dells
We Haven't Finished Yet - Patti LaBelle, Tressa Thomas, Billy Valentine
Nights like This - After 7
Bring Back the Days - U.S. Male
Baby Stop Running Around - Bird & The Midnight Falcons
In the Middle - Dee Harvey
Nothing but Love - The Dells with Billy Valentine
Are You Ready for Me - Dee Harvey
Stay in My Corner - The Dells
I Feel Like Going On - Andraé Crouch[15][16] (Eddie, Baby Doll and the L.A. Mass Choir)

tag: ol

text: Reception[edit]

text: The film grossed approximately $8,500,000[13][17] after being released in 862 theaters throughout North America.  However, despite the film's moderate success, it was not well received by a majority of critics.[18] On Rotten Tomatoes The Five Heartbeats accumulated an average of 35%, although only 17 reviews were counted (6 of which were positive, the remaining 11 negative).[18]

text: Roger Ebert of the Chicago Sun-Times commented that:

text:
“

...at feature length, Townsend shows a real talent, and, not surprisingly, an ability to avoid most cliches, to go for the human truth in his characters...by the end we really care about these guys...There is one obligatory scene showing racial prejudice against the group, and it seems a little tacked on, as if the only purpose of the Southern trip was to justify the scene.[11]

”

text: Due to the nature of the film, music montages were often used to progress the plot; critics considered this a major flaw.[19]

text: The numerous musical performances in the film were highly acclaimed.[19] All Music complimented the Dells' lead singer Marvin Junior (who provided the singing voice for fictional character Eddie Kane Jr.) stating that he was "one of the most underrated voices in pop music."[15] Tressa Thomas' performance of "We Haven't Finished Yet," in particular, was given favorable attention by critics.[20][21] The film received an ASCAP award for Most Performed Songs in a Motion Picture for the song "Nights Like This."[22]

text: DVD releases[edit]

text: A DVD was released for the film in 2002, a special edition was also released in 2006 for the film's 15th Anniversary which includes additional content.[9]

text: Footnotes[edit]

text:
^ Jump up to: a b c d http://www.vh1.com/movies/movie/11969/castcrew.jhtml

Jump up ^ http://www.vh1.com/movies/movie/11969/details.jhtml

Jump up ^ http://www.vh1.com/movies/movie/11969/plot.jhtml

^ Jump up to: a b https://www.imdb.com/title/tt0101891/

Jump up ^ http://search.ew.com/EWSearch/ew/search/search.html?search=the+five+heartbeats&x=0&y=0/[permanent dead link]

Jump up ^ https://www.rollingstone.com/reviews/dvd/5948151/review/5948152/

Jump up ^ http://movies.msn.com/movies/movie/the-five-heartbeats/?pkw=PI&vendor=Paid%20Inclusion&OCID=iSEMPI

Jump up ^ http://search.ew.com/EWSearch/ew/search/search.html?search=the+five+heartbeats&x=0&y=0[permanent dead link]

^ Jump up to: a b c http://www.answers.com/topic/the-five-heartbeats

Jump up ^ http://www.rottentomatoes.com/m/five_heartbeats/?name_order=asc#mo

^ Jump up to: a b http://rogerebert.suntimes.com/apps/pbcs.dll/article?AID=/19910329/REVIEWS/103290301/1023

Jump up ^ https://books.google.com/books?id=5YWgxVkJmT4C&pg=PA220&dq=the+five+heartbeats&lr=&sig=ACfU3U0Nl-quxN9UYyRjd5Q6i_fBRfUcNw#PPA220,M1

^ Jump up to: a b c http://www.rottentomatoes.com/m/five_heartbeats/#

Jump up ^ http://www.ew.com/ew/article/0,,313030,00.html

^ Jump up to: a b c https://www.allmusic.com/album/r84315

^ Jump up to: a b c http://www.artistdirect.com/nad/store/artist/album/0,,86336,00.html

Jump up ^ http://boxofficemojo.com/movies/?id=fiveheartbeats.htm

^ Jump up to: a b http://www.rottentomatoes.com/m/five_heartbeats/?name_order=asc#

^ Jump up to: a b http://www.dvdtalk.com/reviews/20018/five-heartbeats-15th-anniversary-special-edition-the/

