Yet now the peso-for-dollar parity that goes with the system is at risk.
The Australian dollar hit parity with the U.S. dollar last week for the first time since Sydney floated the currency in 1983.
Many conservatives are perfectly OK with a politically independent central bank to keep the dollar at parity with a defined weight of gold much as the Bank of England accomplished for almost two centuries.
With the Canadian dollar running near parity with the U.S. dollar, currency exchange is presently not a factor.
As America prints more and more money to prevent deflation, China must (if it wants to sustain the dollar-renminbi parity) print equal money -- risking inflation.
The Turkish lira has depreciated against the dollar by 58% in less than a year while the Argentine peso has remained fixed at parity to the dollar.
The euro breached parity against the dollar for the first time since February 2000.
After three years of lagging, Europe's 12-nation common currency, the euro, is at parity with the dollar.
Only one bank, Goldman Sachs, expects the euro-dollar rate to rise above parity within the next 12 months.
At the time, the crytpocurrency had recently surpassed parity with the dollar.
Demand for Australian iron ore, coal and natural gas, mostly from Asia, has pushed up the Australian dollar, which remains above parity with its U.S. counterpart.
At the rate things are going, the yuan will reach parity against the dollar, measured by unit labor costs, about two years from now, possibly sooner.
My call for the pound and the euro to go to parity with the dollar would be out the window for some time, and maybe for good.
FORBES: The Fed Pushes On A String As It Ponders How To Create Inflation
Prior to the 2001 economic collapse, when the government was trying to maintain the peso at parity to the dollar, the government placed limits on bank withdrawals.
CENTERFORSECURITYPOLICY: Argentina��s Kirchner seizes private pension funds
Hong Kong, one of the few Asian countries to maintain a fixed parity to the dollar, spent the summer intervening in its stock market to defend its currency link.
If the Eurozone economies persist in the belief that the ECB can restore solvency to bankrupt nations, the Euro could fall back to parity with the dollar within the next 16 months.
Lehrman also adds a rather detailed program to find an appropriate new gold parity for the dollar, and also for other currencies that would join the new world gold standard around the same time.
The Australian dollar has recently dipped below parity against the greenback, though it remains at historically high levels and is also strong against the euro and pound, giving shoppers fire power if they travel overseas.
Argentina, Latin America's fastest-growing economy last year, has the most rigid exchange-rate system of all, with a currency board that fixes by law the value of the peso at parity with the dollar, and thus limits the money supply to the level of foreign currency reserves.
The value of the dollar naturally varied from its gold parity.
FORBES: Mind-Bending Idiocy Is The Reason We Don't Have A Gold Standard Today
The latest conventional wisdom is to argue that the country was badly mistaken to cling for so long to the currency board, which pegged the peso at parity with the American dollar.
Although the IMF says it is budgetary concerns which led it to delay giving Argentina the cash it was hoping for, some economists suspect that the IMF now believes that Argentina's currency board, which enshrines the fixed-parity link between the peso and the dollar in law, has become unsustainable.
After years of complaining about the benefit Japanese competitors enjoy from an artificially weak yen, the dollar has weakened, providing at least a bit more parity.
The Canadian dollar, having dipped sharply, is back up to rough parity with the greenback.
Economistics suggests a purchasing-power parity of 14.57 Chinese yuan to the dollar, compared with the current 8.31 yuan.
The authors conclude that the yuan was 10% undervalued against the dollar in 2006, which means that it might now be close to parity.
The central bank on Friday cut the central parity rate by 0.1 percent to 6.2152 per dollar.
If the central banks were properly calibrating liquidity to maintain parity between the statutory gold price and the market gold price of the dollar and euro, then the trade at the gold windows would remain inert.
应用推荐