document_title: Gold standard

question_text: when did the us come off the gold standard

question_tokens: when did the us come 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”[vague] 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 agreed with a claim that a return 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 question posed to the economists was: "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 since the 1970s.  He sometimes summarizes 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: XHTML

question_text: 20. the main goal of extensible hypertext markup language (xhtml) is to

question_tokens: 20 . the main goal of extensible hypertext markup language ( xhtml ) is to

root

text: XHTML

text: Overview[edit]

text: XHTML 1.0 is "a reformulation of the three HTML 4 document types as applications of XML 1.0".[4] The World Wide Web Consortium (W3C) also continues to maintain the HTML 4.01 Recommendation, and the specifications for HTML5 and XHTML5 are being actively developed. In the current XHTML 1.0 Recommendation document, as published and revised to August 2002, the W3C commented that, "The XHTML family is the next step in the evolution of the Internet. By migrating to XHTML today, content developers can enter the XML world with all of its attendant benefits, while still remaining confident in their content's backward and future compatibility."[4]

tag: p

text: However, in 2005, the Web Hypertext Application Technology Working Group (WHATWG) formed, independently of the W3C, to work on advancing ordinary HTML not based on XHTML. The WHATWG eventually began working on a standard that supported both XML and non-XML serializations, HTML5, in parallel to W3C standards such as XHTML 2. In 2007, the W3C's HTML working group voted to officially recognize HTML5 and work on it as the next-generation HTML standard.[5]  In 2009, the W3C allowed the XHTML 2 Working Group's charter to expire, acknowledging that HTML5 would be the sole next-generation HTML standard, including both XML and non-XML serializations.[6]  Of the two serializations, the W3C suggests that most authors use the HTML syntax, rather than the XHTML syntax.[7]

text: Motivation[edit]

text:
XHTML was developed to make HTML more extensible and increase interoperability with other data formats.[8] In addition, browsers were forgiving of errors in HTML, and most websites were displayed despite technical errors in the markup; XHTML introduced stricter error handling.[9] HTML 4 was ostensibly an application of Standard Generalized Markup Language (SGML); however the specification for SGML was complex, and neither web browsers nor the HTML 4 Recommendation were fully conformant to it.[10] The XML standard, approved in 1998, provided a simpler data format closer in simplicity to HTML 4.[11] By shifting to an XML format, it was hoped HTML would become compatible with common XML tools;[12] servers and proxies would be able to transform content, as necessary, for constrained devices such as mobile phones.[13]
By using namespaces, XHTML documents could provide extensibility by including fragments from other XML-based languages such as Scalable Vector Graphics and MathML.[14] Finally, the renewed work would provide an opportunity to divide HTML into reusable components (XHTML Modularization) and clean up untidy parts of the language.[15]

text: Relationship to HTML[edit]

text: There are various differences between XHTML and HTML. The Document Object Model (DOM) is a tree structure that represents the page internally in applications, and XHTML and HTML are two different ways of representing that in markup (serializations). Both are less expressive than the DOM (for example, "--" may be placed in comments in the DOM, but cannot be represented in a comment in either XHTML or HTML), and generally XHTML's XML syntax is a little more expressive than HTML (for example, arbitrary namespaces are not allowed in HTML). First off, one source of differences is immediate: XHTML uses an XML syntax, while HTML uses a pseudo-SGML syntax (officially SGML for HTML 4 and under, but never in practice, and standardised away from SGML in HTML5). Secondly however, because the expressible contents of the DOM in syntax are slightly different, there are some changes in actual behavior between the two models.

