document_title: Gold standard

question_text: when did australia go off the gold standard

question_tokens: when did australia go off the gold standard

text: Gold standard

text: History

text: This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (July 2010) (Learn how and when to remove this template message)

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.

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.

text: Silver pennies based on the Roman denarius became the staple coin of Mercia in Great Britain around the time of King Offa, circa CE 757–796.[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.

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 1853, 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.

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. Royal Mint branches were established in Sydney, Melbourne and Perth for the purpose of minting gold sovereigns from Australia's rich gold deposits.

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.

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.[12] 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.[13]

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.[12] 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.[14] 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".[14]

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.[14]

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.[15]

text: Gold exchange standard

text: This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (March 2013) (Learn how and when to remove this template message)

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.[16] 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.[17] According to Lawrence Officer the main cause of the gold standard’s failure to resume its previous position after World War 1 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.[18] 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.[19]

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.[14] As a result of World War 1 the United States, which had been a net debtor country, had become a net creditor by 1919.[20]

text: Gold bullion replaces gold specie as 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".[21][22] John Maynard Keynes, citing deflationary dangers, argued against resumption of the gold standard.[23] By fixing the price at the pre-war rate of $4.86, 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".[24]

text: Many other countries followed Britain in returning to the gold standard, this was followed by a period of relative stability but also deflation.[25] 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.[26][27][28] 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.[29]

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.[31] 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.[32] 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.[33] 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.[34] The money supply peaked in March 1937, with a trough in May 1938.[35]

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.[36] As bank runs grew, a reverse multiplier effect caused a contraction in the money supply.[37] 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.[38]

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.[39] 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.[40]

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.[36]

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,[41] the failure of central banks to act responsibly,[42] 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[43] 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,[44] while the bottom rate increased over tenfold, from .375% in 1929 to 4% in 1932.[45] 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.[46] 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.[47] Financial historian Niall Ferguson wrote that what made the Great Depression truly 'great' was the European banking crisis of 1931.[48] 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.[49]

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.[14]

text: Bretton Woods

text: This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (October 2013) (Learn how and when to remove this template message)

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.[50]

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)[51] although it has lagged behind world economic growth (approximately 8-fold increase since the 1950s[52], and 4x since 1980[53]).

text: Theory

text: This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (May 2015) (Learn how and when to remove this template message)

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,[54] 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.[55]

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."[56] 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.[57]

text: In an international gold-standard system (which is necessarily based on an internal gold standard in the countries concerned),[58] 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.[59] 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.[60] In the U.S., inflation occurred during the Civil War, which destroyed the economy of the South.[61] Inflation also followed the California Gold Rush that made large amounts of gold available for minting.[62] Historical data shows that the magnitude of short run swings in prices were far higher under the gold standard.[63][59]
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".[60] 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.[64]
A gold standard does not allow some types of financial repression.[65] 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.[66][67] 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."[68]

text: Disadvantages

text:
The unequal distribution of gold deposits makes the gold standard more advantageous for those countries that produce gold.[69] In 2010 the largest producers of gold, in order, were China, Australia, U.S., South Africa and Russia.[70] The country with the largest unmined gold deposits is Australia.[71]
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."[72]
Mainstream economists believe that economic recessions can be largely mitigated by increasing the money supply during economic downturns.[73] 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.[74] 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.[75]
Although the gold standard brings long-run price stability, it is historically associated with high short-run price volatility.[59][76] 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.[76]
Deflation punishes debtors.[77][78] 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.[79]
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.[59][80] The consensus view is that the gold standard contributed to the severity and length of the Great Depression.[81][82]
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.[82][83][84][85]
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.[86]
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.[87]
A gold standard provides practical constraints against the measures that central banks might otherwise use to respond to economic crises.[88] Creation of new money reduces interest rates and thereby increases demand for new lower cost debt, raising the demand for money.[89]

text: Gold standard and Bitcoin

text: According to research produced by the Bank of Canada, the emerging Bitcoin economy has many similarities with the economy based on gold standard, in particular:[90][91]

text:
limited and predictable supply of the anchor of the monetary system
no central bank or monetary authority controls the supply
low or non-existent inflation
virtually no arbitrage costs for international transactions
Governments have less control over their domestic economies
Governments lose seigniorage revenues that they obtain from the ability to almost costlessly create money

text: Edward Hadas and Michael Hiltzik noted that monetary systems based on Bitcoin and gold have some similar disadvantages:

text:
independence from government[92][93]
price declines[92]
less spending during crisis times[92]

text: George Gilder, a proponent of gold standard, proposed breaking "the government monopoly on money" by using a combination of Bitcoin for the internet and treating gold in tax terms as currency.[94][95]

text: Advocates

text: A return to the gold standard was considered by the US Gold Commission back in 1982, but found only minority support.[96] 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.[97] As of 2013[update] the global monetary system continued to rely on the US dollar as the main reserve currency.[98]

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.[99] 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.[100] 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.[101]

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.[102]

text: The gold standard is supported by many followers of the Austrian School of Economics, free-market libertarians and some supply-siders.[103]

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.[104]

text: In 2011 the Utah legislature passed a bill to accept federally issued gold and silver coins as legal tender to pay taxes.[105] 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.[106] 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.[107]

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.[108]

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.[109]

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."[110]


document_title: List of Code Black episodes

question_text: when was the last time code black was on

root

text: List of Code Black episodes

text: Series overview[edit]

text:
Season
Episodes
Originally aired

First aired
Last aired

1
18
September 30, 2015 (2015-09-30)
February 24, 2016 (2016-02-24)

2
16
September 28, 2016 (2016-09-28)
February 8, 2017 (2017-02-08)

3
10
April 25, 2018 (2018-04-25)
TBA

tag: table

text: Episodes[edit]

text: Season 1 (2015–16)[edit]

text:
No.
overall
No. in
season
Title
Directed by
Written by
Original air date
Prod.
code
U.S. viewers
(millions)

1
1
"Pilot"
David Semel
Michael Seitzman
September 30, 2015 (2015-09-30)
CB101
8.58[3]

The new residents at Angels Memorial Hospital in Los Angeles are introduced to the ER and deal with a series of patients including a dropped-off gang member, a foreign child with a collapsed lung, an organ donor and his daughter who were in a car crash, a stroke patient, and a nine-month pregnant woman with unexplained flu symptoms.