Jump up ^ https://www.washingtonpost.com/wp-srv/style/longterm/movies/videos/thefiveheartbeatsrhinson_a0a9e7.htm

Jump up ^ http://www.ew.com/ew/article/0,,313751,00.html

Jump up ^ https://www.imdb.com/title/tt0101891/awards


document_title: List of NCIS: New Orleans characters

question_text: who plays pride's daughter on ncis new orleans

question_tokens: who plays pride 's daughter on ncis new orleans

text: List of NCIS: New Orleans characters

text: Overview[edit]

text:
Character

Portrayed by

Occupation

Seasons

1

2

3

4

Dwayne Cassius Pride

Scott Bakula

NCIS Supervisory Special Agent

Main

Christopher LaSalle

Lucas Black

NCIS Special Agent

Main

Meredith Brody

Zoe McLellan

NCIS Special Agent

Main

N/A

Sebastian Lund

Rob Kerkovich

NCIS Forensic Agent

Main

Loretta Wade

CCH Pounder

Chief Medical Examiner

Main

Sonja Percy

Shalita Grant

NCIS Special Agent

Recurring

Main

Patton Plame

Daryl "Chill" Mitchell

NCIS Computer Specialist

Recurring

Main

Tammy Gregorio

Vanessa Ferlito

NCIS Special Agent

N/A

Main

text: Main cast and characters[edit]

text: Dwayne Cassius Pride[edit]

text:
Dwayne Cassius Pride
NCIS: New Orleans character
Dwayne Pride (Scott Bakula)First appearance
"Crescent City" (NCIS)March 25, 2014Created by
Gary GlasbergPortrayed by
Scott BakulaInformationFull name
Dwayne Cassius PrideNickname(s)
KingOccupation
Federal agentAffiliation
Naval Criminal Investigative ServiceJefferson Parish Sheriff's OfficeTitle
Special Agent-in-Charge, NCIS New Orleans Field OfficeFamily
Cassius Pride (father)Unnamed motherSpouse(s)
Linda Pride (ex-wife)Children
Laurel Pride (daughter)

text: Dwayne Cassius "King" Pride (Scott Bakula) is a Supervisory Special Agent. He is also a New Orleans native and former Jefferson Parish deputy sheriff. He is also a long-time friend of Leroy Jethro Gibbs, the main character of NCIS; both were part of a group of NCIS agents known as the "Fed Five" who gained fame for apprehending Spencer Hanlon, aka "The Privileged Killer". [For years, the Privileged Killer was erroneously believed to be Victor Lourde, who had been framed by a member of the "Fed Five," Dan MacClain. When MacClain is murdered, the teams discover his frame-up and the reason for it. Their investigation leads them to the Hanlon father and son.] He was initially assigned to the Marine Corps Support Facility in Algiers, Louisiana.[1]  He and his now-estranged wife Linda used to live in the Lower Garden District. His daughter, Laurel, is a music major at Louisiana State University.  In "Chasing Ghosts" and "Le Carnivale de la Mort", it is revealed that Pride's father, Cassius (Stacy Keach), is incarcerated in the Gretna Correctional Facility. As of the beginning of season two, Dwayne and Linda officially divorced. With the money Dwayne got from selling their home he paid for Dr. Wade's assistant Danny's college, Laurel's college, a place for his father (if he makes parole), as well as buying a fixer-upper bar.[2][3] Pride has the second highest arrest record in the history of Jefferson Parish's Sheriffs Office.[4] In season three, Pride personally recruits Agent Gregorio to his team.

text: Christopher LaSalle[edit]

text:
Christopher LaSalle
NCIS: New Orleans character
Christopher LaSalle (Lucas Black)First appearance
"Crescent City" (NCIS)March 25, 2014Created by
Gary GlasbergPortrayed by
Lucas BlackInformationFull name
Christopher LaSalleOccupation
Federal agentAffiliation
Naval Criminal Investigative ServiceNew Orleans Police Department (formerly)Title
Senior Special Agent, NCIS New Orleans Field OfficeFamily
Beau LaSalle (father, deceased)Rose LaSalle (stepmother)Cade LaSalle (older brother)Unnamed sisterSignificant other(s)
Savannah Kelly (girlfriend, deceased)