text: First, there are some differences in syntax:[16]

text:
Broadly, the XML rules require that all elements be closed, either by a separate closing tag or using self-closing syntax (e.g. <br/>), while HTML syntax permits some elements to be unclosed because either they are always empty (e.g. <input>) or their end can be determined implicitly ("omissibility", e.g. <p>).
XML is case-sensitive for element and attribute names, while HTML is not.
Some shorthand features in HTML are omitted in XML, such as (1) attribute minimization, where attribute values or their quotes may be omitted (e.g. <option selected> or <option selected=selected>, while in XML this must be expressed as <option selected="selected">); (2) element minimization may be used to remove elements entirely (such as <tbody> inferred in a table if not given); and (3) the rarely used SGML syntax for element minimization ("shorttag"), which most browsers do not implement.[17]
There are numerous other technical requirements surrounding namespaces and precise parsing of whitespace and certain characters and elements. The exact parsing of HTML in practice has been undefined until recently; see the HTML5 specification ([HTML5]) for full details, or the working summary (HTML vs. XHTML).

tag: ul

text: Second, in contrast to these minor syntactical differences, there are some behavioral differences, mostly arising from the underlying differences in serialization. For example:

text:
Most prominently, behavior on parse errors differ. A fatal parse error in XML (such as an incorrect tag structure) causes document processing to be aborted.
Most content requiring namespaces will not work in HTML, except the built-in support for SVG and MathML in the HTML5 parser along with certain magic prefixes such as xlink.
JavaScript processing is a little different in XHTML, with minor changes in case sensitivity to some functions, and further precautions to restrict processing to well-formed content. Scripts must not use the document.write() method; it is not available for XHTML. The innerHTML property is available, but will not insert non-well-formed content. On the other hand, it can be used to insert well-formed namespaced content into XHTML.
Cascading Style Sheets (CSS) is also applied slightly differently. Due to XHTML's case-sensitivity, all CSS selectors become case-sensitive for XHTML documents.[18] Some CSS properties, such as backgrounds, set on the <body> element in HTML are 'inherited upwards' into the <html> element; this appears not to be the case for XHTML.[19]

text: Adoption[edit]

text: The similarities between HTML 4.01 and XHTML 1.0 led many web sites and content management systems to adopt the initial W3C XHTML 1.0 Recommendation. To aid authors in the transition, the W3C provided guidance on how to publish XHTML 1.0 documents in an HTML-compatible manner, and serve them to browsers that were not designed for XHTML.[20][21]

text: Such "HTML-compatible" content is sent using the HTML media type (text/html) rather than the official Internet media type for XHTML (application/xhtml+xml). When measuring the adoption of XHTML to that of regular HTML, therefore, it is important to distinguish whether it is media type usage or actual document contents that is being compared.[22][23]

text: Most web browsers have mature support[24] for all of the possible XHTML media types.[25] The notable exception is Internet Explorer versions 8 and earlier by Microsoft; rather than rendering application/xhtml+xml content, a dialog box invites the user to save the content to disk instead. Both Internet Explorer 7 (released in 2006) and Internet Explorer 8 (released in March 2009) exhibit this behavior.[26] Microsoft developer Chris Wilson explained in 2005 that IE7’s priorities were improved browser security and CSS support, and that proper XHTML support would be difficult to graft onto IE’s compatibility-oriented HTML parser;[27] however,  Microsoft added support for true XHTML in IE9.[28]

text: As long as support is not widespread, most web developers avoid using XHTML that is not HTML-compatible,[29] so advantages of XML such as namespaces, faster parsing and smaller-footprint browsers do not benefit the user.[30][31][32]

text: Criticism[edit]

text: In the early 2000s, some Web developers began to question why Web authors ever made the leap into authoring in XHTML.[33][34][35] Others countered that the problems ascribed to the use of XHTML could mostly be attributed to two main sources: the production of invalid XHTML documents by some Web authors and the lack of support for XHTML built into Internet Explorer 6.[36][37] They went on to describe the benefits of XML-based Web documents (i.e. XHTML) regarding searching, indexing and parsing as well as future-proofing the Web itself.

