document_title: Cellular respiration

question_text: what are the 2 types of cellular respiration

text: Cellular respiration

text: Aerobic respiration

text: Aerobic respiration requires oxygen (O2) in order to create ATP. Although carbohydrates, fats, and proteins  are consumed as reactants, it is the preferred method of pyruvate breakdown in glycolysis and requires that pyruvate enter the mitochondria in order to be fully oxidized by the Krebs cycle. The products of this process are carbon dioxide and water, but the energy transferred is used to break bonds in ADP as the third phosphate group is added to form  ATP (adenosine triphosphate), by substrate-level phosphorylation, NADH and FADH2

text:
Simplified reaction:

C6H12O6 (s) + 6 O2 (g) → 6 CO2 (g) + 6 H2O (l) + heat

ΔG = −2880 kJ per mol of C6H12O6

text: The negative ΔG indicates that the reaction can occur spontaneously.

text: The potential of NADH and FADH2 is converted to more ATP through an electron transport chain with oxygen as the "terminal electron acceptor". Most of the ATP produced by aerobic cellular respiration is made by oxidative phosphorylation. This works by the energy released in the consumption of pyruvate being used to create a chemiosmotic potential by pumping protons across a membrane. This potential is then used to drive ATP synthase and produce ATP from ADP and a phosphate group. Biology textbooks often state that 38 ATP molecules can be made per oxidised glucose molecule during cellular respiration (2 from glycolysis, 2 from the Krebs cycle, and about 34 from the electron transport system).[2] However, this maximum yield is never quite reached because of losses due to leaky membranes as well as the cost of moving pyruvate and ADP into the mitochondrial matrix, and current estimates range around 29 to 30 ATP per glucose.[2]

text: Aerobic metabolism is up to 15 times more efficient than anaerobic metabolism (which yields 2 molecules ATP per 1 molecule glucose).  However some anaerobic organisms, such as methanogens are able to continue with anaerobic respiration, yielding more ATP by using other inorganic molecules (not oxygen) as final electron acceptors in the electron transport chain.  They share the initial pathway of glycolysis but aerobic metabolism continues with the Krebs cycle and oxidative phosphorylation. The post-glycolytic reactions take place in the mitochondria in eukaryotic cells, and in the cytoplasm in prokaryotic cells.

text: Aerobic respiration summed up

text: 1. Glycolysis:

text: --- 2 ATPs  +  Glucose  →  2 Pyruvic Acid  +  4 Hydrogen  +  4 ATPs

text: 2. Formation of Acetyl CoA:

text: --- 2 Pyruvic Acid  +  2 CoA  →  2 Acetyl CoA  +  2 Carbon Dioxide  +  2 Hydrogen

text: 3. Krebs Cycle:

text: --- 2 Acetyl CoA  +  3 O2  →  6 Hydrogen  +  4 Carbon Dioxide  +  2 ATPs

text: 4. Electron Transport System:

text: --- 12 Hydrogen  +  3 O2  →  6 Water  +  32 ATPs

text: Overall Reaction:

text: --- Glucose  +  6 O2  →  6 Carbon Dioxide  +  6 Water  +  36 ATPs

text: Glycolysis

text: Glycolysis is a metabolic pathway that takes place in the cytosol of cells in all living organisms. This pathway can function with or without the presence of oxygen. In humans, aerobic conditions produce pyruvate and anaerobic conditions produce lactate. In aerobic conditions, the process converts one molecule of glucose into two molecules of pyruvate (pyruvic acid), generating energy in the form of two net molecules of ATP. Four molecules of ATP per glucose are actually produced, however, two are consumed as part of the preparatory phase. The initial phosphorylation of glucose is required to increase the reactivity (decrease its stability) in order for the molecule to be cleaved into two pyruvate molecules by the enzyme aldolase. During the pay-off phase of glycolysis, four phosphate groups are transferred to ADP by substrate-level phosphorylation to make four ATP, and two NADH are produced when the pyruvate are oxidized. The overall reaction can be expressed this way:

text: Starting with glucose,  1 ATP is used to donate a phosphate to glucose to produce glucose 6-phosphate. Glycogen can be converted into glucose 6-phosphate as well with the help of glycogen phosphorylase. During energy metabolism, glucose 6-phosphate becomes fructose 6-phosphate. An additional ATP is used to phosphorylate fructose 6-phosphate into fructose 1,6-disphosphate by the help of phosphofructokinase. Fructose 1,6-diphosphate then splits into two phosphorylated molecules with three carbon chains which later degrades into pyruvate.

text: Glycolysis can be literally translated as "sugar splitting".[3]

text: Oxidative decarboxylation of pyruvate

text: Pyruvate is oxidized to acetyl-CoA and CO2 by the pyruvate dehydrogenase complex (PDC).  The PDC contains multiple copies of three enzymes and is located in the mitochondria of eukaryotic cells and in the cytosol of prokaryotes. In the conversion of pyruvate to acetyl-CoA, one molecule of NADH and one molecule of CO2 is formed.

text: Citric acid cycle

text: This is also called the Krebs cycle or the tricarboxylic acid cycle. When oxygen is present, acetyl-CoA is produced from the pyruvate molecules created from glycolysis. Once acetyl-CoA is formed, aerobic or anaerobic respiration can occur.[4] When oxygen is present, the mitochondria will undergo aerobic respiration which leads to the Krebs cycle.  However, if oxygen is not present, fermentation of the pyruvate molecule will occur.  In the presence of oxygen, when acetyl-CoA is produced, the molecule then enters the citric acid cycle (Krebs cycle) inside the mitochondrial matrix, and is oxidized to CO2 while at the same time reducing NAD to NADH. NADH can be used by the electron transport chain to create further ATP as part of oxidative phosphorylation. To fully oxidize the equivalent of one glucose molecule, two acetyl-CoA must be metabolized by the Krebs cycle. Two waste products, H2O and CO2, are created during this cycle.

text: The citric acid cycle is an 8-step process involving 18 different enzymes and co-enzymes.[4] During the cycle, acetyl-CoA (2 carbons) + oxaloacetate (4 carbons) yields citrate (6 carbons), which is rearranged to a more reactive form called isocitrate (6 carbons). Isocitrate is modified to become α-ketoglutarate (5 carbons), succinyl-CoA, succinate, fumarate, malate, and, finally, oxaloacetate.

text: The net gain of high-energy compounds from one cycle is 3 NADH, 1 FADH2, and 1 GTP; the GTP may subsequently be used to produce ATP. Thus, the total yield from 1 glucose molecule (2 pyruvate molecules) is 6 NADH, 2 FADH2, and 2 ATP.

text: Oxidative phosphorylation

text: In eukaryotes, oxidative phosphorylation occurs in the mitochondrial cristae. It comprises the electron transport chain that establishes a proton gradient (chemiosmotic potential) across the boundary of inner membrane by oxidizing the NADH produced from the Krebs cycle. ATP is synthesized by the ATP synthase enzyme when the chemiosmotic gradient is used to drive the phosphorylation of ADP. The electrons are finally transferred to exogenous oxygen and, with the addition of two protons, water is formed.

text: Efficiency of ATP production

text: The table below describes the reactions involved when one glucose molecule is fully oxidized into carbon dioxide. It is assumed that all the reduced coenzymes are oxidized by the electron transport chain and used for oxidative phosphorylation.

text:
Step

coenzyme yield

ATP yield

Source of ATP

Glycolysis preparatory phase

−2

Phosphorylation of glucose and fructose 6-phosphate uses two ATP from the cytoplasm.