text: Christopher LaSalle (Lucas Black) is a senior NCIS Special Agent. He is also a native of Alabama. LaSalle was first a detective out of the New Orleans Police Department's Fifth District at the time of Hurricane Katrina[1] and then spent seven years on the NOPD vice squad.[4] He attended the University of Alabama, graduating magna cum laude with a 3.7 GPA. While in college he played the school mascot Big Al. He lives in the French Quarter.[3] He has an older brother Cade[5] who has bipolar disorder[6] and an unnamed sister. He has received multiple commendations for his work at the New Orleans children's hospital.[4] During the first season, he begins a romantic relationship with his high school sweetheart Savannah, though she is later murdered. After this, LaSalle begins sleeping with numerous women, leaving the team concerned for his well-being. In season 3, LaSalle believes he has fathered a child, though the child is later revealed not to be his.

text: In "Ties That Bind", LaSalle's father Beau passed away; he made Chris, with whom he had a contentious if not estranged relationship, executor of his estate and his successor at LaSalle Enterprises.[7]

text: Meredith Brody[edit]

text:
Meredith Brody
NCIS: New Orleans characterFirst appearance
"Crescent City" (NCIS)March 25, 2014Last appearance
"Sleeping with the Enemy" (NCIS: New Orleans)May 17, 2016Created by
Gary GlasbergPortrayed by
Zoe McLellanInformationFull name
Meredith BrodyNickname(s)
MerryOccupation
Federal agent (resigned)Affiliation
Naval Criminal Investigative ServiceTitle
Field Agent, NCIS New Orleans Field Office (resigned)Family
Olivia Brody (mother)Emily Ann Brody (twin sister, deceased)Significant other(s)
James Lathom (ex-fiancée)

text: Meredith Brody (Zoe McLellan) is a senior NCIS Special Agent. During NCIS season eleven, she transferred to Pride's team from the Chicago field office. She has a background in interrogation and claims to have a black belt in aikido. She is a graduate of Michigan State University and had a twin sister, Emily Ann Brody, who was murdered.[8][9] Brody was the youngest Special Agent in the history of NCIS Midwest.[4] During the second season, Brody is alerted to the real circumstances behind her sister's death, and working with Sebastian, she arrests the killer. At the end of season two, Brody begins a relationship with a Homeland Security Agent named Russo, who is revealed to be corrupt. Though Brody kills Russo, she resigns from NCIS after beginning to doubt her own abilities. Her resignation leads to an FBI investigation into the team, who are later cleared of all corruption charges at the behest of her replacement, Gregorio.

text: Sebastian Lund[edit]

text:
Sebastian Lund
NCIS: New Orleans characterFirst appearance
"Musician Heal Thyself" (NCIS: New Orleans)September 23, 2014Created by
Gary GlasbergPortrayed by
Rob KerkovichInformationFull name
Sebastian LundOccupation
Federal agentAffiliation
Naval Criminal Investigative ServiceJefferson Parish Coroner's OfficeTitle
Probationary Special Agent/Forensics Agent, NCIS New Orleans Field OfficeFamily
Sylvia Lund (mother)

text: Sebastian Lund (Rob Kerkovich) is originally a Jefferson Parish forensic specialist, and Dr. Wade's lab assistant, though he later attends FLETC and joins Pride's team as a Forensics Agent. Sebastian is a hardened conspiracy theorist, and is somewhat socially awkward. In season one, it is revealed that he is in a relationship with a woman named Melissa. In season two, Sebastian helps Meredith Brody uncover the conspiracy surrounding her sister's death. Though the team initially resents Sebastian for enabling Brody, he is later proved to be correct. In 2015, it is revealed that he has been working with Loretta for five years. In season three, he becomes the fifth member of Pride's team after graduating from FLETC. Pride, similarly, contacted Director Vance to note how worried he was about Sebastian's abilities in the field, but also added that he believed he deserved a chance to prove himself.

text: Loretta Wade[edit]

text:
Loretta Wade
NCIS: New Orleans character
Loretta Wade (CCH Pounder)First appearance
"Crescent City" (NCIS)March 25, 2014Created by
Gary GlasbergPortrayed by
CCH PounderInformationFull name
Loretta WadeOccupation
Medical examinerAffiliation
Jefferson Parish Coroner's OfficeNaval Criminal Investigative ServiceTitle
Coroner of Jefferson ParishChildren
Danny Malloy (foster son)CJ Malloy (foster son)

text: Loretta Wade (CCH Pounder) is the Coroner of Jefferson Parish. Wade's office is contracted by NCIS for autopsies and forensics. She is a graduate of Harvard University and moved down to New Orleans after completing medical school. In season one, Loretta begins to foster two children who are involved in an NCIS case. Pride later starts a college fund for the children. Loretta is also Brody's landlord during her tenure at NCIS. In season three, Loretta is hurt by Sebastian's decision to leave the coroner's office, though she later comes to accept his decision.