text: In October 2006, HTML inventor and W3C chair Tim Berners-Lee, introducing a major W3C effort to develop a new HTML specification, posted in his blog that, "The attempt to get the world to switch to XML … all at once didn't work. The large HTML-generating public did not move … Some large communities did shift and are enjoying the fruits of well-formed systems … The plan is to charter a completely new HTML group."[38] The current HTML5 working draft says "special attention has been given to defining clear conformance criteria for user agents in an effort to improve interoperability … while at the same time updating the HTML specifications to address issues raised in the past few years." Ian Hickson, editor of the HTML5 specification criticising the improper use of XHTML in 2002,[33] is a member of the group developing this specification and is listed as one of the co-editors of the current working draft.[39]

text: Simon Pieters researched the XML-compliance of mobile browsers[40] and concluded “the claim that XHTML would be needed for mobile devices is simply a myth”.

text: Versions of XHTML[edit]

text: XHTML 1.0[edit]

text: December 1998 saw the publication of a W3C Working Draft entitled Reformulating HTML in XML. This introduced Voyager, the codename for a new markup language based on HTML 4, but adhering to the stricter syntax rules of XML. By February 1999 the name of the specification had changed to XHTML 1.0: The Extensible HyperText Markup Language, and in January 2000 it was officially adopted as a W3C Recommendation.[41] There are three formal DTDs for XHTML 1.0, corresponding to the three different versions of HTML 4.01:

text:
XHTML 1.0 Strict is the XML equivalent to strict HTML 4.01, and includes elements and attributes that have not been marked deprecated in the HTML 4.01 specification. As of  November 2015[update], XHTML 1.0 Strict is the document type used for the homepage of the website of the World Wide Web Consortium.
XHTML 1.0 Transitional is the XML equivalent of HTML 4.01 Transitional, and includes the presentational elements (such as center, font and strike) excluded from the strict version.
XHTML 1.0 Frameset is the XML equivalent of HTML 4.01 Frameset, and allows for the definition of frameset documents—a common Web feature in the late 1990s.

text: The second edition of XHTML 1.0 became a W3C Recommendation in August 2002.[42]

text: Modularization of XHTML[edit]

text: Modularization provides an abstract collection of components through which XHTML can be subsetted and extended. The feature is intended to help XHTML extend its reach onto emerging platforms, such as mobile devices and Web-enabled televisions. The initial draft of Modularization of XHTML became available in April 1999, and reached Recommendation status in April 2001.[43]

text: The first modular XHTML variants were XHTML 1.1 and XHTML Basic 1.0.

text: In October 2008 Modularization of XHTML was superseded by XHTML Modularization 1.1, which adds an XML Schema implementation. It was itself superseded by a second edition in July 2010.[44]

text: XHTML 1.1: Module-based XHTML[edit]

text: XHTML 1.1 evolved out of the work surrounding the initial Modularization of XHTML specification. The W3C released a first draft in September 1999; Recommendation status was reached in May 2001.[45] The modules combined within XHTML 1.1 effectively recreate XHTML 1.0 Strict, with the addition of ruby annotation elements (ruby, rbc, rtc, rb, rt and rp) to better support East-Asian languages. Other changes include removal of the name attribute from the a and map elements, and (in the first edition of the language) removal of the lang attribute in favour of xml:lang.

text: Although XHTML 1.1 is largely compatible with XHTML 1.0 and HTML 4, in August 2002 the Working Group issued a formal Note advising that it should not be transmitted with the HTML media type.[46] With limited browser support for the alternate application/xhtml+xml media type, XHTML 1.1 proved unable to gain widespread use. In January 2009 a second edition of the document (XHTML Media Types – Second Edition) was issued, relaxing this restriction and allowing XHTML 1.1 to be served as text/html.[47]

text: A second edition of XHTML 1.1 was issued on 23 November 2010, which addresses various errata and adds an XML Schema implementation not included in the original specification.[48] (It was first released briefly on 7 May 2009 as a "Proposed Edited Recommendation"[49] before being rescinded on 19 May due to unresolved issues.)