Glycolysis pay-off phase

4

Substrate-level phosphorylation

2 NADH

3 or 5

Oxidative phosphorylation : Each NADH produces net 1.5 ATP (instead of usual 2.5) due to NADH transport over the mitochondrial membrane

Oxidative decarboxylation of pyruvate

2 NADH

5

Oxidative phosphorylation

Krebs cycle

2

Substrate-level phosphorylation

6 NADH

15

Oxidative phosphorylation

2 FADH2

3

Oxidative phosphorylation

Total yield

30 or 32 ATP

From the complete oxidation of one glucose molecule to carbon dioxide and oxidation of all the reduced coenzymes.

text: Although there is a theoretical yield of 38 ATP molecules per glucose during cellular respiration, such conditions are generally not realized because of losses such as the cost of moving pyruvate (from glycolysis), phosphate, and ADP (substrates for ATP synthesis) into the mitochondria. All are actively transported using carriers that utilize the stored energy in the proton electrochemical gradient.

text:
Pyruvate is taken up by a specific, low Km transporter to bring it into the mitochondrial matrix for oxidation by the pyruvate dehydrogenase complex.
The phosphate carrier (PiC) mediates the electroneutral exchange (antiport) of phosphate (H2PO4−; Pi) for OH− or symport of phosphate and protons (H+) across the inner membrane, and the driving force for moving phosphate ions into the mitochondria is the proton motive force.
The ATP-ADP translocase (also called adenine nucleotide translocase, ANT) is an antiporter and exchanges ADP and ATP across the inner membrane. The driving force is due to the ATP (−4) having a more negative charge than the ADP (−3), and thus it dissipates some of the electrical component of the proton electrochemical gradient.

text: The outcome of these transport processes using the proton electrochemical gradient is that more than 3 H+ are needed to make 1 ATP. Obviously this reduces the theoretical efficiency of the whole process and the likely maximum is closer to 28–30 ATP molecules.[2] In practice the efficiency may be even lower because the inner membrane of the mitochondria is slightly leaky to protons.[5] Other factors may also dissipate the proton gradient creating an apparently leaky mitochondria. An uncoupling protein known as thermogenin is expressed in some cell types and is a channel that can transport protons. When this protein is active in the inner membrane it short circuits the coupling between the electron transport chain and ATP synthesis. The potential energy from the proton gradient is not used to make ATP but generates heat. This is particularly important in brown fat thermogenesis of newborn and hibernating mammals.

text: According to some of newer sources the ATP yield during aerobic respiration is not 36–38, but only about 30–32 ATP molecules / 1 molecule of glucose [6], because:

text:
ATP : NADH+H+ and ATP : FADH2 ratios during the oxidative phosphorylation appear to be not 3 and 2, but 2.5 and 1.5 respectively. Unlike in the substrate-level phosphorylation, the stoichiometry here is difficult to establish.
ATP synthase produces 1 ATP / 3 H+. However the exchange of matrix ATP  for cytosolic ADP and Pi (antiport with OH− or symport with H+) mediated by ATP–ADP translocase and phosphate carrier consumes 1 H+ / 1 ATP as a result of regeneration of the transmembrane potential changed during this transfer, so the net ratio is 1 ATP : 4 H+.
The mitochondrial electron transport chain proton pump transfers across the inner membrane 10 H+ / 1 NADH+H+ (4 + 2 + 4) or 6 H+ / 1 FADH2 (2 + 4).

text:
ATP : NADH+H+ coming from glycolysis ratio during the oxidative phosphorylation is
1.5, as for FADH2, if hydrogen atoms (2H++2e−) are transferred from cytosolic NADH+H+ to mitochondrial FAD by the glycerol phosphate shuttle located in the inner mitochondrial membrane.
2.5 in case of malate-aspartate shuttle transferring hydrogen atoms from cytosolic NADH+H+ to mitochondrial NAD+

text: So finally we have, per molecule of glucose

text:
Substrate-level phosphorylation: 2 ATP from glycolysis + 2 ATP (directly GTP) from Krebs cycle
Oxidative phosphorylation
2 NADH+H+ from glycolysis: 2 × 1.5 ATP (if glycerol phosphate shuttle transfers hydrogen atoms) or 2 × 2.5 ATP (malate-aspartate shuttle)
2 NADH+H+ from the oxidative decarboxylation of pyruvate and 6 from Krebs cycle: 8 × 2.5 ATP
2 FADH2 from the Krebs cycle: 2 × 1.5 ATP

text: Altogether this gives 4 + 3 (or 5) + 20 + 3 = 30 (or 32) ATP per molecule of glucose

text: The total ATP yield in ethanol or lactic acid fermentation is only 2 molecules coming from glycolysis, because pyruvate is not transferred to the mitochondrion and finally oxidized to the carbon dioxide (CO2), but reduced to ethanol or lactic acid in the cytoplasm.[6]

text: Fermentation

text: Without oxygen, pyruvate (pyruvic acid) is not metabolized by cellular respiration but undergoes a process of fermentation. The pyruvate is not transported into the mitochondrion, but remains in the cytoplasm, where it is converted to waste products that may be removed from the cell. This serves the purpose of oxidizing the electron carriers so that they can perform glycolysis again and removing the excess pyruvate. Fermentation oxidizes NADH to NAD+ so it can be re-used in glycolysis.  In the absence of oxygen, fermentation prevents the buildup of NADH in the cytoplasm and provides NAD+ for glycolysis.  This waste product varies depending on the organism. In skeletal muscles, the waste product is lactic acid. This type of fermentation is called lactic acid fermentation. In strenuous exercise, when energy demands exceed energy supply, the respiratory chain cannot process all of the hydrogen atoms joined by NADH. During anaerobic glycolysis, NAD+ regenerates when pairs of hydrogen combine with pyruvate to form lactate. Lactate formation is catalyzed by lactate dehydrogenase in a reversible reaction. Lactate can also be used as an indirect precursor for liver glycogen. During recovery, when oxygen becomes available, NAD+ attaches to hydrogen from lactate to form ATP. In yeast, the waste products are ethanol and carbon dioxide. This type of fermentation is known as alcoholic or ethanol fermentation. The ATP generated in this process is made by substrate-level phosphorylation, which does not require oxygen.

text: Fermentation is less efficient at using the energy from glucose: only 2 ATP are produced per glucose, compared to the 38 ATP per glucose nominally produced by aerobic respiration. This is because the waste products of fermentation still contain chemical potential energy that can be released by oxidation. Ethanol, for example, can be burned in an internal combustion engine like gasoline. Glycolytic ATP, however, is created more quickly. For prokaryotes to continue a rapid growth rate when they are shifted from an aerobic environment to an anaerobic environment, they must increase the rate of the glycolytic reactions. For multicellular organisms, during short bursts of strenuous activity, muscle cells use fermentation to supplement the ATP production from the slower aerobic respiration, so fermentation may be used by a cell even before the oxygen levels are depleted, as is the case in sports that do not require athletes to pace themselves, such as sprinting.

text: Anaerobic respiration

text: Cellular respiration is the process by which biological fuels are oxidised in the presence of an inorganic electron acceptor (such as oxygen) to produce large amounts of energy, to drive the bulk production of ATP.

text:
Anaerobic respiration is used by some microorganisms in which neither oxygen (aerobic respiration) nor pyruvate derivatives (fermentation) is the final electron acceptor.  Rather, an inorganic acceptor such as sulfate or nitrate is used.
Such organisms are typically found in unusual places such as underwater caves or near hydrothermal vents at the bottom of the ocean.


document_title: Goldilocks and the Three Bears

question_text: who wrote the original goldilocks and the three bears

root

text: Goldilocks and the Three Bears

text: Plot[edit]

text: In Southey's tale, three anthropomorphic bears – "a Little, Small, Wee Bear, a Middle-sized Bear, and a Great, Huge Bear" – live together in a house in the woods. Southey describes them as very good-natured, trusting, harmless, tidy, and hospitable. Each of these "bachelor" bears has his own porridge bowl, chair, and bed. One day they make porridge for breakfast, but it's too hot to eat, so take a walk in the woods while their porridge cools. An old woman approaches the bears' house. As she has been sent out by her family, she is a disgrace to them. She is impudent, bad, foul-mouthed, ugly, dirty, and a vagrant deserving of a stint in the House of Correction. She looks through a window, peeps through the keyhole, and lifts the latch. Assured that no one is home, she walks in. The old woman eats the Wee Bear's porridge, then settles into his chair and breaks it. Prowling about, she finds the bears' beds and falls asleep in Wee Bear's bed. The dark end of the tale is reached when the bears return. Wee Bear finds his empty bowl, his broken chair, and the old woman in his bed and cries, "Somebody has been lying in my bed, and here she is!" The old woman starts, runs away, breaks her neck and goes to the hospital.

