document_title: Unix shell

question_text: what is the default log in shell for the linux operating system

text: Unix shell

text: Concept[edit]

text: The most generic sense of the term shell means any program that users employ to type commands. A shell hides the details of the underlying operating system and manages the technical details of the operating system kernel interface, which is the lowest-level, or "inner-most" component of most operating systems.

text: In Unix-like operating systems, users typically have many choices of command-line interpreters for interactive sessions. When a user logs into the system interactively, a shell program is automatically executed for the duration of the session. The type of shell, which may be customized for each user, is typically stored in the user's profile, for example in the local passwd file or in a distributed configuration system such as NIS or LDAP; however, the user may execute any other available shell interactively.

text: The Unix shell is both an interactive command language as well as a scripting programming language, and is used by the operating system as the facility to control (shell script) the execution of the system.[1] Shells created for other operating systems often provide similar functionality.

text: On hosts with a windowing system, like macOS, some users may never use the shell directly. On Unix systems, the shell has historically been the implementation language of system startup scripts, including the program that starts a windowing system, configures networking, and many other essential functions. However, some system vendors have replaced the traditional shell-based startup system (init) with different approaches, such as systemd.

text: Early shells[edit]

text: The first Unix shell was the Thompson shell, sh, written by Ken Thompson at Bell Labs and distributed with Versions 1 through 6 of Unix, from 1971 to 1975.[2] Though rudimentary by modern standards, it introduced many of the basic features common to all later Unix shells, including piping, simple control structures using if and goto, and filename wildcarding. Though not in current use, it is still available as part of some Ancient UNIX Systems.

text: It was modeled after the Multics shell developed by Glenda Schroeder, an American software engineer, in 1965. Schroeder's Multics shell was itself modeled after the RUNCOM program Louis Pouzin showed to the Multics Team. The "rc" suffix on some Unix configuration files (for example, ".vimrc"), is a remnant of the RUNCOM ancestry of Unix shells.[3][4]

text: The PWB shell or Mashey shell, sh, was an upward-compatible version of the Thompson shell, augmented by John Mashey and others and distributed with the Programmer's Workbench UNIX, circa 1975-1977. It focused on making shell programming practical, especially in large shared computing centers. It added shell variables (precursors of environment variables, including the search path mechanism that evolved into $PATH), user-executable shell scripts, and interrupt-handling. Control structures were extended from if/goto to if/then/else/endif, switch/breaksw/endsw, and while/end/break/continue. As shell programming became widespread, these external commands were incorporated into the shell itself for performance.

text: But the most widely distributed and influential of the early Unix shells were the Bourne shell and the C shell. Both shells have been used as the coding base and model for many derivative and work-alike shells with extended feature sets.[5]

text: Bourne shell[edit]

text: The Bourne shell, sh, was a complete rewrite by Stephen Bourne at Bell Labs.[6] Distributed as the shell for UNIX Version 7 in 1979, it introduced the rest of the basic features considered common to all the Unix shells, including here documents, command substitution, more generic variables and more extensive builtin control structures. The language, including the use of a reversed keyword to mark the end of a block, was influenced by ALGOL 68.[7] Traditionally, the Bourne shell program name is sh and its path in the Unix file system hierarchy is /bin/sh. But a number of compatible work-alikes are also available with various improvements and additional features. On many systems, sh may be a symbolic link or hard link to one of these alternatives:

text:
Almquist shell (ash): written as a BSD-licensed replacement for the Bourne Shell; often used in resource-constrained environments. The sh of FreeBSD, NetBSD (and their derivatives) are based on ash that has been enhanced to be POSIX conformant for the occasion.
Bourne-Again shell (bash): written as part of the GNU Project to provide a superset of Bourne Shell functionality. This shell can be found installed and is the default interactive shell for users on most Linux and macOS systems.
Debian Almquist shell (dash): a modern replacement for ash in Debian and Ubuntu
Korn shell (ksh): written by David Korn based on the Bourne shell sources[8] while working at Bell Labs
Public domain Korn shell (pdksh)
MirBSD Korn shell (mksh): a descendant of the OpenBSD /bin/ksh and pdksh, developed as part of MirOS BSD
Z shell (zsh): a relatively modern shell that is backward compatible with bash
Busybox: a set of Unix utilities for small and embedded systems, which includes 2 shells: ash, a derivative of the Almquist shell; and hush, an independent implementation of a Bourne shell.

text: The POSIX standard specifies its standard shell as a strict subset of the Korn shell, an enhanced version of the Bourne shell. From a user's perspective the Bourne shell was immediately recognized when active by its characteristic default command line prompt character, the dollar sign ($).

text: C shell[edit]

text: The C shell, csh, was written by Bill Joy while a graduate student at University of California, Berkeley and widely distributed with BSD Unix.[9] The language, including the control structures and the expression grammar, was modeled on C. The C shell also introduced a large number of features for interactive work, including the history and editing mechanisms, aliases, directory stacks, tilde notation, cdpath, job control and path hashing. On many systems, csh may be a symbolic link or hard link to TENEX C shell (tcsh), an improved version of Joy's original csh. Though the C shell's interactive features have been copied in most other current shells, the language itself has not been widely copied. The only work-alike is Hamilton C shell, written by Nicole Hamilton, first distributed on OS/2 in 1988 and on Windows since 1992.[10]

text: Configuration files[edit]

text: Shells read configuration files on multiple circumstances that differ depending on the shell. These files usually contain commands for the particular shell and are executed when loaded; they are usually used to set important variables used to find executables, like $PATH, and others that control the behavior and appearance of the shell. The table in this section shows the configuration files for popular shells.[11]

text:
sh
ksh
csh
tcsh
bash
zsh

/etc/.login

login
login

/etc/csh.cshrc

yes
yes

/etc/csh.login

login
login

~/.tcshrc

yes

~/.cshrc

yes
yes[a]

~/etc/ksh.kshrc

int.