text: XHTML Basic[edit]

text: Since information appliances may lack the system resources to implement all XHTML abstract modules, the W3C defined a feature-limited XHTML specification called XHTML Basic. It provides a minimal feature subset sufficient for the most common content-authoring. The specification became a W3C recommendation on December 2000.[50]

text: Of all the versions of XHTML, XHTML Basic 1.0 provides the fewest features. With XHTML 1.1, it is one of the two first implementations of modular XHTML. In addition to the Core Modules (Structure, Text, Hypertext, and List), it implements the following abstract modules: Base, Basic Forms, Basic Tables, Image, Link, Metainformation, Object, Style Sheet, and Target.[51][52]

text: XHTML Basic 1.1 replaces the Basic Forms Module with the Forms Module, and adds the Intrinsic Events, Presentation, and Scripting modules. It also supports additional tags and attributes from other modules. This version became a W3C recommendation on 29 July 2008.[53]

text: The current version of XHTML Basic is 1.1 Second Edition (23 November 2010), in which the language is re-implemented in the W3C's XML Schema language. This version also supports the lang attribute.[54]

text: XHTML-Print[edit]

text: XHTML-Print, which became a W3C Recommendation in September 2006, is a specialized version of XHTML Basic designed for documents printed from information appliances to low-end printers.[55]

text: XHTML Mobile Profile[edit]

text: XHTML Mobile Profile (abbreviated XHTML MP or XHTML-MP) is a third-party variant of the W3C's XHTML Basic specification. Like XHTML Basic, XHTML was developed for information appliances with limited system resources.

text: In October 2001, a limited company called the Wireless Application Protocol Forum began adapting XHTML Basic for WAP 2.0, the second major version of the Wireless Application Protocol. WAP Forum based their DTD on the W3C's Modularization of XHTML, incorporating the same modules the W3C used in XHTML Basic 1.0—except for the Target Module. Starting with this foundation, the WAP Forum replaced the Basic Forms Module with a partial implementation of the Forms Module, added partial support for the Legacy and Presentation modules, and added full support for the Style Attribute Module.

text: In 2002, the WAP Forum was subsumed into the Open Mobile Alliance (OMA), which continued to develop XHTML Mobile Profile as a component of their OMA Browsing Specification.

text: XHTML Mobile Profile 1.1[edit]

text: To this version, finalized in 2004, the OMA added partial support for the Scripting Module, and partial support for Intrinsic Events. XHTML MP 1.1 is part of v2.1 of the OMA Browsing Specification (1 November 2002).[56]

text: XHTML Mobile Profile 1.2[edit]

text: This version, finalized 27 February 2007, expands the capabilities of XHTML MP 1.1 with full support for the Forms Module and OMA Text Input Modes. XHTML MP 1.2 is part of v2.3 of the OMA Browsing Specification (13 March 2007).[56]

text: XHTML Mobile Profile 1.3[edit]

text: XHTML MP 1.3 (finalized on 23 September 2008) uses the XHTML Basic 1.1 document type definition, which includes the Target Module. Events in this version of the specification are updated to DOM Level 3 specifications (i.e., they are platform- and language-neutral).

text: XHTML 1.2[edit]

text: The XHTML 2 Working Group considered the creation of a new language based on XHTML 1.1.[57] If XHTML 1.2 was created, it would include WAI-ARIA and role attributes to better support accessible web applications, and improved Semantic Web support through RDFa. The inputmode attribute from XHTML Basic 1.1, along with the target attribute (for specifying frame targets) might also be present. The XHTML2 WG had not been chartered to carry out the development of XHTML1.2. Since the W3C announced that it does not intend to recharter the XHTML2 WG,[6] and closed the WG in December 2010, this means that XHTML 1.2 proposal would not eventuate.

text: XHTML 2.0[edit]

text: Between August 2002 and July 2006, the W3C released eight Working Drafts of XHTML 2.0, a new version of XHTML able to make a clean break from the past by discarding the requirement of backward compatibility. This lack of compatibility with XHTML 1.x and HTML 4 caused some early controversy in the web developer community.[58] Some parts of the language (such as the role and RDFa attributes) were subsequently split out of the specification and worked on as separate modules, partially to help make the transition from XHTML 1.x to XHTML 2.0 smoother. A ninth draft of XHTML 2.0 was expected to appear in 2009, but on July 2, 2009, the W3C decided to let the XHTML2 Working Group charter expire by that year's end, effectively halting any further development of the draft into a standard.[6]  Instead, XHTML 2.0 and its related documents were released as W3C Notes.[59][60]