2
2
"We Plug Holes"
Christopher Misiano
Michael Seitzman
October 7, 2015 (2015-10-07)
CB102
6.83[4]

The ER deals with car crash victims, a hockey player suffering from seizures who is unwilling to acknowledge his illness, a blind 14-year-old climber and a woman desperate to have her dead husband's baby.

3
3
"Pre-Existing Conditions"
Lee Rose
David Marshall Grant
October 14, 2015 (2015-10-14)
CB103
6.96[5]

The ER is under a 36 hour period of code black and receives two brothers involved in a car accident. Leighton is pushed by fellow resident Savetti to cut open the chest of a patient who had come in with pelvic, chest and rib fractures. Lorenson faces a moral dilemma while treating a prisoner with renal failure.

4
4
"Sometimes It's a Zebra"
Adam Kane
Brett Mahoney
October 21, 2015 (2015-10-21)
CB104
7.13[6]

Dr. Guthrie's son joins the hospital as a surgeon and often disagrees with Leanne. Meanwhile, after the death of her son, Christa struggles to help an infant.

5
5
"Doctors with Borders"
David Von Ancken
Molly Newman
October 28, 2015 (2015-10-28)
CB105
5.96[7]

The ER is overwhelmed with patients with an unknown respiratory ailment, requiring them to be quarantined. When Dr. Hudson's mother is among them, he clashes with his father over the proper treatment. A man impaled on a piece of rebar is desperate to make up with his daughter.

6
6
"In Extremis"
Vincent Misiano
Matt Partney and Corey Evett
November 4, 2015 (2015-11-04)
CB106
6.44[8]

The ER must deal with two shot police officers, and the dilemma whether to save one of them or their shooter. A man deals with his gay, brain dead son's lover. Tensions between the two Dr. Guthries heat up. Pineda must deal with her pregnant former lover.

7
7
"Buen Árbol"
Nick Gomez
Corinne Marrinan
November 11, 2015 (2015-11-11)
CB107
6.90[9]

The ER must deal with the injured after a car ran onto a sidewalk at a street fair, along with the driver who seems to suffer from seizure-induced amnesia. Other patients include a child of an illegal immigrant, a young woman whose eye is bulging out (Skyler Day), an old lady prepared to face her end, and a man with an enlarged organ who puts Savetti in an uncomfortable position.

8
8
"You Are the Heart"
Alex Zakrzewski
David Marshall Grant
November 18, 2015 (2015-11-18)
CB108
6.59[10]

On a rainy LA night, the ER deals with the victims of a boating accident, an HIV-positive patient which endangers Savetti and causes tensions between him and Leighton, and Guthrie and Rorish butt heads on a surgery. Pineda runs a bone marrow drive for her former lover, much to her dismay.

9
9
"The Son Rises"
Andrew Bernstein
Michael Seitzman and Kristen Kim
November 25, 2015 (2015-11-25)
CB109
7.45[11]

A family is the victim of a home invasion with a father who was stabbed near the heart, a mother who was repeatedly stabbed, and a son who was injured during his search for rescue by jumping from a window of the building. Mario and Angus clash over the mother who has bruising around her eyes. Taylor is suspended for bringing a child around the ER, and the doctors clash early with his replacement. Meanwhile, a son struggles to get his father off life support.

10
10
"Cardiac Support"
Oz Scott
Brett Mahoney
December 2, 2015 (2015-12-02)
CB110
8.50[12]

The ER adjusts to the new department head who questions Rorish's decisions. An ambulance arrives with its paramedics knocked out by their patient, who attacks Jesse. Later, Jesse has a heart attack. As the doctors try to save him, other patients include a man hit by a train, the daughter of a controlling Beverly Hills mother, and the wife of a veteran who is struggling with addiction. Meanwhile, Mario leaves the hospital to find the train victim's son who has intellectual disabilities, against Hudson's orders.

11
11
"Black Tag"
Omar Madha
Molly Newman
December 9, 2015 (2015-12-09)
CB111
8.38[13]

Leanne, Neal, Christa, Angus, Mario, Malaya, and Heather are sent to the scene of a multi-car collision on a canyon road above Los Angeles. Leanne clashes with the physician in charge, making a decision he questions. Christa treats an injured family whose car is in a ravine. Angus, Heather, and Mario help a man stuck in cement. Mario and Heather find their lives in danger when a patient's husband holds them at gunpoint to save his wife. Meanwhile, Jesse recovers from his heart attack.

12
12
"The Fog of War"
Rob Bailey
David Marshall Grant
January 13, 2016 (2016-01-13)
CB112
6.66[14]

Neal stays behind at the car crash scene to look for Christa, Mario, and Heather. Mario and Heather continue trying to revive the wife of a grieving husband, who later attempts to commit suicide. Leanne and Neal face the consequences of having left a patient in Malaya's care resulting in both doctors being investigated. After Heather hugs Angus, he decides he wants to ask her out, unaware she has a relationship with Mario. Carla gives birth to her son, Philip, before dying.