tag: p

text: Origins[edit]

text: The story was first recorded in narrative form by British writer and poet Robert Southey, and first published anonymously as "The Story of the Three Bears" in 1837 in a volume of his writings called The Doctor.[2] The same year Southey's tale was published, the story was versified by George Nicol who acknowledged the anonymous author of The Doctor as "the great, original concocter" of the tale.[3][4] Southey was delighted with Nicol's effort to bring more exposure to the tale, concerned children might overlook it in The Doctor.[5] Nicol's version was illustrated with engravings by B. Hart (after "C.J."), and was reissued in 1848 with Southey identified as the story's author.[6]

text: The story of the three bears was in circulation before the publication of Southey's tale.[7] In 1813, for example, Southey was telling the story to friends, and in 1831 Eleanor Mure fashioned a handmade booklet about the three bears and the old woman for her nephew Horace Broke's birthday.[3] Southey and Mure differ in details. Southey's bears have porridge, but Mure's have milk;[3] Southey's old woman has no motive for entering the house, but Mure's old woman is piqued when her courtesy visit is rebuffed;[8] Southey's old woman runs away when discovered, but Mure's old woman is impaled on the steeple of St Paul's Cathedral.[9]

text: Folklorists Iona and Peter Opie point out in The Classic Fairy Tales (1999) that the tale has a "partial analogue" in "Snow White": the lost princess enters the dwarfs' house, tastes their food, and falls asleep in one of their beds. In a manner similar to the three bears, the dwarfs cry, "Someone's been sitting in my chair!", "Someone's been eating off my plate!", and "Someone's been sleeping in my bed!" The Opies also point to similarities in a Norwegian tale about a princess who takes refuge in a cave inhabited by three Russian princes dressed in bearskins. She eats their food and hides under a bed.[10]

text: In 1865, Charles Dickens referenced a similar tale in Our Mutual Friend, but in that story the house belongs to hobgoblins rather than bears. Dickens' reference however suggests a yet-to-be-discovered analogue or source.[11] Hunting rituals and ceremonies have been suggested and dismissed as possible origins.[12][13]

text: In 1894, "Scrapefoot", a tale with a fox as antagonist that bears striking similarities to Southey's story, was uncovered by the folklorist Joseph Jacobs and may predate Southey's version in the oral tradition. Some sources state that it was illustrator John D. Batten who in 1894 reported a variant of the tale at least 40 years old. In this version, the three bears live in a castle in the woods and are visited by a fox called Scrapefoot who drinks their milk, sits in their chairs, and rests in their beds.[3] This version belongs to the early Fox and Bear tale-cycle.[14] Southey possibly heard "Scrapefoot", and confused its "vixen" with a synonym for an unpleasant malicious old woman. Some maintain however that the story as well as the old woman originated with Southey.[2]

text: Southey most likely learned the tale as a child from his uncle William Tyler. Uncle Tyler may have told a version with a vixen (female fox) as the intruder, and then Southey may have later confused "vixen" with another common meaning of "a crafty old woman".[3] P.M. Zall writes in "The Gothic Voice of Father Bear" (1974) that "It was no trick for Southey, a consummate technician, to recreate the improvisational tone of an Uncle William through rhythmical reiteration, artful alliteration ('they walked into the woods, while'), even bardic interpolation ('She could not have been a good, honest Old Woman')".[15] Ultimately, it is uncertain where Southey or his uncle learned the tale.

text: Later variations: Goldilocks[edit]

text: Twelve years after the publication of Southey's tale, Joseph Cundall transformed the antagonist from an ugly old woman to a pretty little girl in his Treasury of Pleasure Books for Young Children. He explained his reasons for doing so in a dedicatory letter to his children, dated November 1849, which was inserted at the beginning of the book:

text: The "Story of the Three Bears" is a very old Nursery Tale, but it was never so well told as by the great poet Southey, whose version I have (with permission) given you, only I have made the intruder a little girl instead of an old woman. This I did because I found that the tale is better known with Silver-Hair, and because there are so many other stories of old women.[10]

text: Once the little girl entered the tale, she remained – suggesting children prefer an attractive child in the story rather than an ugly old woman.[5] The juvenile antagonist saw a succession of names:[16] Silver Hair in the pantomime Harlequin and The Three Bears; or, Little Silver Hair and the Fairies by J.B. Buckstone (1853); Silver-Locks in Aunt Mavor's Nursery Tales (1858); Silverhair in George MacDonald's "The Golden Key" (1867); Golden Hair in Aunt Friendly's Nursery Book (ca. 1868);[10] Silver-Hair and Goldenlocks at various times; Little Golden-Hair (1889);[14] and finally Goldilocks in Old Nursery Stories and Rhymes (1904).[10] Tatar credits Flora Annie Steel with naming the child (1918).[2]

text: Goldilocks's fate varies in the many retellings: in some versions, she runs into the forest, in some she is almost eaten by the bears but her mother rescues her, in some she vows to be a good child, and in some she returns home. Whatever her fate, Goldilocks fares better than Southey's vagrant old woman who, in his opinion, deserved a stint in the House of Correction, and far better than Miss Mure's old woman who is impaled upon a steeple in St Paul's church-yard.[17]

text: Southey's all-male ursine trio has not been left untouched over the years. The group was re-cast as Papa, Mama, and Baby Bear, but the date of this change is disputed. Tatar indicates it occurred by 1852,[17] while Katherine Briggs suggests the event occurred in 1878 with Mother Goose's Fairy Tales published by Routledge.[14][16] With the publication of the tale by "Aunt Fanny" in 1852, the bears became a family in the illustrations to the tale but remained three bachelor bears in the text.

text: In Dulcken's version of 1858, the two larger bears are brother and sister, and friends to the little bear. This arrangement represents the evolution of the ursine trio from the traditional three male bears to a family of father, mother, and child.[18] In a publication ca. 1860, the bears have become a family at last in both text and illustrations: "the old papa bear, the mama bear, and the little boy bear".[19] In a Routledge publication c 1867, Papa Bear is called Rough Bruin, Mama Bear is Mammy Muff, and Baby Bear is called Tiny. Inexplicably, the illustrations depict the three as male bears.[20]

text: In publications subsequent to Aunt Fanny's of 1852, Victorian nicety required editors to routinely and silently alter Southey's "[T]here she sate till the bottom of the chair came out, and down came her's, plump upon the ground" to read "and down she came", omitting any reference to the human bottom. The cumulative effect of the several changes to the tale since its original publication was to transform a fearsome oral tale into a cozy family story with an unrealized hint of menace.[16]

text: Interpretations[edit]

text: Maria Tatar in The Annotated Classic Fairy Tales (2002) notes that Southey's tale is sometimes viewed as a cautionary tale that imparts a lesson about the hazards of wandering off and exploring unknown territory. Like "The Tale of the Three Little Pigs", the story uses repetitive formulas to engage the child's attention and to reinforce the point about safety and shelter.[17] Tatar points out that the tale is typically framed today as a discovery of what is "just right", but for earlier generations, it was a tale about an intruder who could not control herself when encountering the possessions of others.[21]

text: In The Uses of Enchantment (1976), the child psychologist Bruno Bettelheim describes Goldilocks as "poor, beautiful, and charming", and notes that the story does not describe her positively except for her hair.[22] Bettelheim mainly discussed the tale in terms of Goldilock's struggle to move past Oedipal issues to confront adolescent identity problems.[23]

text: In Bettelheim's view, the tale fails to encourage children "to pursue the hard labor of solving, one at a time, the problems which growing up presents", and does not end as fairy tales should with the "promise of future happiness awaiting those who have mastered their Oedipal situation as a child". He believes the tale is an escapist one that thwarts the child reading it from gaining emotional maturity.