text: New features to have been introduced by XHTML 2.0 included:

text:
HTML forms were to be replaced by XForms, an XML-based user input specification allowing forms to be displayed appropriately for different rendering devices.
HTML frames were to be replaced by XFrames.
The DOM Events were to be replaced by XML Events, which uses the XML Document Object Model.
A new list element type, the nl element type, were to be included to specifically designate a list as a navigation list. This would have been useful in creating nested menus, which are currently created by a wide variety of means like nested unordered lists or nested definition lists.
Any element was to be able to act as a hyperlink, e. g.,
Articles
, similar to XLink. However, XLink itself is not compatible with XHTML due to design differences.
Any element was to be able to reference alternative media with the src attribute, e. g.,
London Bridge
 is the same as <object src="lbridge.jpg" type="image/jpeg">
London Bridge
</object>.
The alt attribute of the img element was removed: alternative text was to be given in the content of the img element, much like the object element, e. g., HMS Audacious.
A single heading element (h) was added. The level of these headings was determined by the depth of the nesting. This would have allowed the use of headings to be infinite, rather than limiting use to six levels deep.
The remaining presentational elements i, b and tt, still allowed in XHTML 1.x (even Strict), were to be absent from XHTML 2.0. The only somewhat presentational elements remaining were to be sup and sub for superscript and subscript respectively, because they have significant non-presentational uses and are required by certain languages. All other tags were meant to be semantic instead (e. g. strong for strong emphasis) while allowing the user agent to control the presentation of elements via CSS (e.g. rendered as boldface text in most visual browsers, but possibly rendered with changes of tone in a text-to-speech reader, larger + italic font per rules in a user-end stylesheet, etc.).
The addition of RDF triple with the property and about attributes to facilitate the conversion from XHTML to RDF/XML.

text: HTML5 initially grew independently of the W3C, through a loose group of browser manufacturers and other interested parties calling themselves the WHATWG, or Web Hypertext Application Technology Working Group. The key motive of the group was to create a platform for dynamic web applications; they considered XHTML 2.0 to be too document-centric, and not suitable for the creation of internet forum sites or online shops.[61]

text: HTML5 has both a regular text/html serialization and an XML serialization, which is also known as XHTML5.[62] The language is more compatible with HTML 4 and XHTML 1.x than XHTML 2.0, due to the decision to keep the existing HTML form elements and events model. It adds many new elements not found in XHTML 1.x, however, such as section and aside tags.

text: Semantic content in XHTML[edit]

text: XHTML+RDFa is an extended version of the XHTML markup language for supporting RDF through a collection of attributes and processing rules in the form of well-formed XML documents. This host language is one of the techniques used to develop Semantic Web content by embedding rich semantic markup.

text: Valid XHTML documents[edit]

text: This section does not cite any sources. Please help improve this section by adding citations to reliable sources. Unsourced material may be challenged and removed. (July 2013) (Learn how and when to remove this template message)

tag: table

text: An XHTML document that conforms to an XHTML specification is said to be valid. Validity assures consistency in document code, which in turn eases processing, but does not necessarily ensure consistent rendering by browsers. A document can be checked for validity with the W3C Markup Validation Service. In practice, many web development programs provide code validation based on the W3C standards.

text: Root element[edit]

text: The root element of an XHTML document must be html, and must contain an xmlns attribute to associate it with the XHTML namespace. The namespace URI for XHTML is http://www.w3.org/1999/xhtml. The example tag below additionally features an xml:lang attribute to identify the document with a natural language:

text: DOCTYPEs[edit]

text: In order to validate an XHTML document, a Document Type Declaration, or DOCTYPE, may be used. A DOCTYPE declares to the browser the Document Type Definition (DTD) to which the document conforms. A Document Type Declaration should be placed before the root element.