13
13
"First Date"
Constantine Makris
Kristen Kim
January 20, 2016 (2016-01-20)
CB113
7.29[15]

When a 16-year-old girl who is from a Christian-Scientist family comes into Angels requiring surgery, the ER must deal with her father who forbids the surgery. Angus' brother begins an observational rotation prior to accepting a new job in the hospital as an attending surgeon. Christa treats a patient who is experiencing breathing problems who doesn't seem to be improving; when the patient dies following discharge, she blames herself for her death. Later, Neal and Christa kiss, while Malaya treats a patient named Gordon who flirts with her. Meanwhile, Leanne decides to leave her job.

14
14
"The Fifth Stage"
Oz Scott
Brett Mahoney
January 27, 2016 (2016-01-27)
CB114
7.49[16]

In a shooting accident between two feuding families, one of the victims is required a kidney transplant with their cousin being the perfect match; however, the father refuses. Neal and Christa begin their relationship and Leanne forgives the drunk driver who killed her family. Malaya again deals with Gordon, who seems to be following her more often now. Later, he sneaks into the staff lockers to confront Gina, but he stabs her to death. Christa discovers her body and calls for help.

15
15
"Diagnosis of Exclusion"
David Von Ancken
Corey Evett and Matthew Partney
February 3, 2016 (2016-02-03)
CB115
6.90[17]

In the aftermath of Gina's death, the doctors are questioned. Gordon had been at the hospital at least 17 times under different aliases and frequently asking for Malaya. Once Gina had been attacked, he followed Malaya to the elevator. She lies to him and takes another floor, but he continues to follow her. He asks her out, but she tells him that she is gay. Angry, he attacks her by slitting her and attempts to rape her. Angus arrives on time and pushes Gordon to the ground. He tells her to go to the ER. During Angus' fight with Gordon, Gordon accidentally stabs a knife into his neck. Angus, who had lied to human resources, heard Gordon telling him that he intended to kill Malaya and Angus lets him to bleed out, ultimately killing him when complications rose. At center stage, while all three were being treated, Gina is pronounced dead when surgery was no longer an option to save her and everyone mourns her death. Meanwhile, Leanne is given Gina's job and Neal is put on probation for surgery. Neal and Christa announce their relationship to human resources.

16
16
"Hail Mary"
Alex Zakrzewski
Michael Seitzman & Molly Newman
February 10, 2016 (2016-02-10)
CB116
7.11[18]

Christa becomes insecure in her new relationship with Neal when his ex-girlfriend Dr. Grace Adams (Meagan Good), returns to Angels Memorial after spending a year volunteering in Haiti. Also, New York Giants wide receiver Odell Beckham Jr. comes to the ER to convince his stubborn high school football coach, Pete Delaney (Beau Bridges), to have life-saving surgery. Neal accepts a job as surgical attending at Angels. Christa and Malaya treat a marathon runner and new single mother, Katie Miller (Annie Wersching), who is having lung issues.

17
17
"Love Hurts"
Constantine Makris
David Marshall Grant & Ryan McGarry
February 17, 2016 (2016-02-17)
CB117
6.11[19]

Christa and Grace deal with a teenager who claims to have been abused at a camp. Angus begins to take ADHD medication to remain focused, after it is revealed that he deliberately refused to aid Gordon after he removed the knife from his throat, causing Gordon's death. Leanne deals with a VIP patient who had embryos implanted in her without her husband's acknowledgement. Meanwhile, Christa feels at odds with Grace due to her past history with Neal.

18
18
"Blood Sport"
David Von Ancken
Michael Seitzman & Kayla Alpert
February 24, 2016 (2016-02-24)
CB118
6.91[20]

When the location of a presidential debate suffers an explosion, the ER must work under the scrutiny of the Secret Service to save both candidates and their families. Mario confronts Angus about his drug abuse, which in turn leads to Heather being caught by Campell using his scripts to prescribe the Adderall. The love triangle between Neal, Christa, and Grace becomes more complex. Dr. Rorish asks Dr. Taylor for advice on how to cope with Jesse and the other nurses' impending strike over wages and the addition of nurses to the staff.

text: Season 2 (2016–17)[edit]

text:
No.
overall
No. in
season
Title
Directed by
Written by
Original air date
Prod.
code
U.S. viewers
(millions)

19
1
"Second Year"
Loni Peristere
Michael Seitzman
September 28, 2016 (2016-09-28)
CB201
6.37[21]

Col. Ethan Willis joins the team, bringing new techniques and technologies learned in the field of combat to the hospital; Willis and Mike take a helicopter to Malibu to help shark bite victims; Jesse welcomes new residents.

20
2
"Life and Limb"
Lee Rose
David Marshall Grant
October 5, 2016 (2016-10-05)
CB202
5.87[22]

Willis helps a young soccer player injured in a bus crash; a patient's hesitancy to disclose that she's transgender compromises the doctors' ability to diagnose her abdominal pain.

21
3
"Corporeal Form"
David Von Ancken
Corey Evett and Matthew Partney
October 12, 2016 (2016-10-12)
CB203
5.99[23]

Willis, Mario and Heather perform a radical operation on a maintenance worker stuck under a boiler that exploded; Angus' father tries to seize power of attorney over Mike, who remains in a coma.