text: Tatar criticizes Bettelheim's views: "[His] reading is perhaps too invested in instrumentalizing fairy tales, that is, in turning them into vehicles that convey messages and set forth behavioral models for the child. While the story may not solve oedipal issues or sibling rivalry as Bettelheim believes "Cinderella" does, it suggests the importance of respecting property and the consequences of just 'trying out' things that do not belong to you."[17]

text: Elms suggests Bettelheim may have missed the anal aspect of the tale that would make it helpful to the child's personality development.[22] In Handbook of Psychobiography Elms describes Southey's tale not as one of Bettelheimian post-Oedipal ego development but as one of Freudian pre-Oedipal anality.[23] He believes the story appeals chiefly to preschoolers who are engaged in "cleanliness training, maintaining environmental and behavioral order, and distress about disruption of order". His own experience and his observation of others lead him to believe children align themselves with the tidy, organized ursine protagonists rather than the unruly, delinquent human antagonist. In Elms's view, the anality of "The Story of the Three Bears" can be traced directly to Robert Southey's fastidious, dirt-obsessed aunt who raised him and passed her obsession to him in a milder form.[23]

text: Literary elements[edit]

text: The story makes extensive use of the literary rule of three, featuring three chairs, three bowls of porridge, three beds, and the three title characters who live in the house. There are also three sequences of the bears discovering in turn that someone has been eating from their porridge, sitting in their chairs, and finally, lying in their beds, at which point is the climax of Goldilocks being discovered. This follows three earlier sequences of Goldilocks trying the bowls of porridge, chairs, and beds successively, each time finding the third "just right". Author Christopher Booker characterizes this as the "dialectical three", where "the first is wrong in one way, the second in another or opposite way, and only the third, in the middle, is just right." Booker continues "This idea that the way forward lies in finding an exact middle path between opposites is of extraordinary importance in storytelling".[24] This concept has spread across many other disciplines, particularly developmental psychology, biology, economics and engineering where it is called the "Goldilocks Principle".

text: Adaptations[edit]

text:
Kurt Schwertsik's 35-minute opera Roald Dahl's Goldilocks premiered in 1997 at the Glasgow Royal Concert Hall. The opera's setting is the Forest Assizes where Baby Bear stands accused of assaulting Miss Goldie Locks. The tables are turned when the defense limns the trauma suffered by the bears at the hands of that "brazen little crook", Goldilocks.[25]
In Rooster Teeth Productions RWBY, Yang Xiao Long is a carefree, reckless yellow-haired girl.[26] She is a "rule-breaker" who likes teddy bears. She is an allusion to Goldilocks which is reflected in her name, translated from Chinese as "sun", referring to the color yellow.[27] Also, in her trailer, Yang confronts Hei "Junior" Xiong, whose name is Chinese for "black bear." Combining this with his nickname, he alludes to the Baby Bear.
The TV show Happily Ever After: Fairy Tales for Every Child featured an adaption of "Goldilocks and the Three Bears" in a Jamaican setting which featured the voices of Raven-Symoné as Goldilocks, Tone Loc as Desmond Bear, Alfre Woodard as Winsone Bear, and David Alan Grier as Dudley Bear.
In an episode of Sesame Street, a reversed version of the story titled Baby Bear and the Three Goldilocks was told (and written) by Telly and Elmo.
The television show Hello Kitty's Furry Tale Theater Kittylocks and the Three Bears is an adaptation of the story.
"Goldilocks Eats Grits" has the bears living in a cave in Georgia in the United States.[28]
A commercial for the 2005 Hummer portrayed the Three Bears returning from a family trip to their very upscale home to discover all the elements of the traditional story. They race to their garage to check on the status of the family Hummers. Mama Bear and Papa Bear are relieved that both vehicles are still in place, but Baby Bear is distraught to find his missing as the camera cuts away to Goldilocks (in this version portrayed by a very attractive young woman) rakishly smiling as she makes her getaway in Baby Bear's Hummer down a scenic mountain road.
In 2016, professional wrestler Bray Wyatt read a dark version to Edge and Christian.[29]
Disney Junior's Goldie & Bear premiered in 2016. The tale is set after the events of the story where Goldilocks (voiced by Natalie Lander) and Jack Bear (voiced by Georgie Kidder) eventually became best friends.

tag: ul


document_title: Shamrock Shake

question_text: when does mcdonalds come out with shamrock shakes

text: Shamrock Shake

text: Origin[edit]

text: The Shamrock Shake was first introduced in 1970.[1] Rogers Merchandising in Chicago created the shake. Initially, the shake was lemon/lime flavored with vanilla ice cream, lemon/lime sherbet, and vanilla syrup. By 1973, the shake was merely a green colored vanilla shake, eliminating the lemon/lime sherbet. It is now mint flavored.

text: Shamrock Shakes are sold at select U.S.[2] and Canadian stores during the months of February and March,[1] as well as in Ireland.[3]

text: Advertising[edit]

text: During the 1980s, McDonald’s used the Uncle O'Grimacey character to market Shamrock Shakes, which was a green version of Grimace who came to visit in March. McDonald's has since phased out that character from their mascot lineup.

text: In 1980, McDonald's introduced the Shamrock Sundae which consisted of vanilla ice cream topped with a mint green Shamrock syrup. The product was discontinued after one year due to poor sales.[2]

text: In 2017 McDonald's introduced a few variants of the Shamrock Shake including the Shamrock Chocolate Shake, the Shamrock Chocolate Chip Frappé, the Shamrock Mocha, and the Shamrock Hot Chocolate.[4]

text: In popular culture[edit]

text:
In The Simpsons episode "Stop or My Dog Will Shoot", Chief Wiggum and Lou debate whether the Shamrock Shake is just a vanilla shake dyed green, or if it is actually mint-flavored. Lou insists the chief only thinks he tastes the mint because the shake is green.
In a Family Guy episode where Stewie abducts the entire cast of Star Trek: The Next Generation, he takes them to McDonalds. Jonathan Frakes requests a Shamrock Shake, to which Stewie reacts that they have been discontinued as it is September.
In This Is Us season 2 episode 9 ("Number Two"), Toby makes a healthy shake which he compares to a shamrock shake.
In the American Dad! episode "The Life and Times of Stan Smith", Stan discovers that in heaven (after confusing it for Ireland), Shamrock shakes are available all year round.


document_title: Concert for George

question_text: who sang here comes the sun at concert for george

text: Concert for George

text: Performances[edit]

text: The concert opened with a traditional Sanskrit invocation, the Sarvesham chant, followed by Indian music when Anoushka Shankar, daughter of Ravi Shankar, played "Your Eyes". Next, Anoushka Shankar, Dhani Harrison and Jeff Lynne performed "The Inner Light", followed by a Ravi Shankar composition "Arpan" (Sanskrit for 'to give'), specially written for the occasion.

text: Next there was a comedy interlude with four of the surviving members of the Monty Python troupe (Eric Idle, Terry Jones, Terry Gilliam along with Python contributor Neil Innes) performing "Sit on My Face". Then Michael Palin came out as an over-the-top announcer who eventually states that he only ever wanted to be a lumberjack. He was then joined by the Pythons, Innes, Carol Cleveland and actor Tom Hanks and The Fred Tomlinson Singers to perform "The Lumberjack Song".