text: The system identifier part of the DOCTYPE, which in these examples is the URL that begins with http://, need only point to a copy of the DTD to use, if the validator cannot locate one based on the public identifier (the other quoted string). It does not need to be the specific URL that is in these examples; in fact, authors are encouraged to use local copies of the DTD files when possible. The public identifier, however, must be character-for-character the same as in the examples.

text: XML declaration[edit]

text: A character encoding may be specified at the beginning of an XHTML document in the XML declaration when the document is served using the application/xhtml+xml MIME type. (If an XML document lacks encoding specification, an XML parser assumes that the encoding is UTF-8 or UTF-16, unless the encoding has already been determined by a higher protocol.)

text: For example:

text: The declaration may be optionally omitted because it declares as its encoding the default encoding. However, if the document instead makes use of XML 1.1 or another character encoding, a declaration is necessary. Internet Explorer prior to version 7 enters quirks mode, if it encounters an XML declaration in a document served as text/html.

text: Backward compatibility[edit]

text: XHTML 1.x documents are mostly backward compatible with HTML 4 user agents when the appropriate guidelines are followed. XHTML 1.1 is essentially compatible, although the elements for ruby annotation are not part of the HTML 4 specification and thus generally ignored by HTML 4 browsers. Later XHTML 1.x modules such as those for the role attribute, RDFa and WAI-ARIA degrade gracefully in a similar manner.

text: XHTML 2.0 is significantly less compatible, although this can be mitigated to some degree through the use of scripting. (This can be simple one-liners, such as the use of “document.createElement()” to register a new HTML element within Internet Explorer, or complete JavaScript frameworks, such as the FormFaces implementation of XForms.)

text: Examples[edit]

text: The following are examples of XHTML 1.0 Strict, with both having the same visual output. The former one follows the HTML Compatibility Guidelines of the XHTML Media Types Note while the latter one breaks backward compatibility, but provides cleaner markup.[47]

text:
Media type recommendation (in RFC 2119 terms) for the examples:

Media type

Example 1

Example 2

application/xhtml+xml

SHOULD
SHOULD

application/xml

MAY
MAY

text/xml

MAY
MAY

text/html

MAY

SHOULD NOT

text: Example 1.

text: Example 2.

text: Notes:

text:
The "loadpdf" function is actually a workaround for Internet Explorer. It can be replaced by adding <param name="src" value="http://www.w3.org/TR/xhtml1/xhtml1.pdf"/> within <object>.
The img element does not get a name attribute in the XHTML 1.0 Strict DTD. Use id instead.

tag: ol

text: Cross-compatibility of XHTML and HTML[edit]

text: HTML5 and XHTML5 serializations are largely inter-compatible if adhering to the stricter XHTML5 syntax, but there are some cases in which XHTML will not work as valid HTML5 (e.g., processing instructions are deprecated in HTML[clarify], are treated as comments, and close on the first ">", whereas they are fully allowed in XML, are treated as their own type, and close on "?>").[63]


document_title: Looking Glass (band)

question_text: who is the lead singer of looking glass

question_tokens: who is the lead singer of looking glass

text: Looking Glass (band)

text: Career[edit]

text: The group was formed in 1969, at Rutgers University in New Brunswick, New Jersey. The original version of the band broke up after college, with original members Elliot Lurie and Larry Gonsky recruiting two new members to form the classic Looking Glass lineup:[1]

text:
Elliot Lurie (lead guitar and vocals)
Jeff Grob (drums)
Larry Gonsky (piano)
Pieter Sweval (bass)[2]

text: The group had the #1 hit single for the week of August 26, 1972 with "Brandy (You're a Fine Girl)", written by Lurie;[2] and also a Top 40 hit "Jimmy Loves Mary-Anne" (1973), subsequently recorded by Josie Cotton. "Brandy (You're a Fine Girl)" was released in the US in June 1972. It topped the Billboard Hot 100 for one week and remained on the chart for 16 weeks.[2] This disc, their only million seller, was certified gold by the RIAA on August 9, 1972.[2]

text: Guitarist Brendan Harkin joined Looking Glass in early 1974, and Lurie left soon afterward to pursue a solo career, replaced by Michael Lee Smith, a singer from Georgia. Later that same year, the group changed its name to Fallen Angels. After Richie Ranno joined as second guitarist in September 1975, keyboardist Gonsky departed, and by late 1975, Fallen Angels's name had changed once again to Starz. Lurie appeared as a solo artist with "Your Love Song," an entry on Billboard's "Easy Listening" chart in 1974.