22
4
"Demons and Angels"
Luis Prieto
Michael Brandon Guercio
October 26, 2016 (2016-10-26)
CB204
5.67[24]

On Halloween night, Willis, Noa and Elliott rush to the scene of a fire at a haunted theater, where Dr. Nolan and her boyfriend's son are trapped.

23
5
"Landslide"
David McWhirter
Jessica Ball
November 2, 2016 (2016-11-02)
CB205
4.45[25]

The doctors treat victims who were caught in a landslide; the entire ER is put at risk when children with measles are brought in.

24
6
"Hero Complex"
David Von Ancken
Kayla Alpert
November 9, 2016 (2016-11-09)
CB206
6.03[26]

When a college student regains consciousness at the hospital, Malaya must tell her that she has been raped; Willis and Campbell are at odds when a terminally ill woman wants to end her life on her own terms.

25
7
"What Lies Beneath"
Constantine Makris
Zachary Lutsky
November 16, 2016 (2016-11-16)
CB207
5.68[27]

Willis and Campbell travel to a Russian submarine to treat a sailor who has been wounded in an explosion; the staff at Angels Memorial treats violent criminals who got injured during a prison riot.

26
8
"1.0 Bodies"
P. J. Pesce
Kristen Kim
November 23, 2016 (2016-11-23)
CB208
6.18[28]

The doctors treat the members of a cult who survived a mass suicide attempt; Mario wants to connect with his late father's girlfriend.

27
9
"Sleight of Hand"
Rob Greenlea
Julian Meiojas
November 30, 2016 (2016-11-30)
CB209
5.92[29]

Willis, Leanne and Jesse put their lives on the line to operate on an officer with an explosive bullet in her leg; Mario, Noa and Guthrie tend to a magician with breathing trouble.

28
10
"Ave Maria"
Kelly Makin
Kevin Hazzard
December 7, 2016 (2016-12-07)
CB210
6.75[30]

When Campbell's daughter is set to undergo surgery, he learns about Guthrie's Parkinson's symptoms and becomes furious. In the fallout, some doctors who knew are suspended and Jesse is fired.

29
11
"Exodus"
Jet Wilkinson
Corey Evett & Matthew Partney
December 21, 2016 (2016-12-21)
CB211
5.98[31]

After Jesse takes a new job at a plastic surgery clinic, he must take one of his patients to Angels when she crashes on the operating table. While in code black, the hospital loses power and the backup generators do not work, as they are still under repair following the boiler room explosion (S.2, Ep.3). While the patients are evacuated to an urgent care facility, Pinkney and Dixon must deliver a baby in the elevator.

30
12
"One in a Million"
Rob Bailey
David Marshall Grant & Jessica Ball
January 4, 2017 (2017-01-04)
CB212
5.98[32]

Defying Campbell's orders, Leanne uses the hospital helicopter to reunite a family one last time; Willis and Noa find a cellphone app to help them communicate with an autistic girl.

31
13
"Unfinished Business"
David Von Ancken
Michael Seitzman
January 11, 2017 (2017-01-11)
CB213
6.33[33]

While taking on a new role as the hospital chaplain, Guthrie considers undergoing a risky surgery to treat his Parkinson's; victims of an apartment fire arrive at Angels Memorial Hospital.

32
14
"Vertigo"
Carol Banker
Kayla Alpert & Michael Brandon Guercio
January 25, 2017 (2017-01-25)
CB214
5.68[34]

Ethan and Mario are asked to attend to two injured construction workers who are trapped on a crane platform 40 stories in the air. Meanwhile, the Angels' staff tends to victims and perpetrators of a school prank gone horribly wrong.

33
15
"The Devil's Workshop"
David Von Ancken
Corey Evett & Matthew Partney
February 1, 2017 (2017-02-01)
CB215
6.80[35]

The ER is quarantined when a viral outbreak jeopardizes the lives of the doctors and patients; a young girl whom Leanne bonded with a year ago when she lost her father returns to Angels Memorial.

34
16
"Fallen Angels"
Michael Seitzman
Jessica Ball & Julian Meiojas
February 8, 2017 (2017-02-08)
CB216
6.07[36]

The doctors and the Center for Disease Control try to find an antidote to the deadly virus; Leanne makes a life-changing decision; Jesse welcomes a new batch of residents.

text: Season 3 (2018)[edit]

text:
No.
overall
No. in
season
Title
Directed by
Written by
Original air date
Prod.
code
U.S. viewers
(millions)

35
1
"Third Year"
Rob Bowman
Michael Seitzman
April 25, 2018 (2018-04-25)
CB301
5.64[37]

Ethan rides along with Rox to help victims in a still-active police raid on a drug house. Victims later brought to the hospital include a nine-year old with a bullet wound whose drug-addicted uncle brought her to the house, plus several officers who were exposed to fentanyl. Later, new intern Pepper is exposed to fentanyl at the hospital. Meanwhile, Dr. Campbell has Angus assist on a surgery, leading him to offer Angus a surgical residency position. Also, Mario has difficulty getting over his personal feelings for Noa when the two disagree on a diagnosis.

36
2
"Better Angels"
P. J. Pesce
David Marshall Grant
May 2, 2018 (2018-05-02)
CB302
5.17[38]

A patient appears to be psychic, but Mario insists her visions are due to a brain tumor that needs to be removed. Noa empathizes with a 39-year old ballet dancer who is in for surgery, knowing that the clock is ticking on his career. Meanwhile, Ethan performs a daring underwater rescue of a young woman from a submerged vehicle, earning him the ire of Rox. It is revealed that the passenger who escaped from the car is a Congressman and the young woman is his intern with whom he was having an affair. When the woman comes-to, she says the Congressman left her behind to die.