text: The remainder of the concert featured "George's Band" and included the surviving members of the Beatles, Paul McCartney and Ringo Starr, as well as musicians Eric Clapton, Jeff Lynne, Tom Petty, Billy Preston, Jools Holland, Albert Lee, Sam Brown, Gary Brooker, Joe Brown, Ray Cooper, Andy Fairweather-Low, Marc Mann, Dave Bronze, Klaus Voormann, Harrison's son Dhani and several other musicians who appeared on Harrison's recordings over the years.[2]

text: Between them they played a selection of mostly Harrison's songs, from both Beatles and post-Beatles eras, generally staying faithful to Harrison's original arrangements. Performances included Clapton on "If I Needed Someone" and "Beware of Darkness"; Clapton and Preston on "Isn't It a Pity"; McCartney on "For You Blue" and "All Things Must Pass"; Starr on "Photograph" and "Honey Don't"; McCartney and Clapton on "Something" (McCartney opening with a solo ukulele accompaniment which then shifts into a full band version featuring Clapton); Preston on "My Sweet Lord"; McCartney, Clapton and Starr reuniting on "While My Guitar Gently Weeps"; Petty on "I Need You" and "Taxman"; Lynne on "I Want to Tell You" and "Give Me Love (Give Me Peace on Earth)"; Petty and Lynne with Dhani Harrison and Jim Keltner on "Handle With Care" as a quasi-Traveling Wilburys; and the group performance of "Wah-Wah".

text: Joe Brown closed the show with a rendition of "I'll See You in My Dreams" on ukulele, one of Harrison's favourite instruments.

text: The event was filmed and a motion picture version, directed by David Leland and photographed by Chris Menges was released on DVD on 17 November 2003. A compact disc version was also released on the same date although the Monty Python and Sam Brown tracks were not included on the CD. A Blu-ray version was released by Rhino Records on 22 March 2011.[3]

text: In 2018, to honor what would have been the late Beatle's 75th birthday, the concert made its debut on streaming services, and was issued on a vinyl LP set for the first time. [4]

text: Set list[edit]

text: This section possibly contains original research. Please improve it by verifying the claims made and adding inline citations. Statements consisting only of original research should be removed. (August 2010) (Learn how and when to remove this template message)

tag: table

text:
"Sarveshaam"

Traditional prayer – including a dedication by Ravi Shankar

"Your Eyes" (Ravi Shankar) – 8:22

Anoushka Shankar: sitar; Tanmoy Bose: tabla

"The Inner Light" (Harrison) – 3:01

Anoushka Shankar: sitar; Jeff Lynne: lead vocals, acoustic guitar; Rajendara Prasanna: shahnai; Tanmoy Bose: tabla; Dhani Harrison: backing vocals, piano; Unidentified musicians: other instruments

"Arpan" (Ravi Shankar) – 23:01

Anoushka Shankar: conductor; Sukanya Shankar: vocal-shloka; M. Balanchandar: mridangam; Rajendara Prasanna: shahnai; Vishwa Mohan Bhatt: mohan vina; Tanmoy Bose: tabla, dholak; Chandrasekhar, Balu Raghuraman: violins; Eric Clapton: acoustic guitar; Pedro Eustache: wind instruments; Sunil Gupta: flute; Anuradha Krishamurthi, O.S. Arun: lead vocals; Jane Lister: harp; Gaurav Mazumdar: sitar; Snehashish Mzumdar: mandolin; Ramesh Mishra: sarangi; Pirashanna Thevarajah: percussion; Kenji Ota: tanpura; Barry Phillips: cello; Emil Richards: marimba; Partho Sarathy: sarod; Hari Sivanesan, Sivaskti Sivanesan: veena; Boys and Girls Choir courtesy of Bharatiya Vidya Bhavan; English Chamber Choir; London Metropolitan Orchestra (Andrew Brown, Roger Chase, Chris Fish, Helen Hathorn, Lynda Houghton, Ian Humphries, Zoe Martlew, Stella Page, Debbie Widdup)
Michael Kamen – string conductor, string arrangement

Comic Interlude including four members of Monty Python: Michael Palin, Terry Jones, Eric Idle and Terry Gilliam. Also performing: Neil Innes, Carol Cleveland and Tom Hanks.

"Sit on My Face"
"The Lumberjack Song"

"I Want to Tell You" (Harrison) – 2:52

Jeff Lynne: lead vocals, rhythm guitar

"If I Needed Someone" (Harrison) – 2:28

Eric Clapton: lead vocals, rhythm guitar

"Old Brown Shoe" (Harrison) – 3:48

Gary Brooker: lead vocals, electric piano

"Give Me Love (Give Me Peace on Earth)" (Harrison) – 3:29

Jeff Lynne: lead vocals, acoustic guitar

"Beware of Darkness" (Harrison) – 4:00

Eric Clapton: lead vocals, rhythm guitar

"Here Comes the Sun" (Harrison) – 3:09

Joe Brown: lead vocals, acoustic guitar; Neil Gauntlett: acoustic guitar; Dave 'Rico' Nilo: bass; Phil Capaldi: drums; Andy Fairweather-Low: electric guitar

"That's the Way It Goes" (Harrison) – 3:39

Joe Brown: lead vocals, mandolin; Neil Gauntlett: acoustic guitar; Andy Fairweather-Low: slide electric guitar; Dave 'Rico' Nilo: bass; Phil Capaldi: drums

"Horse to the Water" (George Harrison / Dhani Harrison)

Sam Brown: lead vocals; Jools Holland: piano; Jim Capaldi: drums

"Taxman" (Harrison) – 3:10

Tom Petty: lead vocals, rhythm guitar; Mike Campbell: lead guitar; Benmont Tench: electric piano; Ron Blair: bass; Steve Ferrone: drums; Scott Thurston: backing vocals, rhythm guitar

"I Need You" (Harrison) – 3:00

Tom Petty: lead vocals, twelve-string acoustic rhythm guitar; Mike Campbell: lead guitar; Benmont Tench: electric piano; Ron Blair: bass; Steve Ferrone: drums; Scott Thurston: backing vocals, rhythm guitar

"Handle with Care" (George Harrison / Jeff Lynne / Roy Orbison / Tom Petty / Bob Dylan) – 3:27

Tom Petty: lead vocals, twelve-string acoustic rhythm guitar; Jeff Lynne: lead vocals, rhythm guitar; Dhani Harrison: acoustic rhythm guitar; Scott Thurston: backing vocals, rhythm guitar, harmonica; Mike Campbell: lead guitar; Benmont Tench: electric piano; Ron Blair: bass; Steve Ferrone: drums; Jim Keltner: drums

"Isn't It a Pity" (Harrison) – 6:58

Billy Preston: lead vocals, Hammond organ; Eric Clapton: lead vocals, lead guitar; Marc Mann: slide guitar

"Photograph" (Starkey/Harrison) – 3:56

Ringo Starr: lead vocals; Jim Horn: sax solo

"Honey Don't" (Carl Perkins) – 3:03

Ringo Starr: lead vocals; Albert Lee: lead guitar solo; Gary Brooker: piano solo; Billy Preston: Hammond organ

"For You Blue" (Harrison) – 3:04

Paul McCartney: lead vocals, acoustic guitar; Ringo Starr: drums; Marc Mann: slide guitar; Gary Brooker: piano solo

"Something" (Harrison) – 4:25

Paul McCartney: lead vocals, ukulele, acoustic rhythm guitar; Ringo Starr: drums; Eric Clapton: lead vocals, rhythm guitar; Marc Mann: lead guitar

"All Things Must Pass" (Harrison) – 3:33

Paul McCartney: lead vocals, acoustic guitar; Ringo Starr: drums; Eric Clapton: acoustic guitar; Dhani Harrison: electric guitar; Klaus Voormann: bass; Marc Mann: slide guitar

"While My Guitar Gently Weeps" (Harrison) – 5:57

Eric Clapton: lead vocals, lead guitar solos; Paul McCartney: lead vocals, piano; Ringo Starr: drums; Dhani Harrison: acoustic guitar; Marc Mann: lead guitar

"My Sweet Lord" (Harrison) – 5:02

Billy Preston: lead vocals, Hammond organ; Paul McCartney: piano; Ringo Starr: drums; Eric Clapton: twelve-string acoustic guitar; Dhani Harrison: backing vocals, acoustic guitar; Marc Mann: slide guitar

"Wah-Wah" (Harrison) – 6:06

Eric Clapton: rhythm guitar/vocals; Jeff Lynne: acoustic rhythm guitar/vocals;[5] Billy Preston: backing vocals, Hammond organ; Supergroup of Guest Musicians: other instruments

