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This floating system, although it may seem to make sense given how common international trade has become in the modern world, was not the standard used until the very last decades of the Twentieth Century (FRB New York). Prior to the floating exchange rate system the world used the “gold standard” (FRB New York)...

Under the gold standard nations’ central banks would determine the value of their currency based on how many ounces of gold each one unit of their currency could purchase.

Other nations did the same, so that all currencies had a value that could be compared against a common denominator – gold. Because gold could be held and seen and its value has been known for centuries, a currency exchange set up with gold as its base could be trusted by members of all nations who knew that if they arrived at the Bank of London with U...

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