37
3
"La Familia"
Michael Schultz
Barbie Kligman
May 9, 2018 (2018-05-09)
CB303
5.03[39]

Jesse's brother Jose is taken to Angels in after an accident. Although the team is able to save him from his injuries, they discover he has congestive heart failure and won't live for long. Mario and Noa treat an engaged couple who are both injured badly from a fight that took place at a baseball game. Leanne tries to define her relationship with Ariel, while Ethan opens up to Rox about his brother when she finds a memorial flag in his home.

38
4
"The Same as Air"
Diana Valentine
Corey Evett & Matthew Partney
May 16, 2018 (2018-05-16)
CB304
5.95[40]

Elliot doubts his ability as a doctor when he’s sued for his role in the death of a SWAT officer. Also, Willis and Rox arrive at a road rage accident resulting in multiple serious injuries, and Leanne discovers Ariel on an ice cream “date” with Max, a young patient at the hospital.

39
5
"Cabin Pressure"[41]
Randy Zisk
Mike Weiss
May 30, 2018 (2018-05-30)
CB305
TBD

40
6
"Hell's Heart"[41]
Larry Shaw
Eduardo Javier Canto & Ryan Maldonado
May 30, 2018 (2018-05-30)
CB306
TBD

41
7
"Step Up"[42]
Ed Ornelas
Jessica Ball
June 6, 2018 (2018-06-06)
CB307
TBD

42
8
"Home Stays Home"[41]
TBA
TBA
June 13, 2018 (2018-06-13)
CB308
TBD

43
9
"Only Human"[41]
TBA
TBA
June 20, 2018 (2018-06-20)
TBA
TBD

44
10
"Change of Heart"[41]
TBA
TBA
June 27, 2018 (2018-06-27)
TBA
TBD

text: Ratings[edit]

text:
Season
Ep. 1
Ep. 2
Ep. 3
Ep. 4
Ep. 5
Ep. 6
Ep. 7
Ep. 8
Ep. 9
Ep. 10
Ep. 11
Ep. 12
Ep. 13
Ep. 14
Ep. 15
Ep. 16
Ep. 17
Ep. 18
Average

1
8.58
6.83
6.96
7.13
5.96
6.44
6.90
6.59
7.45
8.50
8.38
6.66
7.29
7.49
6.90
7.11
6.11
6.91
7.11[43]

2
6.37
5.87
5.99
5.67
4.45
6.03
5.68
6.18
5.92
6.75
5.98
5.98
6.33
5.68
6.80
6.07
N/A
5.98[44]

3
5.67
5.17
5.03
5.95
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
N/A
5.44[45]


document_title: Alcohol laws of Kentucky

question_text: how old do you have to be to buy alcohol in kentucky

text: Alcohol laws of Kentucky

text: Quirks[edit]

text: Apart from the laws governing local option elections by which communities can determine whether alcoholic beverages can be sold at all, many aspects of the state's alcohol laws were called "perplexing" in a 2012 story in one of Kentucky's largest newspapers, the Lexington Herald-Leader. The confusion starts with licensing itself—the state issues more than 70 different types of licenses for alcohol sales.[1]

tag: p

text: One significant quirk is that wine can be purchased in a pharmacy, but not in a supermarket. The sale of wine and distilled spirits at pharmacies and grocery stores is regulated by laws that date to Prohibition. At the time, prescriptions for alcohol could be obtained at pharmacies (sometimes referred to as spirits of frumenti). After the end of national Prohibition, sales were prohibited in grocery stores because it was thought that minors were more likely to be in those businesses than in pharmacies. Today, while grocery stores can hold wine and distilled spirits licenses, they can only sell such beverages if they provide a separate entrance to that part of the store and not allow minors to work there. By contrast, grocery stores can sell beer in the main shopping area.[1]

text: Another inconsistency involves the difference between legal ages for buying and selling alcoholic beverages. The legal age for purchase is 21,[2] as in all U.S. states. However, the legal age for selling or serving alcoholic beverages in a licensed establishment is 20.[3] In the case of packaged beer, the legal selling age is 18, as long as the person is supervised by someone who is at least 20.[4]

text: Wet and dry status[edit]

text: The ABC uses very specific terminology to classify the state's 120 counties as "wet", "dry", "moist", or dry with special provisions.[5]

text:
Dry — All sales of alcoholic beverages are prohibited.
Wet — Sales of alcoholic beverages for on-site or off-site consumption are allowed in at least some areas outside of an incorporated city. However, many "wet" counties have dry precincts. Kentucky's two consolidated city-county governments, Louisville and Lexington, are both wet, although as noted below, a few precincts in Louisville are dry.
Moist — The ABC uses this term strictly to refer to otherwise dry counties where one or more specific cities have voted to allow alcohol sales for off-premises consumption.
Limited — A county in which at least some otherwise dry territory has approved the sale of alcohol by the drink at qualifying restaurants. Under this category, the ABC has secondary classifications of "Limited (100)" and "Limited (50)", with the numbers referring to the seating capacity required for a restaurant to apply for a license.
Golf Course — A county in which at least some otherwise dry territory has approved the sale of alcohol by the drink at a qualifying golf course.
Winery — A county in which at least some otherwise dry territory has approved the operation of a winery.
Qualified Historic Site (QHS) — A county in which at least some otherwise dry territory has approved the sale of alcohol by the drink at a qualifying historic site.