"I'll See You in My Dreams" (Isham Jones / Gus Kahn) – 4:01

Joe Brown: lead vocals, ukulele; Neil Gauntlett: acoustic guitar; Dave 'Rico' Nilo: bass; Jim Capaldi: drums

tag: ol

text: George's Band (after interlude) and guests[edit]

text:
Eric Clapton – electric and acoustic guitars, musical director
Jeff Lynne, Tom Petty, Joe Brown, Albert Lee, Marc Mann, Andy Fairweather-Low, Paul McCartney, Dhani Harrison – electric and acoustic guitars
Gary Brooker, Jools Holland, Chris Stainton, Sam Brown, Billy Preston, Paul McCartney – keyboards
Dave Bronze, Klaus Voormann – bass
Ringo Starr, Jim Keltner, Jim Capaldi, Henry Spinetti – drums
Ray Cooper, Emil Richards, Jim Capaldi – percussion
Jim Horn – tenor saxophone
Tom Scott – alto saxophone
Katie Kissoon, Tessa Niles, Sam Brown – backing vocals
Anoushka Shankar – sitar


document_title: We Can Do It!

question_text: where was the we can do it poster made

question_tokens: where was the we can do it poster made

text: We Can Do It!

text: Background[edit]

text: After the Japanese attack on Pearl Harbor, the U.S. government called upon manufacturers to produce greater amounts of war goods. The workplace atmosphere at large factories was often tense because of resentment built up between management and labor unions throughout the 1930s. Directors of companies such as General Motors (GM) sought to minimize past friction and encourage teamwork. In response to a rumored public relations campaign by the United Auto Workers union, GM quickly produced a propaganda poster in 1942 showing both labor and management rolling up their sleeves, aligned toward maintaining a steady rate of war production. The poster read, "Together We Can Do It!" and "Keep 'Em Firing!"[3] In creating such posters, corporations wished to increase production by tapping popular pro-war sentiment, with the ultimate goal of preventing the government from exerting greater control over production.[3]

text: Westinghouse Electric[edit]

text: In 1942, Pittsburgh artist J. Howard Miller was hired by Westinghouse Electric's internal War Production Coordinating Committee, through an advertising agency, to create a series of posters to display to the company's workers.[1][4] The intent of the poster project was to raise worker morale, to reduce absenteeism, to direct workers' questions to management, and to lower the likelihood of labor unrest or a factory strike. Each of the more than 42 posters designed by Miller was displayed in the factory for two weeks, then replaced by the next one in the series. Most of the posters featured men; they emphasized traditional roles for men and women. One of the posters pictured a smiling male manager with the words "Any Questions About Your Work? ... Ask your Supervisor."[1][2]

text: No more than 1,800 copies of the 17-by-22-inch (559 by 432 mm) "We Can Do It!" poster were printed.[1] It was not initially seen beyond several Westinghouse factories in East Pittsburgh, Pennsylvania, and the midwestern U.S., where it was scheduled to be displayed for two five-day work weeks starting Monday, February 15, 1943.[1][5][6][7][8] The targeted factories were making plasticized helmet liners impregnated with Micarta, a phenolic resin invented by Westinghouse. Mostly women were employed in this enterprise, which yielded some 13 million helmet liners over the course of the war.[9] The slogan "We Can Do It!" was probably not interpreted by the factory workers as empowering to women alone; they had been subjected to a series of paternalistic, controlling posters promoting management authority, employee capability and company unity, and the workers would likely have understood the image to mean "Westinghouse Employees Can Do It", all working together.[1] The upbeat image served as gentle propaganda to boost employee morale and keep production from lagging.[10] The pictured red, white and blue clothing was a subtle call to patriotism, one of the frequent tactics of corporate war production committees.[1][2]

text: Rosie the Riveter[edit]

text: During World War II, the "We Can Do It!" poster was not connected to the 1942 song "Rosie the Riveter", nor to the widely seen Norman Rockwell painting called Rosie the Riveter that appeared on the cover of the Memorial Day issue of the Saturday Evening Post, May 29, 1943. The Westinghouse poster was not associated with any of the women nicknamed "Rosie" who came forward to promote women working for war production on the home front. Rather, after being displayed for two weeks in February 1943 to some Westinghouse factory workers, it disappeared for nearly four decades.[11][12] Other "Rosie" images prevailed, often photographs of actual workers. The Office of War Information geared up for a massive nationwide advertising campaign to sell the war, but "We Can Do It!" was not part of it.[10]

text: Rockwell's emblematic Rosie the Riveter painting was loaned by the Post to the U.S. Treasury Department for use in posters and campaigns promoting war bonds. Following the war, the Rockwell painting gradually sank from public memory because it was copyrighted; all of Rockwell's paintings were vigorously defended by his estate after his death. This protection resulted in the original painting gaining value—it sold for nearly $5 million in 2002.[13] Conversely, the lack of protection for the "We Can Do It!" image is one of the reasons it experienced a rebirth.[6]

text: Ed Reis, a volunteer historian for Westinghouse, noted that the original image was not shown to female riveters during the war, so the recent association with "Rosie the Riveter" was unjustified. Rather, it was targeted at women who were making helmet liners out of Micarta. Reis joked that the woman in the image was more likely to have been named "Molly the Micarta Molder or Helen the Helmet Liner Maker."[9]

text: Rediscovery[edit]

text: In 1982, the "We Can Do It!" poster was reproduced in a magazine article, "Poster Art for Patriotism's Sake", a Washington Post Magazine article about posters in the collection of the National Archives.[14]

text: In subsequent years, the poster was re-appropriated to promote feminism. Feminists saw in the image an embodiment of female empowerment.[15] The "We" was understood to mean "We Women", uniting all women in a sisterhood fighting against gender inequality. This was very different from the poster's 1943 use to control employees and to discourage labor unrest.[1][10] History professor Jeremiah Axelrod commented on the image's combination of femininity with the "masculine (almost macho) composition and body language."[16]

text: Smithsonian magazine put the image on its cover in March 1994, to invite the viewer to read a featured article about wartime posters. The US Postal Service created a 33¢ stamp in February 1999 based on the image, with the added words "Women Support War Effort".[17][18][19] A Westinghouse poster from 1943 was put on display at the National Museum of American History, part of the exhibit showing items from the 1930s and '40s.[20]

text: Wire service photograph[edit]

text: In 1984, former war worker Geraldine Hoff Doyle came across an article in Modern Maturity magazine which showed a wartime photograph of a young woman working at a lathe, and she assumed that the photograph was taken of her in mid-to-late 1942 when she was working briefly in a factory. Ten years later, Doyle saw the "We Can Do It!" poster on the front of the Smithsonian magazine and assumed the poster was an image of herself. Without intending to profit from the connection, Doyle decided that the 1942 wartime photograph had inspired Miller to create the poster, making Doyle herself the model for the poster.[21] Subsequently, Doyle was widely credited as the inspiration for Miller's poster.[11][22][23][24][25] From an archive of Acme news photographs, Professor James J. Kimble obtained the original photographic print, including its yellowed caption identifying the woman as Naomi Parker. The photo is one of a series of photographs taken at Naval Air Station Alameda in California, showing Parker and her sister working at their war jobs during March 1942.[26][27] These images were published in various newspapers and magazines beginning in April 1942, during a time when Doyle was still attending high school in Michigan.[21] In February 2015, Kimble interviewed the Parker sisters, now named Naomi Fern Fraley, 93, and her sister Ada Wyn Morford, 91, and found that they had known for five years about the incorrect identification of the photo, and had been rebuffed in their attempt to correct the historical record.[21]

text: Although many publications have repeated Doyle's unsupported assertion that the wartime photograph inspired Miller's poster,[21] Westinghouse historian Charles A. Ruch, a Pittsburgh resident who had been friends with J. Howard Miller, said that Miller was not in the habit of working from photographs, but rather live models. Penny Coleman, the author of Rosie the Riveter: Women working on the home front in World War II, said that she and Ruch could not determine whether the wartime photo had appeared in any of the periodicals that Miller would have seen.[28]