/etc/sh.shrc
int.[b]

$ENV (typically ~/.kshrc)[12]
int.[c][d]
int.

int.[e]

~/.login

login
login

~/.logout

login
login

/etc/profile
login
login

login
login[f]

~/.profile
login
login

login[g]
login[f]

~/.bash_profile

login[g]

~/.bash_login

login[g]

~/.bash_logout

login

~/.bashrc

int.+n/login

/etc/zshenv

yes

/etc/zprofile

login

/etc/zshrc

int.

/etc/zlogin

login

/etc/zlogout

login

~/.zshenv

yes

~/.zprofile

login

~/.zshrc

int.

~/.zlogin

login

text: Explanation:

text:
blank means a file is not read by a shell at all.
"yes" means a file is always read by a shell upon startup.
"login" means a file is read if the shell is a login shell.
"n/login" means a file is read if the shell is not a login shell.
"int." means a file is read if the shell is interactive.

text:
Jump up ^ only if ~/.tcshrc not found
Jump up ^ Newer versions of the Bourne Shell only
Jump up ^ Available on systems that support the "User Portability Utilities option"; value of the variable must be an absolute path, and it is ignored "if the user's real and effective user IDs or real and effective group IDs are different."[13]
Jump up ^ $ENV is $HOME/.shrc in newer versions of the Bourne Shell
Jump up ^ Same behavior as sh, but only if invoked as sh (bash 2+) or, since bash 4.2, also if invoked explicitly in POSIX compatibility mode (with options --posix or -o posix).[14]
^ Jump up to: a b Only in sh/ksh compatibility mode (when invoked as bash, sh, ksh)
^ Jump up to: a b c in fact, the first readable of ~/.bash_profile, ~/.bash_login and ~/.profile; and only ~/.profile if invoked as sh or, as of at least Bash 4.2, if invoked explicitly in POSIX compatibility mode (with options --posix or -o posix)

tag: ol

text: Exotic shells[edit]

text: Other, more exotic variations on the Unix shell concept include the following:[15]

text:
es: A functional programming rc-compatible shell written in the mid-1990s.
Friendly interactive shell (fish): First released in 2005.
rc: The default shell on Plan 9 from Bell Labs and Version 10 Unix written by Tom Duff. Ports have been made to various Unix-like operating systems.
scsh, a Scheme Shell.
wish: A windowing shell for Tcl/Tk.


document_title: Treaty of Zaragoza

question_text: who had most of asia in its sphere of interest after the treaty of saragossa

root

text: Treaty of Zaragoza

text: Background: the "Moluccas Issue"[edit]

text: In 1494 Castile and Portugal signed the Treaty of Tordesillas, dividing the world into two areas of exploration and colonisation: the Castilian and the Portuguese. It proclaimed a meridian in the Atlantic Ocean, with areas west of the line exclusive to Spain, and east of the line to Portugal.

tag: p

text: In 1511, Malacca, then the centre of Asian trade, was conquered for Portugal by Afonso de Albuquerque. Getting to know the secret location of the so-called "spice islands" – the Banda Islands in the Moluccas, then the single world source of nutmeg and cloves, and the main purpose for the travels in the Indian Ocean – Albuquerque sent an expedition led by António de Abreu in search of the Moluccas, particularly the Banda islands. The expedition arrived in early 1512, passing en route through the Lesser Sunda Islands, being the first Europeans to get there.[1] [clarification needed] Before reaching Banda, the explorers visited the islands of Buru, Ambon and Seram. Later, after a separation forced by a shipwreck, Abreu's vice-captain Francisco Serrão, sailed to the north and, but his ship sank off Ternate, where he obtained a license to build a Portuguese fortress-factory: the Forte de São João Baptista de Ternate (pt).

text: Letters describing the "Spice Islands", from Serrão to Ferdinand Magellan, who were friends and possibly cousins, helped Magellan persuade the Spanish crown to finance the first circumnavigation of the earth.[2][3] On 6 November 1521, the Moluccas, "the cradle of all spices", were reached from the east by Magellan's fleet, sailing then under Juan Sebastián Elcano, at the service of the Spanish Crown. Before Magellan and Serrão could meet in the Moluccas, Serrão died on the island of Ternate, almost at the same time Magellan was killed in the battle of Mactan in the Philippines.[4]

text: After the Magellan-Elcano expedition (1519–1522), Charles V sent a second expedition, led by García Jofre de Loaísa, to colonise the islands, based on the assertion that they were in the Castilian zone, under the Treaty of Tordesillas.[5] After some difficulties, the expedition reached the Moluccas, docking at Tidore, where the Spanish established a fort. There was inevitable conflict with the Portuguese, who were already established in Ternate. After a year of fighting, the Spanish suffer as defeat but, despite that, nearly a decade of skirmishes over the possession of the islands ensued.

text: Conference of Badajoz–Elvas[edit]

text: In 1524, both kingdoms organised the "Junta de Badajoz-Elvas" to resolve the dispute. Each crown appointed three astronomers and cartographers, three pilots and three mathematicians, who formed a committee to establish the exact location of the antimeridian of Tordesillas, and the intention was to divide the whole world into two equal hemispheres.

text: The Portuguese delegation sent by King João III included António de Azevedo Coutinho, Diogo Lopes de Sequeira, Lopo Homem, a cartographer and cosmographer, and Simão Fernandes. The plenipotentiary from Portugal was Mercurio Gâtine, and those from Spain were Count Mercurio Gâtine, Garcia de Loaysa, Bishop of Osma, and García de Padilla, grand master of the Order of Calatrava. Former Portuguese cartographer Diogo Ribeiro, was part of the Spanish delegation.[6]

text: The board met several times, at Badajoz and Elvas, without reaching an agreement. Geographic knowledge at that time was inadequate for an accurate assignment of longitude, and each group chose maps or globes that showed the islands to be in their own hemisphere.[7] John III and Charles V agreed to not send anyone else to the Moluccas until it was established in whose hemisphere they were situated.

text: Between 1525 and 1528 Portugal sent several expeditions to the area around the Moluccas. Gomes de Sequeira and Diogo da Rocha were sent by the governor of Ternate Jorge de Meneses to the Celebes (also already visited by Simão de Abreu in 1523) and to the north. The expeditioners were the first Europeans to reach the Caroline Islands, which they named "Islands de Sequeira ".[8][9] Explorers such as Martim Afonso de Melo (1522-24), and possible Gomes de Sequeira (1526-1527), sighted the Aru Islands and the Tanimbar Islands.[10] In 1526 Jorge de Meneses reached northwestern Papua New Guinea, landing in Biak in the Schouten Islands, and from there he sailed to Waigeo on the Bird's Head Peninsula.