text: In "Second Line", it is mentioned that Loretta has more than once been asked to join the Orleans Parish Coroner's Office or even run for the position of Orleans Parish Coroner.

text: Sonja Percy[edit]

text:
Sonja Percy
NCIS: New Orleans characterFirst appearance
"More Now" (NCIS: New Orleans #1.17)March 10, 2015Last appearance
"High Stakes" (NCIS: New Orleans #4.19)April 3, 2018Created by
Gary GlasbergPortrayed by
Shalita GrantInformationFull name
Sonja PercyOccupation
Federal agentAffiliation
Naval Criminal Investigative ServiceBureau of Alcohol, Tobacco, Firearms and ExplosivesTitle
Special Agent, NCIS New Orleans Field Office

text: Sonja Percy (Shalita Grant) is a NCIS Special Agent and former Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) Special Agent. While an ATF agent, Percy helped Pride and the team on their pursuit for Baitfish. At the end of the season one finale "My City", she noted a desire to join Pride's team, a transfer that took place before season two. Despite working as an NCIS Special Agent, Sonja continues to participate in undercover operations for outside agencies, most recently the DEA. In season two, Pride tells Sonja that he will not support her if her secrecy begins to put Chris and Meredith at risk, suggesting she is somewhat expendable and that he will not hesitate to remove her from his team if the operation she's part of endangers the team in any way. In season three, it is revealed that LaSalle was initially unsure of Percy's addition to the team; similarly, Percy is hesitant of Gregorio's arrival, though they come to respect each other. During season two, Percy and LaSalle begin a flirtation, and Gregorio initially believes they are in a relationship.

text: Patton Plame[edit]

text:
Patton Plame
NCIS: New Orleans characterFirst appearance
"The Recruits" (NCIS: New Orleans)October 14, 2014Created by
Gary GlasbergPortrayed by
Daryl "Chill" MitchellInformationFull name
Patton PlameNickname(s)
Triple POccupation
Federal agentAffiliation
Naval Criminal Investigative ServiceTitle
Investigative Computer Specialist, NCIS New Orleans Field Office

text: Patton Plame (Daryl "Chill" Mitchell) is an NCIS investigative computer specialist. According to Brody, he was previously employed by United States Cyber Command. LaSalle refers to Plame as a "hacker".

text: Tammy Gregorio[edit]

text:
Tammy Gregorio
NCIS: New Orleans characterFirst appearance
"Aftershocks" (NCIS: New Orleans)September 20, 2016Created by
Gary GlasbergPortrayed by
Vanessa FerlitoInformationFull name
Tammy GregorioOccupation
Federal agentAffiliation
Naval Criminal Investigative ServiceFederal Bureau of InvestigationTitle
Special Agent, NCIS New Orleans Field OfficeSpouse(s)
Ethan McKinley (ex-husband)Significant other(s)
Hannah Lee (ex-girlfriend)Eva Azarova (romantic interest)

text: Tammy Gregorio (Vanessa Ferlito) is a Washington FBI Special Agent who first appears as an investigator on a task force assigned to investigate Pride and his team. Brody's unexpected departure increases the attention placed upon the team, and soon Gregorio is seconded to undertake a more thorough investigation. Following the completion of this, Pride requests that she stays on, replacing Brody on a semi-permanent basis. After she was dismissed from the FBI, Gregorio officially joins NCIS and is now on Pride's team; with her former boss - Deputy Director Isler - lobbying for her approval.

text: Gregorio's ex-husband Ethan McKinley disappeared after embezzling $80 million in Katrina relief funds.[10] However, in season 3 episode "Overdrive", it was revealed that she had a relationship with Assistant U.S. Attorney Hannah Lee, making her the first main LGBT character in the franchise (though a recurring gay character, Ned Dorneget, had been previously introduced in the main series). When her ex-husband returns in episode 18, "Slay the Dragon", she tells him that she is a lesbian.