tag: ul

text: In popular usage, "moist" has a much broader meaning than the ABC's specific usage. In addition to the ABC definition, "moist" can also refer to a county where alcohol sales have been approved under any of the special provisions allowed by Kentucky law—in other words, any status other than "dry" or "wet". More often, the term is used to refer to otherwise dry cities or counties that have approved restaurant sales by the drink, as evidenced by a July 2012 editorial by The Independent of Ashland where the term "moist" is repeatedly used to describe several such locations.[6]

text: According to the last official ABC update of counties on January 3, 2013, 38 counties are dry, 32 are wet, and the remaining 50 are either "moist" or dry with special circumstances.[5][1]

text: Possible definitions of "moist"[edit]

text: A county can be "moist", by popular definition, in several different ways:

text:
Thirty-five cities in 30 counties are wet cities located in dry counties, bringing those counties under the ABC definition of "moist". Boyle County has two wet cities, and Hardin and Hopkins Counties have three each. Knox and Whitley Counties share the same wet city, namely Corbin.[5] The most recent cities to vote wet under this statute did so in successive weeks in the summer of 2012—Franklin[6] and Murray on July 17,[7] La Grange on July 24,[8] Georgetown on July 31,[9] and Princeton on August 7.[10] The first four of these cities had previously allowed sales by the drink in restaurants—Franklin, Murray and Georgetown by city votes, and La Grange by a county-wide vote—while Princeton had been dry. Mayfield Kentucky
Two different statutes authorize local option elections, at either the county or city level, for sales of alcohol by the drink in restaurants:

Kentucky Revised Statutes (KRS) 242.185(6) requires that restaurants seat at least 100 patrons and derive at least 70% of their total sales from food to be allowed to serve alcohol by the drink. (For the purpose of determining whether a restaurant meets the 70% requirement, sales of non-alcoholic beverages are classified as "food".) The first city to approve sales under this statute was Murray in 2000;[11] 27 other cities and three counties have since voted to approve such sales.[5] One of these cities (Corbin) is also classified as "wet", having approved full retail sales in February 2012.[12] In Oldham County, which allows such sales county-wide, its county seat of La Grange (as previously noted) voted itself fully wet in July 2012.[8] A future "wet" vote does not affect the licenses of any restaurants that were approved for licenses under this statute; state officials confirmed this before Murray's 2012 "wet" vote.[11]
KRS 242.1244, enacted into law in June 2007, also requires that restaurants derive at least 70% of their total sales from food, but lowers the seating limit to 50 patrons. Restaurants licensed under this statute are not allowed to have separate bars, and can only serve alcohol to customers who purchase a meal, and only during a time frame that starts with the serving of the meal and ends 30 minutes after the customer finishes his or her meal. The first jurisdiction to approve sales under this statute was the city of Campbellsville; since then, five other cities, plus all of Henry County, have voted to allow sales under this law.[5] Presumably, a future "wet" vote will also not affect the licenses of any restaurants approved for licenses under this specific statute.

Under KRS 242.123, an individual precinct within any dry territory—which can be a dry county, or a dry portion of an otherwise wet county—that contains a USGA-regulation golf course may vote to allow the sale of alcoholic beverages by the drink on that specific course. As of January 2013, 26 golf courses in 15 different counties were approved for such sales at the local level, with two awaiting state approval.[5]
KRS 243.155 allows individual precincts within dry territory to vote to allow a "small farm winery" to operate within the precinct. Once approved, a winery not only can produce and sell wine on its premises but also can apply for a license to sell wine and beer by the drink in a restaurant located on its premises. As of January 2013, 28 wineries in 20 different counties had been approved locally. Of these 28 locations, three were awaiting state licensure, and four had obtained licenses but later closed.[5] KRS 243.154 allows a wholesale distributor of wine produced in small farm wineries to operate in dry territory.
KRS 242.1242, enacted into law in June 2007, allows precincts in dry territory that also house a "qualified historic site"—defined in KRS 241.010(34) as either a site listed on the National Register of Historic Places or a National Historic Landmark, which also includes dining facilities for at least 50 patrons—to hold a local option election to allow sales of alcohol by the drink at qualified sites in that precinct. (When originally passed, the definition of a "qualified historic site" required that the location provide lodging, but that provision was removed in 2010.) The first such election was held in the North Burgin precinct of Mercer County on November 6, 2007, in which voters approved such sales at the Shaker Village of Pleasant Hill, the largest restored Shaker settlement in the U.S.[13] Since then, two other locations have voted to allow sales under this statute, but both are awaiting state licensing.[5] One of these two, Boone Tavern in Berea, faces an additional complication—Berea College, the establishment's owner, has not yet determined whether it will apply for a license.[14]
Finally, KRS 242.125 allows individual precincts in a city or county to vote dry in a wet city or county, and also allows dry precincts within an otherwise wet city or county to vote wet. An example of this law was in September 2007, when four precincts in Louisville's west end voted to end liquor sales as a deterrent to crime in the area. A more recent example occurred in August 2012, when three dry precincts in Sturgis, located in the wet Union County, held local option elections; one of the three precincts voted wet.[10]

text: Safety issues[edit]

text: A study of about 39,000 alcohol-related traffic accidents in Kentucky found that residents of dry counties are more likely to be involved in such crashes, possibly because they have to drive farther from their homes to consume alcohol, thus increasing impaired driving exposure. The study concludes that county-level prohibition is not necessarily effective in improving highway safety.[15]


document_title: Triple Crown of Cycling

question_text: who has held all 3 grand tours at the same time

text: Triple Crown of Cycling

text: Triple crowns won[edit]

text: The Triple Crown has only been achieved twice (both times by winning Giro/Tour/Worlds):[1]

text:
Rider
Year
Races

 Eddy Merckx (BEL)
1974
Tour + Giro + WC

 Stephen Roche (IRL)
1987
Tour + Giro + WC

text: Near wins[edit]

text: Some cyclists have been close to winning the triple crown of cycling, winning two of the three requirements. Among those who came close are Italian Fausto Coppi, Frenchman Bernard Hinault, and later Spaniard Miguel Indurain, who finished second in the World Championships in 1993.