text: On the other hand, in addition to the Loaísa expedition from Spain to the Moluccas (1525-1526), the Castilians sent an the expedition there via the Pacific, led by Álvaro de Saavedra Cerón (1528) (prepared by Hernán Cortés in Mexico), in order to compete with the Portuguese in the region. Members of the Garcia Jofre de Loaísa expedition were taken prisoner by the Portuguese, who returned the survivors to Europe by the western route. Álvaro de Saavedra Cerón reached the Marshall Islands, and in two failed attempts to return from the Moluccas via the Pacific, explored part of west and northern New Guinea, also reaching the Schouten Islands and sighting Yapen, as well as the Admiralty Islands and the Carolines.

text: On 10 February 1525, Charles V's younger sister Catherine of Austria married John III of Portugal, and on 11 March 1526, Charles V married king John's sister Isabella of Portugal. These crossed weddings strengthened the ties between the two crowns, facilitating an agreement regarding the Moluccas. It was in the interests of the emperor to avoid conflict, so that he could focus on his European policy, and the Spaniards did not know then how to get spices from the Moluccas to Europe via the eastern route. The Manila-Acapulco route was only established by Andrés de Urdaneta in 1565.

text: Treaty[edit]

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. (April 2015) (Learn how and when to remove this template message)

tag: table

text: The Treaty of Zaragoza laid down that the eastern border between the two domain zones was 297.5 leagues (1,763 kilometres, 952 nautical miles)[note 1], or 17° east, of the Maluku Islands.[12] The treaty included a safeguard clause which stated that the deal would be undone if at any time the emperor wished to revoke it, with the Portuguese being reimbursed the money they had to pay, and each nation "will have the right and the action as that is now." That never happened however, because the emperor desperately needed the Portuguese money to finance the War of the League of Cognac against his arch-rival Francis I of France.

text: The treaty did not clarify or modify the line of demarcation established by the Treaty of Tordesillas, nor did it validate Spain's claim to equal hemispheres (180° each), so the two lines divided the Earth into unequal portions. Portugal's portion was roughly 191° of the Earth's circumference, whereas Spain's portion was roughly 169°. There was a ±4° margin of uncertainty as to the exact size of both portions, due to the variation of opinion about the precise location of the Tordesillas line.

text: Under the treaty, Portugal gained control of all lands and seas west of the line, including all of Asia and its neighbouring islands so far "discovered", leaving Spain with most of the Pacific Ocean. Although the Philippines was not mentioned in the treaty, Spain implicitly relinquished any claim to it because it was well west of the line. Nevertheless, by 1542, King Charles V had decided to colonise the Philippines, assuming that Portugal would not protest too vigorously because the archipelago had no spices. Although he failed in his attempt, King Philip II succeeded in 1565, establishing the initial Spanish trading post at Manila. As his father had expected, there was little opposition from the Portuguese.


document_title: Non-commissioned officer

question_text: one of the nco’s chief responsibilities is to

question_tokens: one of the nco 's chief responsibilities is to

text: Non-commissioned officer

text: Function[edit]

text: The non-commissioned officer corps is often referred to as "the backbone" of the armed services,[5][6] as they are the primary and most visible leaders for most military personnel. Additionally, they are the leaders primarily responsible for executing a military organization's mission and for training military personnel so they are prepared to execute their missions. NCO training and education typically includes leadership and management as well as service-specific and combat training.

text: Senior NCOs are considered the primary link between enlisted personnel and the commissioned officers in a military organization. Their advice and guidance is particularly important for junior officers and in many cases to officers of all senior ranks, who begin their careers in a position of authority without practical knowledge and experience.

text: National usage[edit]

text: Australia[edit]

text: In the Australian Army, lance corporals and corporals are classified as junior NCOs (JNCOs), while sergeants and warrant officers are classified as senior NCOs (SNCOs).

text: In the New South Wales Police Force, NCOs perform supervisory and coordination roles. The ranks of probationary constable through to leading senior constable are referred to as "constables". All NCOs within the NSW Police are given a warrant of appointment under the Commissioner's hand and seal.

text: All officers within the Australian Defence Force Cadets are non-commissioned. ADFC officers are appointed by the Director-General of their respective branch.

text: Canada[edit]

text: In the Canadian Forces, the Queen's Regulations and Orders formally defined a non-commissioned officer as "A Canadian Forces member holding the rank of Sergeant or Corporal."[7] In the 1990s, the term "non-commissioned member" (NCM) was introduced to indicate all ranks in the Canadian Forces from recruit to chief warrant officer.[8]

text: By definition, with the unification of the CF into one service, the rank of sergeant included the naval rank of petty officer 2nd class, and corporal includes the naval rank of leading seaman; corporal also includes the appointment of master corporal (naval master seaman).

text: NCOs are officially divided into two categories: junior non-commissioned officers, consisting of corporals/leading seamen and master corporals/master seamen; and senior non-commissioned officers, consisting of sergeants and petty officers 2nd class. In the Royal Canadian Navy, however, the accepted definition of "NCO" reflects the international use of the term (i.e. all grades of petty officer).

text: Junior non-commissioned officers mess and billet with privates and seamen; their mess is usually referred to as the junior ranks mess. Conversely, senior non-commissioned officers mess and billet with warrant officers; their mess is normally referred to as the warrant officers and sergeants mess (army and air force establishments) or the chiefs and petty officers mess (naval establishments).

text: As a group, NCOs rank above privates and below warrant officers. The term "non-commissioned members" includes these ranks.

text: Finland[edit]

text: In the Finnish Defence Force, NCO's (aliupseeristo) includes all ranks from corporal (alikersantti, lit. sub-sergeant) to sergeant major (sotilasmestari, lit. master soldier). Ranks of lance corporal (korpraali) and leading seaman (ylimatruusi) are considered not to be NCO ranks. This ruling applies to all branches of service and also to the troops of the Border Guard.