text: In season 3 episode 14 "Pandora's Box (Part II)" Gregorio reveals that she is a lawyer by profession, and joined the FBI after graduating from law school.

text: Recurring cast and characters[edit]

text: Laurel Pride[edit]

text: Laurel Pride (Shanley Caswell) is Pride's daughter who is currently a music major at Louisiana State University. Like her father, she plays piano, and is expected to graduate with Honors. Despite having an affectionate relationship with her father, she feels he is too nice to her boyfriends, and as such notes a desire for him to stop developing "bromances" with them. In season one, her boyfriend Orion is injured in an explosion meant to kill Pride. In season two, she is attacked whilst jogging, though the man suffers cardiac arrest and dies. She is taken hostage shortly after, but is able to disarm her female attacker long enough for Sonja Percy to shoot the attacker dead.

text: Rita Deveraux[edit]

text: Rita Deveraux (Chelsea Field) is a New Orleans Assistant District Attorney and a Reserve Commander in the U.S. Navy's Judge Advocate General Corps. She is a longtime friend, and occasional love interest, of Dwayne Pride. Field is Scott Bakula's off-screen wife.They are still married

text: Raymond Isler[edit]

text: Raymond Isler (Derek Webster) is the Executive Assistant Director of the FBI National Security Branch and Agent Tammy Gregorio's direct superior. In this capacity, he leads a Department of Justice investigation into Pride's New Orleans team following the resignation of Agent Brody and the death of Agent Russo. Though Isler initially appears stand-offish with Pride, the two cooperate on numerous occasions in order to halt the activities of the cartel. Isler later fires Gregorio for disobeying a direct order, though he lobbies the Department of Justice to install her on Pride's team.

text: After the takedown of Javier Garcia (Julian Acosta), EAD Isler was promoted to Deputy Director of the Federal Bureau of Investigation.  However, when it is revealed that a member of his team was a double agent for the Russians, Isler was demoted to Special Agent.

text: Sasha Broussard[edit]

text: Sasha Broussard (Callie Thorne) is a former member of the New Orleans Broussard crime syndicate, though she claims she is trying to disassociate herself from her family. After she gains the trust of Pride, the team discover she has been assisting Baitfish in his quest to control the entirety of NOLA's criminal enterprises. She is arrested and presumably convicted of her crimes.

text: Douglas Hamilton[edit]

text: Douglas Hamilton (Steven Weber) first appeared as the New Orleans city councilman of District C. Though he shares a mutual dislike with Dwayne Pride, the two often reconcile their differences in the pursuit of safeguarding New Orleans. In season two, Hamilton ran for the office of the Mayor of New Orleans and was elected after the other candidate was arrested for funneling drugs into Hamilton's district. He and Pride are later taken hostage after Hamilton is implicated in a Cold Case homicide, though he is later exonerated, and the real killer is arrested. In season three, a computer hacker leaks Hamilton's sex-tape and emails to the media, jeopardizing his future as a public servant.  He was arrested by Pride and removed from office at the end of season three.

text: Paul Jenks[edit]

text: Paul Jenks (John Livingston) is a former member of the Broussard Syndicate and Confidential Informant for Dwayne Pride, known as Baitfish. During season one, he teams up with Sasha Broussard to take over the criminal underground of New Orleans left by the downfall of the Syndicate, and is responsible for multiple murders. He is later arrested by Pride's team, but not before assassinating Savannah Kelly. In "How Much Pain Can You Take?", Jenks tells the team that there's a huge storm coming and is killed seconds later after being shot in the head by an unknown sniper who is later revealed to be Jim Messier, Captain with the New Orleans Police Department.

text: Karen Izzo[edit]

text: Karen Izzo (Sharon Conley) is an Assistant United States Attorney assigned to investigate Pride's team during NCIS: New Orleans's third season.

text: Savannah Kelly[edit]

text: Savannah Kelly (Gillian Alexy) is a long-time love interest of LaSalle, and his "childhood sweetheart". The two reunite after she is revealed to be his brother's therapist, and she and Chris later embark on a romantic relationship. She is murdered by Baitfish in "How Much Pain Can You Take?". Chris takes her death particularly hard, and begins drinking more and seeking affection from multiple women, much to dismay of the team.