text: Winning two grand tours in one year[edit]

text: Coppi was the first rider in the history of the sport to win the Giro d'Italia and the Tour de France in the same year which he did twice in 1949 and 1952. At the World road race championships in 1949 Coppi came third behind Rik Van Steenbergen of Belgium and Ferdi Kübler of Switzerland. Merckx was the first rider to win the triple crown but he had already come close to winning it in 1972 when he won both the Tour and the Giro, coming fourth in the World road race. After his disappointment, Merckx broke the world hour record several weeks later.

text: Indurain won the Giro-Tour double in both 1992 and 1993 and in both years he was very active in the World Road Race. In 1992 he finished sixth but in 1993 Indurain was very close to winning the Triple crown when he finished second behind Lance Armstrong.

text:
Cyclist
Year
Grand Tours won
Result in World Championship

 Fausto Coppi (ITA)
1949
Tour + Giro
3rd place

 Fausto Coppi (ITA)
1952
Tour + Giro
DNE

 Jacques Anquetil (FRA)
1963
Tour + Vuelta
14th place[4]

 Jacques Anquetil (FRA)
1964
Tour + Giro
7th place[5]

 Eddy Merckx (BEL)
1970
Tour + Giro
29th place[6]

 Eddy Merckx (BEL)
1972
Tour + Giro
4th place[7]

 Eddy Merckx (BEL)
1973
Giro + Vuelta
4th place[8]

 Bernard Hinault (FRA)
1978
Tour + Vuelta
5th place[9]

 Giovanni Battaglin (ITA)
1981
Giro + Vuelta
26th place[10]

 Bernard Hinault (FRA)
1982
Tour + Giro
DNF

 Bernard Hinault (FRA)
1985
Tour + Giro
DNF

 Miguel Indurain (ESP)
1992
Tour + Giro
6th place

 Miguel Indurain (ESP)
1993
Tour + Giro
2nd place

 Marco Pantani (ITA)
1998
Tour + Giro
DNE[11]

 Alberto Contador (ESP)
2008
Giro + Vuelta
DNF[12]

 Chris Froome (GBR)
2017
Tour + Vuelta
DNE

text: Winning one grand tour and world championship in one year[edit]

text: Hinault was aiming for winning the triple crown during the 1980 season. That year he won the 1980 Giro d'Italia before going on to the 1980 Tour de France. However, during the Tour, Hinault suffered from knee injury and despite winning three stages, he left the race while leading the general classification. Several weeks later he became world champion in Salanches. In the table below are the results in other grand tours of cyclists who won the world championship and a grand tour in one year. DNF (did not finish) indicates that the cyclist started the race, but did not finish; DNE (did not enter) indicates that the cyclist did not enter the race.

text:
Cyclist
Year
Grand tour won
Result in other grand tours

 Alfredo Binda (ITA)
1927
Giro
Tour: DNE
Vuelta: NA[13]

 Georges Speicher (FRA)
1933
Tour
Giro: DNE
Vuelta: NA[13]

 Fausto Coppi (ITA)
1953
Giro
Tour: DNE
Vuelta: NA[13]

 Louison Bobet (FRA)
1954
Tour
Giro: DNE
Vuelta: NA[13]

 Ercole Baldini (ITA)
1958
Giro
Tour: DNE
Vuelta: DNE

 Eddy Merckx (BEL)
1971
Tour
Giro: DNE
Vuelta: DNE

 Bernard Hinault (FRA)
1980
Giro
Tour: DNF
Vuelta: DNE

 Greg LeMond (USA)
1989
Tour
Giro: 39th place
Vuelta: DNE

text: Other definitions[edit]

text: Winning all three grand tours in a career[edit]

text: No rider has ever won all three grand tours in a single year. Winning all three grand tours (Tour de France, Giro d'Italia and Vuelta a España ) in a career is sometimes called a grand tour career triple crown, although more usually it would be described as a career grand slam.[14]

text: Only seven riders have achieved this feat, and only one, Eddy Merckx has achieved both a classic Triple Crown and a career clean sweep of Grand Tour titles (He also achieved a career clean sweep of Monument classics, the 5 most prestigious one day classic races).

text: Only Bernard Hinault and Alberto Contador have achieve multiple career grand tour triple crowns, both having won each race at least twice.

text: In bold the win that achieved a grand tour career triple crown.