text: Sweval died on January 23, 1990,[3] having succumbed to the AIDS virus.[4][5] In 2003, Lurie reconstituted the group with new musicians.

text: "Brandy (You're A Fine Girl)" was featured prominently in the movie Guardians of the Galaxy Vol. 2.[6]

text: Discography[edit]

text: Albums[edit]

text:
Year
Album
US Top 200

1972
Looking Glass
113

1973
Subway Serenade
–

text: Singles[edit]

text:
Year
Song
US Billboard Hot 100
US Cash Box Top 100
US Adult
Canadian RPM singles
UK Singles

1972
"Golden Rainbow"
–
–
37
–
–

"Brandy (You're a Fine Girl)"
1
1
7
1
51

1973
"Jimmy Loves Mary-Anne"[7]
33
31
16
21
–


document_title: Color wheel

question_text: on the color wheel orange violet and green are known as secondary colors

text: Color wheel

text: Colors of the color wheel[edit]

text: The typical artists' paint or pigment color wheel includes the blue, red, and yellow primary colors. The corresponding secondary colors are green, orange, and violet or purple. The tertiary colors are green-yellow, yellow–orange, orange-red, red–violet, violet-blue and blue–green.

text: A color wheel based on RGB (red, green, blue) or RGV (red, green, violet) additive primaries has cyan, magenta, and yellow secondaries (cyan was previously known as cyan blue). Alternatively, the same arrangement of colors around a circle can be described as based on cyan, magenta, and yellow subtractive primaries, with red, green, and blue (or violet) being secondaries.

text: Most color wheels are based on three primary colors, three secondary colors, and the six intermediates formed by mixing a primary with a secondary, known as tertiary colors, for a total of 12 main divisions; some add more intermediates, for 24 named colors. Other color wheels, however, are based on the four opponent colors, and may have four or eight main colors.

text: Goethe's Theory of Colours provided the first systematic study of the physiological effects of color (1810). His observations on the effect of opposed colors led him to a symmetric arrangement of his color wheel anticipating Ewald Hering's opponent color theory (1872).

text: ...for the colours diametrically opposed to each other... are those that reciprocally evoke each other in the eye.

text: The color circle and color vision[edit]

text: A color circle based on spectral wavelengths appears with red at one end of the spectrum and is 100% mixable violet at the other. A wedge-shaped gap represents colors that have no unique spectral frequency. These extra-spectral colors, the purples, form from additive mixture of colors from the ends of the spectrum.

text: In normal human vision, wavelengths of between about 400 nm and 700 nm are represented by this incomplete circle, with the longer wavelengths equating to the red end of the spectrum. Complement colors are located directly opposite each other on this wheel. These complement colors are not identical to colors in pigment mixing (such as are used in paint), but when lights are additively mixed in the correct proportions appear as a neutral grey or white.[11]

text: For example: the reason that the Wimbledon tennis tournament uses purple on the Wimbledon official logo is that purple is located almost opposite of green on the color wheel. Purple against green provides good contrast.[12]

text: The color circle is used for, among other purposes, illustrating additive color mixture. Combining two colored lights from different parts of the spectrum may produce a third color that appears like a light from another part of the spectrum, even though dissimilar wavelengths are involved. This type of color matching is known as metameric matching.[13] Thus a combination of green and red light might produce a color close to yellow in apparent hue. The newly formed color lies between the two original colors on the color circle, but they are usually represented as being joined by a straight line on the circle, the location of the new color closer to the (white) centre of the circle indicating that the resulting hue is less saturated (i.e., paler) than either of the two source colors. The combination of any two colors in this way are always less saturated than the two pure spectral colors individually.