text: France[edit]

text: In France, Belgium and most former French colonies, the term sous-officier (meaning: "lower officer" or "sub-officer") is a class of ranks between the rank-and-file (hommes du rang) and commissioned officers (officiers). Corporals (caporal and caporal-chef) belong to the rank-and-file. Sous-officiers include two subclasses: "subalternes" (sergents and sergents-chefs) and "supérieurs" (adjudants, adjudants-chefs and majors). "Sous-officiers supérieurs" can perform various functions within a regiment or battalion, including commanding a platoon or section.

text: Germany[edit]

text: In Germany and German-speaking countries like Austria, the term Unteroffizier (meaning: "lower officer" or sub-officer) describes a class of ranks between normal enlisted personnel (Mannschaften or in Austria Chargen) and officers (Offiziere). In this group of ranks there are, in Germany, two other classes: Unteroffiziere mit Portepee (with sword-knot) and Unteroffiziere ohne Portepee (without swordknot), both containing several ranks, which in Austria would be Unteroffiziere (NCOs) and Höhere Unteroffiziere (senior NCOs).

text: New Zealand[edit]

text: In the New Zealand Defence Force, a non-commissioned officer is defined as:

text: Norway[edit]

text: On 1 January 2016, the Norwegian Armed Forces reintroduced non-commissioned officers in all service branches, having had a single rank tier since 1930, except for certain technical and maintenance units from 1945 to 1975. The NCOs are called specialists, and rank from sergeant to sergeant major (NATO ranks OR5–OR9). The Specialist Corps lance corporal and corporal ranks (OR2–OR4) are reserved for enlisted personnel, while the rank of private (OR1) is for conscripts only.

text: The NCOs are in charge of military training, discipline, practical leadership, role modelling, unit standards and mentoring officers, especially juniors. Officers commanding platoons and above are assigned a chief or master sergeant, which is the unit's highest ranking specialist, although chief and master sergeants are functions and not ranks in themselves.

text: Norway took a top-down approach to establishing the Specialist Corps. Since August 2015, volunteer commissioned officers have converted into sergeant majors, command sergeants and first sergeants.

text: Singapore[edit]

text: In the Singapore Armed Forces, the term "non-commissioned officer" is no longer officially used, being replaced with Specialist. The term "NCO" however is still frequently used unofficially in the army.[citation needed]

text: Sweden[edit]

text: In 1983 the NCO corps, since 1972 called the Platoon Officer Corps, was disbanded and its members were given commissions as officers in ranks of second or first lieutenant in Sweden's new one-tier military leadership system. In 2009 a similar system as the NCO corps was re-established, called "specialist officers". Direct recruitment from civilian life is followed by basic and preparatory leadership training, and advanced leadership training during 1.5 year as a specialist cadet at the military academy in Halmstad, a warrant as an OR-6, followed by specialist technical training. Swedish specialist officers have relative ranks that match those of the commissioned officers; an OR-7 takes precedence over a second lieutenant, for instance.

text: United Kingdom[edit]

text: In the British Armed Forces, NCOs are divided into two categories. Lance corporals (including lance bombardiers) and corporals (including lance sergeants, bombardiers, and lance corporals of horse) are junior NCOs. Sergeants (including corporals of horse), staff sergeants (including colour sergeants and staff corporals), and RAF chief technicians and flight sergeants are senior NCOs.

text: Warrant officers are often included in the senior NCO category, but actually form a separate class of their own, similar in many ways to NCOs but with a royal warrant. Senior NCOs and WOs have their own messes, which are similar to officers' messes (and are usually known as sergeants' messes), whereas junior NCOs live and eat with the unranked personnel, although they may have a separate corporals' club to give them some separate socialising space.

text: The Royal Navy does not refer to its petty officers and chief petty officers as NCOs, but calls them senior ratings (or senior rates). Leading ratings and below are junior ratings.

text: United States[edit]

text: This section includes a list of references, related reading or external links, but its sources remain unclear because it lacks inline citations. Please help to improve this section by introducing more precise citations. (July 2014) (Learn how and when to remove this template message)

text: In the Army, Air Force, and Marine Corps, all ranks of sergeant are termed NCOs, as are corporals in the Army and Marine Corps. A Marine Corps lance corporal (E-3) is not an NCO, but rather junior enlisted. The rank of corporal (E-4) in the Army is a junior NCO, and is to be shown the same respect as any other NCO. In the United States Air Force, E-5 (staff sergeant) and E-6 (technical sergeant) are classified under the NCO tier, while E-7 (master sergeant), E-8 (senior master sergeant), and E-9 (chief master sergeant) are considered senior non-commissioned officers (SNCOs).[10] In the Navy and Coast Guard, all ranks of petty officer are so designated. Junior NCOs (E-4 through E-6 grade), or simply "NCOs" (E-4 and E-5 only) in Marine Corps usage, and function as first-tier supervisors and technical leaders.

text: NCOs serving in the top three enlisted grades (E-7, E-8, and E-9) are termed senior non-commissioned officers (chief petty officers in the Navy and Coast Guard). Senior NCOs are expected to exercise leadership at a more general level. They lead larger groups of service members, mentor junior officers, and advise senior officers on matters pertaining to their areas of responsibility.

text: Within the Marine Corps, senior NCOs are referred to as staff noncommissioned officers (SNCOs) and also include the rank of staff sergeant (E-6). SNCOs are those career Marines serving in grades E-6 through E-9 and serve as unit leaders and supervisors, primary assistants and technical advisors to officers, and senior enlisted advisors to commanding officers, commanding generals, and other higher-level commanders. The ranks include staff sergeant, gunnery sergeant (E-7), master sergeant / first sergeant (E-8), and master gunnery sergeant / sergeant major (E-9).

text: The title of superintendent is used by the Air Force as the title of the non-commissioned officer in charge (NCOIC) of a section, flight, squadron, group, staff agency, directorate, or similar organization. These positions are assigned to senior non-commissioned officers (SNCOs), as opposed to the titles "NCOIC" and "chief" (which are held by junior NCOs). The titles of commander and director are used for commissioned officers assigned as commanding officer of a unit or the head of a staff agency, directorate, or similar organization, respectively.