text:
Cyclist
Tour de France wins
Giro d'Italia wins
Vuelta a España wins

 Jacques Anquetil (FRA)
1957, 1961, 1962, 1963, 1964
1960, 1964
1963

 Felice Gimondi (ITA)
1965
1967, 1969, 1976
1968

 Eddy Merckx (BEL)
1969, 1970, 1971, 1972, 1974
1968, 1970, 1972, 1973, 1974
1973

 Bernard Hinault (FRA)
1978, 1979, 1981, 1982, 1985
1980, 1982, 1985
1978, 1983

 Alberto Contador (ESP)
2007, 2009
2008, 2015
2008, 2012, 2014

 Vincenzo Nibali (ITA)
2014
2013, 2016
2010

 Chris Froome (GBR)
2013, 2015, 2016, 2017
2018
2017

text: Winning all three grand tours in one year[edit]

text: The definition of Triple Crown of Cycling can also mean winning all three Grand Tours in the same year.[15] As of 2017, this has not been achieved. Only 39 times has a cyclist finished all three grand tours in one year, and of these 39 only Raphaël Géminiani (in 1955) and Gastone Nencini (in 1957) managed to finish in the top ten in each tour.[16] In 2016, Alejandro Valverde was close to accomplishing the same feat – he finished 3rd in the Giro d'Italia, 6th in the Tour de France, and was in the top three after the first half of the Vuelta of Spain, but lost 11 minutes in the 14th stage before recovering to finish in 12th place in overall standings, less than 2 minutes behind 10th place.

text: In 2010, Alberto Contador's new team manager Bjarne Riis claimed that Contador could win all three grand tours in the same year, but his main rival Andy Schleck said it would be impossible.[17]

text: Eddy Merckx won four consecutive grand tours in 1972–1973: Giro 1972, Tour 1972, Vuelta 1973, and Giro 1973. Bernard Hinault won three consecutive grand tours in 1982–1983: Giro 1982, Tour 1982, and Vuelta 1983. Chris Froome won three consecutive grand tours in 2017–2018: Tour 2017, Vuelta 2017 and Giro 2018.

text: Completing all three grand tours in one year[edit]

text: Cyclists who have completed all three grand tours in the same year[edit]

text: As of 2016, 39 riders completed all three grand tours in the same year:

text:
6 times – Adam Hansen (AUS) – 2012, 2013, 2014, 2015, 2016, 2017
4 times – Marino Lejarreta (ESP) – 1987, 1989, 1990, 1991
3 times – Bernardo Ruiz (ESP) – 1955, 1956, 1957
2 times – Eduardo Chozas (ESP) – 1990, 1991
2 times – Carlos Sastre (ESP) – 2006, 2010

text: List of riders and results[edit]

text:
ID
Year
Rider
Tour
Giro
Vuelta

1
1955
Raphaël Géminiani (Fra)
6°
4°
3°

2
1955
Louis Caput (Fra)
54°
68°
21-°

3
1955
Bernardo Ruiz (Esp)
22°
28°
14°

4
1956
Arrigo Padovan (Ita)
26°
12°
19°

5
1956
José Serra (Esp)
81°
26°
9°

6
1956
Bernardo Ruiz (Esp)
70°
38°
31°

7
1957
Gastone Nencini (Ita)
6°
1°
9°

8
1957
Mario Baroni (Ita)
53°
74°
46°

9
1957
Bernardo Ruiz (Esp)
24°
55°
3°

10
1958
Pierino Baffi (Ita)
63°
23°
26-°

11
1958
Federico Bahamontès (Esp)
8°
17°
6°

12
1971
José Manuel Fuente (Esp)
72°
39°
26-°

13
1971
José Luis Uribezubia (Esp)
49°
29°
36°

14
1985
Philippe Poissonnier (Fra)
90°
86°
66°

15
1987
Marino Lejarreta (Esp)
10°
4°
26-°

16
1988
Luis Javier Lukin (Esp)
82°
32°
26-°

17
1989
Marino Lejarreta (Esp)
5°
10°
20°

18
1990
Eduardo Chozas (Esp)
6°
11°
33°

19
1990
Marino Lejarreta (Esp)
5°
7°
26-°

20
1991
Eduardo Chozas (Esp)
11°
10°
11°

21
1991
Iñaki Gastón (Esp)
61°
23°
14°

22
1991
Marco Giovannetti (Ita)
30°
8°
18°

23
1991
Alberto Leanizbarrutia (Esp)
39°
64°
40-°

24
1991
Marino Lejarreta (Esp)
53°
5°
3°

25
1991
Vladimir Pulnikov (Ucr)
88°
11°
26-°

26
1991
Valerio Tebaldi (Ita)
89°
47°
87°

27
1992
Guido Bontempi (Ita)
75°
40°
62°

28
1992
Neil Stephens (Aus)
74°
57°
66°

29
1999
Mariano Piccoli (Ita)
50°
38°
58°

30
2001
Jon Odriozola (Esp)
69°
59°
83°

31
2005
Giovanni Lombardi (Ita)
118°
88°
115°

32
2006
Carlos Sastre (Esp)
3°
43°
4°

33
2007
Mario Aerts (Bel)
70°
20°
27°

34
2008
Marzio Bruseghin (Ita)
26°
3°
10°

35
2008
Erik Zabel (Ger)
42°
80°
49°

36
2009
Julian Dean (Nzl)
121°
136°
132°

37
2010
Carlos Sastre (Esp)
18°
8°
8°

38
2011
Sebastian Lang (Ger)
111°
55°
76°

39
2012
Adam Hansen (Aus)
81°
94°
123°

40
2013
Adam Hansen (Aus)
72°
72°
60°

41
2014
Adam Hansen (Aus)
64°
73°
53°

42
2015
Adam Hansen (Aus)
77°
114°
55°

43
2015
Sylvain Chavanel (Fra)
36°
54°
47°

44
2016
Alejandro Valverde (Esp)
6°
3°
12°

45
2016
Adam Hansen (Aus)
68°
100°
110°

46
2017
Adam Hansen (Aus)
93°
113°
95°

text: Winning world titles in three disciplines[edit]

text: After Marianne Vos had won world titles in road race (2006), cyclo-cross (2006) and track points race (2008), she was said to have won the triple crown of cycling.[18]