text: Legacy[edit]

text: Today, the image has become very widely known, far beyond its narrowly defined purpose during WWII. It has adorned T-shirts, tattoos, coffee cups and refrigerator magnets—so many different products that the Washington Post called it the "most over-exposed" souvenir item available in Washington, D.C.[1] It was used in 2008 by some of the various regional campaigners working to elect Sarah Palin, Ron Paul and Hillary Clinton.[9] Michelle Obama was worked into the image by some attendees of the 2010 Rally to Restore Sanity and/or Fear.[10] The image has been employed by corporations such as Clorox who used it in advertisements for household cleaners, the pictured woman provided in this instance with a wedding ring on her left hand.[29] Parodies of the image have included famous women, men, animals and fictional characters. A bobblehead doll and an action figure toy have been produced.[1] The Children's Museum of Indianapolis showed a 4-by-5-foot (1.2 by 1.5 m) replica made by artist Kristen Cumings from thousands of Jelly Belly candies.[30][31]

text: After Julia Gillard became the first female prime minister of Australia in June 2010, a Melbourne street artist calling himself Phoenix pasted Gillard's face into a new monochrome version of the "We Can Do It!" poster.[32] AnOther Magazine published a photograph of the poster taken on Hosier Lane, Melbourne, in July 2010, showing that the original "War Production Co-ordinating Committee" mark in the lower right had been replaced with a URL pointing to Phoenix's Flickr photostream.[33][34][35] In March 2011, Phoenix produced a color version which stated "She Did It!" in the lower right,[36] then in January 2012 he pasted "Too Sad" diagonally across the poster to represent his disappointment with developments in Australian politics.[37]

text: Geraldine Doyle died in December 2010. Utne Reader went ahead with their scheduled January–February 2011 cover image: a parody of "We Can Do It!" featuring Marge Simpson raising her right hand in a fist.[38] The editors of the magazine expressed regret at the passing of Doyle.[39]

text: A stereoscopic (3D) image of "We Can Do It!" was created for the closing credits of the 2011 superhero film Captain America: The First Avenger. The image served as the background for the title card of English actress Hayley Atwell.[40]

text: The Ad Council claimed the poster was developed in 1942 by its precursor, the War Advertising Committee, as part of a "Women in War Jobs" campaign, helping to bring "over two million women" into war production.[41][42][43] In February 2012 during the Ad Council's 70th anniversary celebration, an interactive application designed by Animax's HelpsGood digital agency was linked to the Ad Council's Facebook page. The Facebook app was called "Rosify Yourself", referring to Rosie the Riveter; it allowed viewers to upload images of their faces to be incorporated into the "We Can Do It!" poster, then saved to be shared with friends.[44] Ad Council President and CEO Peggy Conlon posted her own "Rosified" face on Huffington Post in an article she wrote about the group's 70-year history.[43] The staff of the television show Today posted two "Rosified" images on their website, using the faces of news anchors Matt Lauer and Ann Curry.[45] However, Seton Hall University professor James J. Kimble and University of Pittsburgh professor Lester C. Olson researched the origins of the poster and determined that it was not produced by the Ad Council nor was it used for recruiting women workers.[1]


document_title: Gold standard

question_text: when did canada go off the gold standard

question_tokens: when did canada go off the gold standard

text: Gold standard

text: History

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

text: Origin

text: The gold specie standard arose from the widespread acceptance of gold as currency.[5] Various commodities have been used as money; typically, the one that loses the least value over time becomes the accepted form.[6] The use of gold as money began thousands of years ago in Asia Minor.[7]

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

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

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

text: A formal gold specie standard was first established in 1821, when Britain adopted it following the introduction of the gold sovereign by the new Royal Mint at Tower Hill in 1816. The United Province of Canada in 1853, Newfoundland in 1865, and the United States and Germany (de jure) in 1873 adopted gold. The United States used the eagle as its unit, Germany introduced the new gold mark, while Canada adopted a dual system based on both the American gold eagle and the British gold sovereign.

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

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

text: Silver

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

text: United Kingdom

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

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

text: United States

text: In the 1780s, Thomas Jefferson, Robert Morris and Alexander Hamilton recommended to Congress the value of a decimal system. This system would also apply to monies in the United States. The question was what type of standard: gold, silver or both.[12] The United States adopted a silver standard based on the Spanish milled dollar in 1785.

text: International

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

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

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

text: Japan

text: Following Germany's decision after the 1870–1871 Franco-Prussian War to extract reparations to facilitate a move to the gold standard, Japan gained the needed reserves after the Sino-Japanese War of 1894–1895. For Japan, moving to gold was considered vital for gaining access to Western capital markets.[13]

text: Bimetallic standard

text: US: Pre-Civil War

text: In 1792, Congress passed the Mint and Coinage Act. It authorized the federal government's use of the Bank of the United States to hold its reserves, as well as establish a fixed ratio of gold to the U.S. dollar. Gold and silver coins were legal tender, as was the Spanish real. In 1792 the market price of gold was about 15 times that of silver.[12] Silver coins left circulation, exported to pay for the debts taken on to finance the American Revolutionary War. In 1806 President Jefferson suspended the minting of silver coins. This resulted in a derivative silver standard, since the Bank of the United States was not required to fully back its currency with reserves. This began a long series of attempts by the United States to create a bi-metallic standard.

text: The intention was to use gold for large denominations, and silver for smaller denominations. A problem with bimetallic standards was that the metals' absolute and relative market prices changed. The mint ratio (the rate at which the mint was obligated to pay/receive for gold relative to silver) remained fixed at 15 ounces of silver to 1 ounce of gold, whereas the market rate fluctuated from 15.5 to 1 to 16 to 1. With the Coinage Act of 1834, Congress passed an act that changed the mint ratio to approximately 16 to 1. Gold discoveries in California in 1848 and later in Australia lowered the gold price relative to silver; this drove silver money from circulation because it was worth more in the market than as money.[14] Passage of the Independent Treasury Act of 1848 placed the U.S. on a strict hard-money standard. Doing business with the American government required gold or silver coins.

text: Government accounts were legally separated from the banking system. However, the mint ratio (the fixed exchange rate between gold and silver at the mint) continued to overvalue gold. In 1853, the US reduced the silver weight of coins to keep them in circulation and in 1857 removed legal tender status from foreign coinage. In 1857 the final crisis of the free banking era began as American banks suspended payment in silver, with ripples through the developing international financial system. Due to the inflationary finance measures undertaken to help pay for the US Civil War, the government found it difficult to pay its obligations in gold or silver and suspended payments of obligations not legally specified in specie (gold bonds); this led banks to suspend the conversion of bank liabilities (bank notes and deposits) into specie. In 1862 paper money was made legal tender. It was a fiat money (not convertible on demand at a fixed rate into specie). These notes came to be called "greenbacks".[14]

text: US: Post-Civil War

text: After the Civil War, Congress wanted to reestablish the metallic standard at pre-war rates. The market price of gold in greenbacks was above the pre-War fixed price ($20.67 per ounce of gold) requiring deflation to achieve the pre-War price. This was accomplished by growing the stock of money less rapidly than real output. By 1879 the market price matched the mint price of gold. The coinage act of 1873 (also known as the Crime of ‘73) demonetized silver. This act removed the 412.5 grain silver dollar from circulation. Subsequently silver was only used in coins worth less than $1 (fractional currency). With the resumption of convertibility on June 30, 1879 the government again paid its debts in gold, accepted greenbacks for customs and redeemed greenbacks on demand in gold. Greenbacks were therefore perfect substitutes for gold coins. During the latter part of the nineteenth century the use of silver and a return to the bimetallic standard were recurrent political issues, raised especially by William Jennings Bryan, the People's Party and the Free Silver movement . In 1900 the gold dollar was declared the standard unit of account and a gold reserve for government issued paper notes was established. Greenbacks, silver certificates, and silver dollars continued to be legal tender, all redeemable in gold.[14]