text: A select few senior NCOs in paygrade E-9 serve as "senior enlisted advisors" to senior commanders in each service (e.g., major command, fleet, force, etc.) and in DoD (unified commands, e.g., United States Strategic Command, United States European Command, United States Pacific Command, etc., and DoD agencies, e.g. the Defense Information Systems Agency, Defense Intelligence Agency and the National Security Agency. One senior E-9, selected by the service chief of staff, is the ranking NCO/PO in that service, holds the highest enlisted rank for that service, and is responsible for advising their service secretary and chief of staff.

text: One E-9 holds a similar position as the SEA to the Chairman of the Joint Chiefs of Staff. Senior enlisted advisors, service enlisted advisors and the SEA to the Chairman advise senior officer and civilian leaders on all issues affecting operational missions and the readiness, utilization, morale, technical and professional development, and quality of life of the enlisted force.

text: Warrant officers in the United States Armed Forces are considered specialty officers and fall between non-commissioned and commissioned officers. US warrant officers also have their own rank tier and paygrade. However, when US warrant officers achieve the rank of chief warrant officer (CWO2) or higher, they are commissioned and are considered commissioned US officers just like any other commissioned officer, but are still held in a different paygrade tier.

text: U.S. Army NCO Candidate Course[edit]

text: Beginning in 1967 at Fort Benning, Georgia, the US Army Non-commissioned Officer Candidate Course (NCOCC) was a Vietnam-war era program developed to alleviate shortages of enlisted leaders at squad and platoon level assignments, training enlisted personnel to assume jobs as squad leaders in combat.[11]

text: Based loosely on the Officer Candidate School (OCS), NCOC was a new concept (at the time) where high performing trainees attending basic infantry combat training were nominated to attend a two-phased course of focused instruction on jungle warfare, and included a hands-on portion of intense training, promotion to sergeant, and then a 12-week assignment leading trainees going through advanced training.[12]

text: Regular Army soldiers who had received their promotion through traditional methods (and others) used derisive terms for these draftees (typically)[13] who were promoted quicker, such as "Instant NCOs", "Shake 'n' Bake", and "Whip n' Chills".[14][15]

text: The program proved to be so successful that as the war began to wind down they elected to institutionalize training non-commissioned officers and created the NCO Education System (NCOES), which was based around the NCO candidate course. The NCO candidate course generally ended in May 1971.[13]

text: U.S. Navy Accelerated Advancement[edit]

text: Within the U.S. Navy there are a couple of different ways that a sailor can earn accelerated advancement to the rank of petty officer third class. [16] If a person tests high enough on their entrance exam they are able to select certain jobs that require a significant amount of training, far greater than the amount required for a basic job (12 months vs. 2 weeks). Because these jobs are more technically advanced the schools have higher attrition rates, demand more responsibility, and require longer initial enlistments, these sailors are able to advance to petty officer third class. Another way for a sailor to earn accelerated advancement is by graduating top 10% of their class within their "A" school.


document_title: Galactic year

question_text: how long does it take for our solar system to orbit the galaxy

text: Galactic year

text: The galactic year, also known as a cosmic year, is the duration of time required for the Sun to orbit once around the center of the Milky Way Galaxy.[1]  Estimates of the length of one orbit range from 225 to 250 million terrestrial years.[2]  The Solar System is traveling at an average speed of 828,000 km/h (230 km/s) or 514,000 mph (143 mi/s) within its trajectory around the galactic center,[3] a speed at which an object could circumnavigate the Earth's equator in 2 minutes and 54 seconds; that speed corresponds to approximately 1/1300 of the speed of light.

text: The galactic year provides a conveniently usable unit for depicting cosmic and geological time periods together. By contrast, a "billion-year" scale does not allow for useful discrimination between geologic events, and a "million-year" scale requires some rather large numbers.[4]

text: Timeline of the universe and Earth's history in galactic years[edit]

text: The following list assumes that 1 galactic year is 225 million years.

text:
About 61.32 galactic years ago
Big Bang

About 54 galactic years ago
Birth of the Milky Way

20.44 galactic years ago
Birth of the Sun

17–18 galactic years ago
Oceans appear on Earth

16.889 galactic years ago
Life begins on Earth

15.555 galactic years ago
Prokaryotes appear

12 galactic years ago
Bacteria appear

10 galactic years ago
Stable continents appear

6.8 galactic years ago
Multicellular organisms appear

6.666 galactic years ago
Eukaryotes appear

2.4 galactic years ago
Cambrian explosion occurs

2 galactic years ago
The first brain structure appears in worms

1.11 galactic year ago
Permian–Triassic extinction event

0.2935 galactic years ago
Cretaceous–Paleogene extinction event

Present day

1 galactic year from now

All the continents on Earth may fuse into a supercontinent. Three potential arrangements of this configuration have been dubbed Amasia, Novopangaea, and Pangaea Ultima.[5]

2–3 galactic years from now

Tidal acceleration moves the Moon far enough from Earth that total solar eclipses are no longer possible

4 galactic years from now

Carbon dioxide levels fall to the point at which C4 photosynthesis is no longer possible. Multicellular life dies out[6]

12 galactic years from now

The Earth's magnetic field shuts down [7] and charged particles emanating from the Sun gradually deplete the atmosphere [8]

15 galactic years from now

Surface conditions on Earth are comparable to those on Venus today

22 galactic years from now
The Milky Way and Andromeda Galaxy begin to collide

25 galactic years from now
Sun ejects a planetary nebula, leaving behind a white dwarf

30 galactic years from now
The Milky Way and Andromeda complete their merger into a giant elliptical galaxy called Milkomeda or Milkdromeda [9]

500 galactic years from now
The Universe's expansion causes all galaxies beyond the Milky Way's Local Group to disappear beyond the cosmic light horizon, removing them from the observable universe [10]