text: Objects may be viewed under a variety of different lighting conditions. The human visual system is able to adapt to these differences by chromatic adaptation. This aspect of the visual system is relatively easy to mislead, and optical illusions relating to color are therefore a common phenomenon. The color circle is a useful tool for examining these illusions.

text: Arranging spectral colors in a circle to predict admixture of light stems from work by Sir Isaac Newton. Newton's calculation of the resulting color involves three steps: First, mark on the color circle the constituent colors according to their relative weight. Second, find the barycenter of these differently weighted colors. Third, interpret the radial distance (from the center of the circle to the barycenter) as the saturation of the color, and the azimuthal position on the circle as the hue of the color. Thus, Newton's color circle is a predecessor of the modern, horseshoe-shaped CIE color diagram.

text: The psychophysical theory behind the color circle dates to the early color triangle of Thomas Young, whose work was later extended by James Clerk Maxwell and Hermann von Helmholtz. Young postulated that the eye contains receptors that respond to three different primary sensations, or spectra of light. As Maxwell showed, all hues, but not all colors, can be created from three primary colors such as red, green, and blue, if they are mixed in the right proportions.

text: Color wheels and paint color mixing[edit]

text: There is no straight-line relationship between colors mixed in pigment, which vary from medium to medium. With a psychophysical color circle, however, the resulting hue of any mixture of two colored light sources can be determined simply by the relative brightness and wavelength of the two lights.[13] A similar calculation cannot be performed with two paints. As such, a painter's color wheel is indicative rather than predictive, being used to compare existing colors rather than calculate exact colors of mixtures. Because of differences relating to the medium, different color wheels can be created according to the type of paint or other medium used, and many artists make their own individual color wheels. These often contain only blocks of color rather than the gradation between tones that is characteristic of the color circle.[14]

text: Color wheel software[edit]

text: A number of interactive color wheel applications are available both on the Internet and as desktop applications. These programs are used by artists and designers for picking colors for a design.

text: HSV color wheel[edit]

text: The HSL and HSV color spaces are simple geometric transformations of the RGB cube into cylindrical form. The outer top circle of the HSV cylinder – or the outer middle circle of the HSL cylinder – can be thought of as a color wheel. There is no authoritative way of labeling the colors in such a color wheel, but the six colors which fall at corners of the RGB cube are given names in the X11 color list, and are named keywords in HTML.[15]

text: Color schemes[edit]

text: Color schemes are logical combinations of colors on the color wheel.

text: In color theory, a color scheme is the choice of colors used in design for a range of media. For example, the use of a white background with black text is an example of a common default color scheme in web design.

text: Color schemes are used to create style and appeal. Colors that create an aesthetic feeling together commonly appear together in color schemes. A basic color scheme uses two colors that look appealing together. More advanced color schemes involve several colors in combination, usually based around a single color—for example, text with such colors as red, yellow, orange and light blue arranged together on a black background in a magazine article.

text: Color schemes can also contain different shades of a single color; for example, a color scheme that mixes different shades of green, ranging from very light (almost white) to very dark.

text: Analogous colors are colors next to each other on the wheel. For example, yellow and green. Monochromic colors are different shades of the same color. For example, light blue, indigo, and cyan blue. Complementary colors are colors across from each other on a color wheel. For example, blue and orange. Triadic colors are colors that are evenly across from each other, in a triangle over the color wheel. For example, the primary colors red, yellow, and blue are triadic colors.[16]

text: For a list of ways to construct color schemes, regarding properties such as warmness/achromiticness/complementariness, see color theory.

text: Gallery[edit]

text:
Newton's asymmetric color wheel based on musical intervals. Mixing "rays" in amounts given by the circles yields color "z"

Goethe's symmetric color wheel with 'reciprocally evoked colours'

A color circle based on additive combinations of the light spectrum, after Schiffman (1990)

Human Color Wheel based on the hue and light detected on human skins, after Harbisson (2004-2009)

RGB color wheel