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

text:
US gold stock

1862
59 tons

1866
81 tons

1875
50 tons

1878
78 tons

text: The US had a gold stock of 1.9 million ounces (59 t) in 1862. Stocks rose to 2.6 million ounces (81 t) in 1866, declined in 1875 to 1.6 million ounces (50 t) and rose to 2.5 million ounces (78 t) in 1878. Net exports did not mirror that pattern. In the decade before the Civil War net exports were roughly constant; postwar they varied erratically around pre-war levels, but fell significantly in 1877 and became negative in 1878 and 1879. The net import of gold meant that the foreign demand for American currency to purchase goods, services, and investments exceeded the corresponding American demands for foreign currencies. In the final years of the greenback period (1862–1879), gold production increased while gold exports decreased. The decrease in gold exports was considered by some to be a result of changing monetary conditions. The demands for gold during this period were as a speculative vehicle, and for its primary use in the foreign exchange markets financing international trade. The major effect of the increase in gold demand by the public and Treasury was to reduce exports of gold and increase the Greenback price of gold relative to purchasing power.[15]

text: Gold exchange standard

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

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

text: Around the start of the 20th century, the Philippines pegged the silver peso/dollar to the U.S. dollar at 50 cents. This move was assisted by the passage of the Philippines Coinage Act by the United States Congress on March 3, 1903.[16] Around the same time Mexico and Japan pegged their currencies to the dollar. When Siam adopted a gold exchange standard in 1908, only China and Hong Kong remained on the silver standard.

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

text: Impact of World War I

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

text: By the end of 1913, the classical gold standard was at its peak but World War I caused many countries to suspend or abandon it.[17] According to Lawrence Officer the main cause of the gold standard’s failure to resume its previous position after World War 1 was “the Bank of England's precarious liquidity position and the gold-exchange standard.” A run on sterling caused Britain to impose exchange controls that fatally weakened the standard; convertibility was not legally suspended, but gold prices no longer played the role that they did before.[18] In financing the war and abandoning gold, many of the belligerents suffered drastic inflations. Price levels doubled in the US and Britain, tripled in France and quadrupled in Italy. Exchange rates changed less, even though European inflations were more severe than America’s. This meant that the costs of American goods decreased relative to those in Europe. Between August 1914 and spring of 1915, the dollar value of US exports tripled and its trade surplus exceeded $1 billion for the first time.[19]

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

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

text: The US did not suspend the gold standard during the war. The newly created Federal Reserve intervened in currency markets and sold bonds to “sterilize”[vague] some of the gold imports that would have otherwise increased the stock of money.[citation needed] By 1927 many countries had returned to the gold standard.[14] As a result of World War 1 the United States, which had been a net debtor country, had become a net creditor by 1919.[20]

text: Gold bullion replaces gold specie as standard

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

text: The British Gold Standard Act 1925 both introduced the gold bullion standard and simultaneously repealed the gold specie standard. The new standard ended the circulation of gold specie coins. Instead, the law compelled the authorities to sell gold bullion on demand at a fixed price, but "only in the form of bars containing approximately four hundred ounces troy [12 kg] of fine gold".[21][22] John Maynard Keynes, citing deflationary dangers, argued against resumption of the gold standard.[23]

text: Many other countries followed Britain in returning to the gold standard, this was followed by a period of relative stability but also deflation.[24] 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.[25][26][27] 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.[28]

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.[30] 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.[31] 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.[32] 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.[33] The money supply peaked in March 1937, with a trough in May 1938.[34]

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

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.[38] 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.[39]

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.[35]

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

text: World War II

text: Under the Bretton Woods international monetary agreement of 1944, the gold standard was kept without domestic convertibility. The role of gold was severely constrained, as other countries’ currencies were fixed in terms of the dollar. Many countries kept reserves in gold and settled accounts in gold. Still they preferred to settle balances with other currencies, with the American dollar becoming the favorite. The International Monetary Fund was established to help with the exchange process and assist nations in maintaining fixed rates. Within Bretton Woods adjustment was cushioned through credits that helped countries avoid deflation. Under the old standard, a country with an overvalued currency would lose gold and experience deflation until the currency was again valued correctly. Most countries defined their currencies in terms of dollars, but some countries imposed trading restrictions to protect reserves and exchange rates. Therefore, most countries' currencies were still basically inconvertible. In the late 1950s, the exchange restrictions were dropped and gold became an important element in international financial settlements.[14]

text: Bretton Woods

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

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

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

text: Production of gold

text: An estimated total of 174,100 tonnes of gold have been mined in human history, according to GFMS as of 2012. This is roughly equivalent to 5.6 billion troy ounces or, in terms of volume, about 9,261 cubic metres (327,000 cu ft), or a cube 21 metres (69 ft) on a side. There are varying estimates of the total volume of gold mined. One reason for the variance is that gold has been mined for thousands of years. Another reason is that some nations are not particularly open about how much gold is being mined. In addition, it is difficult to account for the gold output in illegal mining activities.[49]

text: World production for 2011 was at 2,700 tonnes. Since the 1950s, annual gold output growth has approximately kept pace with world population growth of around 2x[clarification needed],[50] although far less than world economic growth of some 8x[clarification needed],[51] or some 4x[clarification needed] since 1980.[52]

text: Theory

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

text: Gold was a preferred form of money due to its rarity, durability, divisibility, fungibility and ease of identification,[53] 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.[54]

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."[55] 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.[56]

text: In an international gold-standard system (which is necessarily based on an internal gold standard in the countries concerned),[57] 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.[58] 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.[59] In the U.S., inflation occurred during the Civil War, which destroyed the economy of the South.[60] Inflation also followed the California Gold Rush that made large amounts of gold available for minting.[61] Historical data shows that the magnitude of short run swings in prices were far higher under the gold standard.[62][58]
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".[59] 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.[63]
A gold standard does not allow some types of financial repression.[64] 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.[65][66] 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."[67]

text: Disadvantages

text:
The unequal distribution of gold deposits makes the gold standard more advantageous for those countries that produce gold.[68] In 2010 the largest producers of gold, in order, were China, Australia, U.S., South Africa and Russia.[69] The country with the largest unmined gold deposits is Australia.[70]
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."[71]
Mainstream economists believe that economic recessions can be largely mitigated by increasing the money supply during economic downturns.[72] 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.[73] 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.[74]
Although the gold standard brings long-run price stability, it is historically associated with high short-run price volatility.[58][75] 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.[75]
Deflation punishes debtors.[76][77] 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.[78]
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.[58][79] The consensus view is that the gold standard contributed to the severity and length of the Great Depression.[80][81]
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.[81][82][83][84]
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.[85]
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.[86]
A gold standard provides practical constraints against the measures that central banks might otherwise use to respond to economic crises.[87] Creation of new money reduces interest rates and thereby increases demand for new lower cost debt, raising the demand for money.[88]

text: Gold standard and Bitcoin

text: According to research produced by the Bank of Canada, the emerging Bitcoin economy has many similarities with the economy based on gold standard, in particular:[89][90]

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

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

text:
independence from government[91][92]
price declines[91]
less spending during crisis times[91]

text: George Gilder, a proponent of gold standard, proposed breaking "the government monopoly on money" by using a combination of Bitcoin for the internet and treating gold in tax terms as currency.[93][94]

text: Advocates

text: A return to the gold standard was considered by the US Gold Commission back in 1982, but found only minority support.[95] 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.[96] As of 2013[update] the global monetary system continued to rely on the US dollar as the main reserve currency.[97]

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.[98] 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.[99] 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.[100]

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.[101]

text: The gold standard is supported by many followers of the Austrian School of Economics, free-market libertarians and some supply-siders.[102]

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.[103]

text: In 2011 the Utah legislature passed a bill to accept federally issued gold and silver coins as legal tender to pay taxes.[104] 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.[105] 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.[106]

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.[107]

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.[108]

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."[109]