2000 galactic years from now
Local Group of 47 galaxies[11] coalesces into a single large galaxy [12]


document_title: Blue Bloods (season 8)

question_text: who plays the current mayor on blue bloods

text: Blue Bloods (season 8)

text: Cast[edit]

text: Donnie Wahlberg (Danny Reagan), Bridget Moynahan (Erin Reagan), Will Estes (Jamie Reagan), and Len Cariou (Henry Reagan) are first credited. Sami Gayle (Nicky Reagan-Boyle) is credited next, marking the fourth season she has been included in the opening credits. Tom Selleck (Frank Reagan) receives an "and" billing at the close of the main title sequence. Amy Carlson (Linda Reagan) left between Seasons 7 and 8.

text: Marisa Ramirez, as Danny's partner Detective Maria Baez, and Vanessa Ray, as Jamie's partner Eddie Janko, continue to receive "also starring" billing for season 8. Appearing regularly and receiving "special guest star" billing are Gregory Jbara as Deputy Commissioner of Public Information Garrett Moore, Robert Clohessy as Lt. Sidney Gormley, and Abigail Hawk as Detective Abigail Baker, Frank's primary aide.

text: Episodes[edit]

text:
No.overallNo. inseasonTitleDirected byWritten byOriginal air dateProd.codeUS viewers(millions)1561"Cutting Losses"David M. BarrettSiobhan Byrne O'ConnorSeptember 29, 2017 (2017-09-29)80110.04[3]
Erin pleads with Danny, who has been contemplating retirement since Linda's death in a rescue helicopter crash, to help her with a case involving her ex-husband, Jack (Peter Hermann) who's been attacked in his office. Jamie and Eddie go undercover as a couple to bust a shady drug dealer; new mayor Margaret Dutton (Lorraine Bracco) butts heads with Frank.
1572"Ghosts of the Past"John BehringKevin RileyOctober 6, 2017 (2017-10-06)8039.49[4]
Frank receives an order from the mayor to attend the annual West Indies parade, which this year is honoring a man who served time for conspiring in an attack against the police. Meanwhile, Danny and Maria investigate the return of Selena Moore (Caroline Pluta), who suspiciously disappeared as a teen 13 years ago. Also, Jamie and Eddie try to help a young woman they believe is being exploited by Congressman Richard Walters (Richard Thomas).
1583"The Enemy of My Enemy"Robert HarmonIan BiedermanOctober 13, 2017 (2017-10-13)8028.98[5]
Erin's case against human trafficker Chao Lin (Tia Carrere) faces difficulty when the presiding judge falls off a roof to his death. Danny and Baez investigate, while also trying to protect a key witness for the prosecution. Elsewhere, Frank's enhanced public safety initiative is opposed by Mayor Dutton, but gains a surprising ally, City Council Speaker Regina Thomas (Whoopi Goldberg).
1594"Out of the Blue"David M. BarrettBrian BurnsOctober 20, 2017 (2017-10-20)8049.08[6]
Danny and Baez work the case of a detective who was gunned down prior to testifying against a career criminal. Also, Frank personally investigates when Garrett is attacked by a SWAT team outside his home, and Erin brings in a confidential informant against Anthony's wishes.
1605"The Forgotten"Ralph HemeckerAllie SolomonOctober 27, 2017 (2017-10-27)8058.29[7]
Danny and Baez investigate the murder of a single mother whose ex-husband has a documented history of violence. Also, Frank deals with the fallout when Mayor Dutton eliminates solitary confinement in prisons, while Jamie's effort to save a young woman who overdosed on heroin has unexpected consequences.
1616"Brushed Off"Eric LaneuvilleDaniel TrulyNovember 3, 2017 (2017-11-03)8069.27[8]
When a famous basketball player is found dead of an apparent drug overdose, Danny and Maria look into his possible ties to a local drug gang. Also, Erin revisits the case of a man she may have wrongfully convicted nine years ago, and Frank is approached by Archbishop Kearns (Stacy Keach) regarding an eviction matter Jamie and Eddie are working on.
1627"Common Ground"David M. BarrettSiobhan Byrne O'ConnorNovember 10, 2017 (2017-11-10)8079.94[9]
A case turns personal for Danny when he works to protect a nurse, Faith Madson (Jessie Mueller), from her violent ex-boyfriend, Ray. Danny and Faith realize they have a lot in common and bond. Ray later arrives at the hospital Faith works at, shooting multiple workers and patients until threatening to kill her. Danny saves Faith, who later visits him at his precinct to invite him to dinner. Danny politely turns her down, saying he still feels like he's married. Meanwhile, Shelly Wayne (Cassandra Freeman), an acquaintance of Frank's, comes to him with a theory regarding the death of an inmate. Also, Jamie and Eddie help deliver a baby, only to learn that the mother and her family are undocumented immigrants living in deplorable conditions. Eddie manages to get the father a job working as a building superintendent, which comes with a suitable apartment of their own.
1638"Pick Your Poison"Heather CappielloKevin WadeNovember 17, 2017 (2017-11-17)8089.25[10]
Eddie makes a questionable arrest of a man revealed to be a college acquaintance who once humiliated her in a frat house. Frank learns one of his best lieutenants tested positive for marijuana after a trip to Colorado, and gets caught between department regulations and Mayor Dutton's stance on making pot legal. Meanwhile, Danny and Baez investigate a murder linked to a white supremacist group.
1649"Pain Killers"John BehringIan BiedermanDecember 1, 2017 (2017-12-01)8098.84[11]
As Danny and Baez join a narcotics task force to track down a drug supplier at a prep school, Baez comes into contact with fentanyl and is soon fighting for her life from an accidental overdose. Also, Jamie and Eddie work to protect a rehabilitated sex offender whose neighbors are angry he lives in their apartment building, and Frank forms an unlikely alliance with Mayor Dutton when Governor Mendez (David Zayas) refuses to involve the NYPD during a major state trooper initiative.
16510"Heavy Is the Head"David M. BarrettBrian BurnsDecember 8, 2017 (2017-12-08)8109.40[12]
Erin is conflicted when Jamie and Eddie ask her to help drop old charges against a man, Parker Mack (Spencer House), who just bravely rescued a woman from a local hostage situation. Meanwhile, Danny and Baez work a case involving car thieves and discover the leader is Victor Lugo (Nick Cordero), a mobster they've dealt with before. Also, Baker receives a job offer which Frank learns may have strings attached.
16611"Second Chances"Deran SarafianKevin RileyJanuary 5, 2018 (2018-01-05)8119.98[13]
When a journalist disappears while working on an exposé about an innocent man serving time for murder, Danny and Baez hope that reexamining the original case will help find her. Also, Frank reluctantly speaks out against an initiative led by Erin's office to consider drug abuse as a disease first, and a crime second.
16712"The Brave"Thomas R. MooreSiobhan Byrne O'ConnorJanuary 12, 2018 (2018-01-12)81210.17[14]
Anthony is shot while interviewing a witness for an upcoming murder trial. Despite their differences, Danny takes up the case to find out who was responsible, telling Erin that Anthony is still "one of us". Also, Jamie and Eddie get in the middle of a standoff between a police captain and a developmentally disabled man posing as an officer, and Nicky prepares to take the police exam over her mom's objections.
16813"Erasing History"Jane RaabDaniel TrulyJanuary 19, 2018 (2018-01-19)8139.45[15]
When Henry is the key witness on Danny and Baez's case, his meddling pushes Danny's buttons until he leads them to valuable information. Also, Nicky shocks her family by siding with her activist friend, Christie (Naian Gonzalez Norvind), who defaced the NYPD flag with red paint at One Police Plaza, and Jamie and Eddie learn a parole officer is taking advantage of his power over parolees.
16914"School of Hard Knocks"Alex ZakrzewskiIan BiedermanFebruary 2, 2018 (2018-02-02)8149.32[16]