text: Naomi Parsons[edit]

text: Agent Naomi Parsons (Kate Beahan) is an Australian ADFIS Agent seconded to New Orleans, and a romantic interest for Dwayne Pride.

text: Jim Messier[edit]

text: Jim Messier (Dylan Walsh) is a Captain with the New Orleans Police Department. In "My City", it is revealed that he was seduced by Sasha Broussard into becoming a mole, which led to his assassinating Baitfish, once he was captured by Special Agent Pride and his team. Pride and LaSalle eventually discover a badly beaten Messier at an abandoned motel area with Pride and LaSalle managing to get Messier to safety before the bomb goes off. After being placed into custody, Messier is presumably convicted of his crimes, stripped of his rank as Captain and jailed.

text: Cade LaSalle[edit]

text: Cade LaSalle (Clayne Crawford) is LaSalle's brother who suffers from bi-polar disorder.

text: Danny Malloy[edit]

text: Danny Malloy (Christopher Meyer) is Loretta's elder foster son and C.J.'s older brother.  In Season 3, Danny enlisted in the United States Navy rather than go to college, causing some friction between him and Loretta - and also between Loretta and Pride, who refused to talk Danny out of enlisting.

text: C. J. Malloy[edit]

text: C.J. Malloy (Dani Dare) is Loretta's younger foster son and Danny's younger brother.

text: Cassius Pride[edit]

text: Cassius Pride (Stacy Keach) is Pride's incarcerated father.

text: Crossover cast and characters[edit]

text: Abigail Borin[edit]

text: Abigail Borin (Diane Neal) is a CGIS Special Agent in Charge based out of the capital. Borin first works with Pride's team when she is tasked with interrogating a smuggler whose crimes took place within Coast Guard jurisdiction. She later investigates a double homicide on-board a research vessel, during which she notes she has been temporarily assigned Agent Afloat status. Borin reunites with Pride to investigate the poisoning of a Naval Commander, and in "Rock-a-Bye Baby", the kidnapping of a young child. Borin expresses a desire to join Pride's team, though she had similarly inquired about the possibility of working with Leroy Jethro Gibbs, Pride's friend who is stationed in Washington D.C.

text: Leon Vance[edit]

text: Leon Vance (Rocky Carroll) is the Director of the Naval Criminal Investigative Service, based out of Washington. Though he has little physical interaction with the New Orleans team, he often communicates with them via secure satellite conference. He regards Pride and his agents as one of NCIS' most valuable assets (though he has previously praised both Gibbs' NCIS team, and Callen's Los Angeles team in the same manner). In season two, Vance orders a specialist unit to shadow Pride, who is in fear for his life.

text: Others[edit]

text: Leroy Jethro Gibbs (Mark Harmon)

text: Gibbs is a Supervisory Special Agent assigned to NCIS's Major Case Response Team. He is a crossover character from NCIS.

text: Anthony DiNozzo (Michael Weatherly)

text: DiNozzo is a Senior Special Agent who was assigned to NCIS's Major Case Response Team. He is a crossover character from NCIS.

text: Timothy McGee (Sean Murray)

text: McGee is a Senior Special Agent assigned to NCIS's Major Case Response Team. He is a crossover character from NCIS.

text: Eleanor Bishop (Emily Wickersham)

text: Bishop is a Special Agent assigned to NCIS's Major Case Response Team. She is a crossover character from NCIS.

text: Nicholas Torres (Wilmer Valderrama)

text: Torres is a Special Agent assigned to NCIS's Major Case Response Team. He is a crossover character from NCIS.

text: Abby Sciuto (Pauley Perrette)

text: Abby is a forensic specialist assigned to NCIS Headquarters. She is a crossover character from NCIS.

text: Donald "Ducky" Mallard (David McCallum)

text: Ducky is a medical examiner assigned to NCIS Headquarters. He is a crossover character from NCIS.

text: Sarah Porter (Leslie Hope)

text: Porter is the United States Secretary of the Navy. She is a crossover character from NCIS.

text: Carol Wilson (Meredith Eaton)

text: Carol works for the CDC. She is a crossover character from NCIS.

text: Tobias C. Fornell (Joe Spano)

text: Fornell is a Senior FBI Special Agent. He is a crossover character from NCIS.