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Answer:
There are arguments for agreeing or disagreeing with fiat money. This sample answer agrees that fiat money is a good form of money. Regardless of your opinion on this issue, it’s important to justify your response.
The US government’s decision to discontinue the gold standard is a good decision. The government can easily control the supply of fiat money and can increase it in case of an economic downturn or during a war. It’s difficult to change the amount of representative money available because it requires the government to maintain sufficient stocks of the commodity it represents.
Explanation:
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The decision of the US government to not continue with the gold standard enabled the government to influence the supply of money.
What is a gold standard?
A gold standard is an economic system where the value of the currency of a country is tied to the gold rates.
The US government can change the supply of currency at the required times. If there is an economic downfall in the country, then the government can raise the supply of money. But if there is a gold standard, then the government has to arrange the required stocks to fulfill the need.
Therefore, the discontinuation of the gold standard by the US government is considered to be a good decision.
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