When a student is shot by a rival gang member in his high school courtyard, Danny and Baez try to get a grasp on the situation to prevent a reoccurrence, but the principal, Darryl Ward (Ernie Hudson), recklessly takes matters into his own hands. Also, Erin tries to help her friend, Mickey (Raphael Sbarge), who is mixed up in an illegal gambling ring, and Governor Mendez tries to frame Frank after one of his top legislative aides is shot by an NYPD officer.
17015"Legacy"David M. BarrettAllie SolomonMarch 2, 2018 (2018-03-02)8159.06[17]
Danny thinks about taking a new, higher-paying job to help with his family's financial issues. At the same time, he and Maria work a case of a recently divorced man who was poisoned. Nicky is sexually harassed by her boss while working at her new internship. Frank has to deal with the fallout after a rookie cop is caught on video questioning the immigration status of a pedestrian.
17116"Tale of Two Cities"Robert Duncan McNeillBrian BurnsMarch 9, 2018 (2018-03-09)8168.95[18]
Danny and Baez investigate the murder of a man who was living a double life with two separate families, and Anthony tries to resist when Erin asks him to help investigate his old partner, whom she suspects of stealing drug money. Also, Frank deliberates between two candidates for the chief of transit position.
17217"Close Calls"Jane RaabPeter BlaunerMarch 30, 2018 (2018-03-30)8178.43[19]
After Danny's brother-in-law, Jimmy (Kevin Dillon), gets caught up with the mob and steals Danny's credit card, Danny forces Jimmy to take down the mobsters with Baez's help. Meanwhile, Frank has Erin and Anthony investigate if his old partner, Lenny (Treat Williams), is truly guilty of a crime. Also, Jamie is approached by Tariq (Rene Ifrah), an officer he met at the academy almost ten years ago, who wants his help getting released from his undercover assignment at a mosque.
17318"Friendship, Love, and Loyalty"Robert HarmonSiobhan Byrne O'ConnorApril 6, 2018 (2018-04-06)8188.75[20]
After a woman voices her outrage regarding the NYPD's inability to find her son's murderer, Danny reexamines the case, upsetting the original detective, Erin, and Anthony, who didn't pursue the case due to lack of evidence. Elsewhere, Eddie is shot while she and Jamie respond to a domestic dispute call, but her vest saves her; another officer is killed in the exchange of gunfire. The incident leaves Jamie pondering his feelings for Eddie, and Erin once again tries to convince him to act on them. However, he decides against it due to Eddie having a new boyfriend, although this leaves him saddened. Erin and her ex-husband, Jack, face off when the latter defends the shooter. Frank contends with an angry police force when Mayor Dutton suggests at a press conference that the shooter may have felt threatened by the police. Mayor Dutton later reveals to Frank that she won't seek reelection, instead wanting to pursue activism.
17419"Risk Management"David M. BarrettIan BiedermanApril 13, 2018 (2018-04-13)8198.25[21]
Danny and Baez race to find a missing girl who will die within 72 hours without her heart medication. Interrogating the parents, Danny learns they were forced to turn to a loan shark for financial assistance after the girl's heart transplant surgery, and the loan shark ordered the kidnapping after the parents didn't pay him back quick enough. Also, Jamie and Eddie are on the wrong side of an investigation after engaging in a car chase. The carjacker had a child seat in the back of the car which is revealed to be unoccupied, and the boss suspends Jamie and Eddie for 30 days. Jamie represents himself and Eddie in the hearing, arguing that police officers are trained to make split-second decisions, which can sometimes end badly. Ultimately, Jamie and Eddie are cleared to return to duty. Frank, Garrett and Gormley investigate the rise in the settlement of lawsuits against cops, and Kelly Peterson (Bebe Neuwirth) returns to debate the topic with Frank. Meanwhile, Sean wins an essay contest and receives a medal from former New York City Mayor David Dinkins. Sean is reluctant to go to the ceremony, because he still misses his mother dearly, but relents after Danny tells him it's what Linda would've wanted him to do.
17520"Your Six"Ralph HemeckerBrian BurnsApril 27, 2018 (2018-04-27)8208.13[22]
When Danny resorts to asking his incarcerated archenemy, Victor Lugo (Nick Cordero), for help locating a dangerous criminal who escaped from prison, Lugo refuses to assist unless he's allowed to accompany them on the pursuit. As Danny pursues the suspect into an old building, Lugo somehow deduces that it was a trap, and he is able to get Danny and the other cops out of the building before it explodes. Meanwhile, Frank subtly tries to convince Jamie to take the sergeant's test, but Jamie gives the application to Eddie instead. After being confronted by Frank, Jamie adamantly says he wants to stay on patrol. That evening, Jamie arrives late to Sunday dinner due to helping Eddie study. Also, Erin's plan to go on a date with her ex-husband causes friction between her and Anthony. Anthony had a fender bender that Jack was accidentally responsible for, due to making out with his new girlfriend, and Anthony confronts Jack in his office, stating that Erin deserves someone who will treat her like a queen.
17621"The Devil You Know"John BehringPeter BlaunerMay 4, 2018 (2018-05-04)8217.78[23]
Frank goes head-to-head with a data-tracking company when they refuse to unlock the phone of a terrorist that may hold information regarding upcoming targets. He and Kelly Peterson meet with the CEO of the company, who personally refuses due to the public's views on phone privacy. Kelly reluctantly grants Frank's request to talk to the CEO again, and, in a private meeting, he finally gives Frank the information he needs. Elsewhere, when Erin obtains information about an impending murder from a known crime boss (John Pankow), she gets Danny and Baez involved, despite the questionable agenda of the informant. The criminal uses his son's release from jail as leverage, but it's revealed that the criminal orchestrated the hit himself. Also, Jamie and Eddie try to locate a woman, Alice, who kidnapped a newborn baby. Alice suffered a miscarriage, then posed as a nurse to kidnap the baby. Jamie has Eddie try to talk Alice down while he acts as the safety net below the bridge Alice is standing on with the baby, and Eddie saves the baby, later returning him to his parents.
17722"My Aim is True"David M. BarrettKevin WadeMay 11, 2018 (2018-05-11)8228.88[24]
When a series of drive-by murders occur after six wrongly convicted men (called the "Prospect Park Six," loosely inspired by the Central Park Five) are released from prison, Danny and Baez wonder if they were orchestrated by one or more of the men as an act of revenge. Meanwhile, Frank combats the guilt he feels about these innocent men unfairly serving nine years in prison. One of the Prospect Park Six, Duwann Wilson, is revealed to have hired a hitman, Dante Sorrento, to kill various family members of the arresting officers and prosecutors responsible for locking them up nine years ago (one of which is Erin's boss), as his mother had died while he was in prison and he wasn't allowed to attend her funeral. Elsewhere, Jamie and Eddie arrest the younger brother of one of the Prospect Park Six after he crashes a stolen car. Despite the mother wanting the cops to just leave the family alone, the older brother secretly meets with Jamie and Eddie to give them information about Wilson, who is hiding in Miami; Danny has Miami officers pose as massage therapists at the hotel Wilson is staying at, and they successfully arrest him. Sorrento, still at large, follows Jamie and Eddie as they begin a shift, targeting the former. When Eddie stops for coffee, she senses Jamie is in peril and kills Sorrento, saving Jamie's life. This affects their personal relationship; at Sunday dinner, Jamie reveals he looked at the patrol guide and didn't find any rules against married cops being partners on the force and brings Eddie, now his fiancée, to officially meet the family.

text: Ratings[edit]

text:
No.

Title

Air date
Rating/share(18–49)
Viewers(millions)
DVR(18–49)
DVR viewers(millions)
Total(18–49)
Total viewers(millions)

1

"Cutting Losses"

September 29, 2017
1.1/5
10.04[3]
0.7
4.57
1.8
14.60[25]

2

"Ghosts of the Past"

October 6, 2017
1.0/4
9.49[4]
0.7
4.18
1.7
13.67[26]

3

"The Enemy of My Enemy"

October 13, 2017
0.9/4
8.98[5]
0.6
4.13
1.5
13.11[27]

4

"Out of the Blue"

October 20, 2017
0.9/4
9.08[6]
0.7
4.12
1.6
13.20[28]

5

"The Forgotten"

October 27, 2017
0.9/4
8.29[7]
N/A
4.14
N/A
12.43[29]

6

"Brushed Off"

November 3, 2017
0.9/4
9.27[8]
N/A
3.97
N/A
13.24[30]

7

"Common Ground"

November 10, 2017
1.0/5
9.94[9]
0.7
3.84
1.7
13.78[31]

8

"Pick Your Poison"

November 17, 2017
0.9/4
9.25[10]
N/A
4.14
N/A
13.40[32]

9

"Pain Killers"

December 1, 2017
0.8/4
8.84[11]
0.7
4.54
1.5
13.41[33]

10

"Heavy is the Head"

December 8, 2017
0.9/4
9.40[12]
0.7
4.07
1.6
13.47[34]

11

"Second Chances"

January 5, 2018
1.0/4
9.98[13]
N/A
N/A
N/A
N/A

12

"The Brave"

January 12, 2018
1.0/4
10.17[14]
0.7
4.39
1.7
14.56[35]

13

"Erasing History"

January 19, 2018
0.9/4
9.45[15]
0.7
4.42
1.6
13.87[36]

14

"School of Hard Knocks"

February 2, 2018
0.9/4
9.32[16]
0.7
4.36
1.6
13.69[37]

15

"Legacy"

March 2, 2018
0.9/4
9.06[17]
N/A
4.42
N/A
13.47[38]

16

"Tale of Two Cities"

March 9, 2018
0.8/4
8.95[18]
N/A
4.24
N/A
13.27[39]

17

"Close Calls"

March 30, 2018
0.9/4
8.43[19]
0.8
4.23
1.7
12.66[40]

18

"Friendship, Love, and Loyalty"

April 6, 2018
0.8/4
8.75[20]
0.6
4.17
1.4
12.92[41]

19

"Risk Management"

April 13, 2018
0.8/4
8.25[21]
N/A
3.33
N/A
11.58[42]

20

"Your Six"

April 27, 2018
0.8/4
8.13[22]
0.6
4.50
1.4
12.63[43]

21

"The Devil You Know"

May 4, 2018
0.7/3
7.78[23]
0.6
4.04
1.3
11.82[44]

22

"My Aim is True"

May 11, 2018
0.9/4
8.88[24]
0.6
4.51
1.5
13.39[45]


document_title: Gold standard

question_text: when did britain go back on the gold standard

question_tokens: when did britain go back on 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.[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

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.[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 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.[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 1 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, 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

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.[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

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,[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]

tag: ul

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]