It's the gold standard.

I just wanted to say something about the standard method.

Marshall took the example that CSIRO has recently developed a gold purification method without using cyanide. Because the traditional cyanide gold purification method is very harmful to the environment, many countries hope to find a way to purify gold with little environmental pollution.

So let me show you, and I'm going to start with the standard method first.

Britain fired the first shot in the 1930 s currency war, leaving the gold standard in September 1931. The US retaliated by leaving the gold standard in April 1933.

But then we got off the gold standard for individuals during the Depression and we got off the gold standard as a source of international currency coordination during Richard Nixon's presidency.

So, when we did this for responses from the standard method and from our encoder and transducer.

Well don't talk rat, but we have a clicker, a standard method for animal training, which you see there.

Literally. In Golden Fetters The Gold Standard and the Great Depression, published in 1992, I argued that the deflationary engine that was the gold standard was a key cause of the 1930 s depression, and that abandoning it opened the door to recovery.

Consequently, as tendering is the general procurement method for goods and construction, the provisions enable an electronic reverse auction procedure that follows the pattern of the standard tendering method, adapted to provide for an electronic reverse auction.

The US would then be subject to tighter policy discipline. But the French never explained exactly how restoration of the gold standard might be accomplished, or how it would translate into price and economic stability, given gold markets volatility and the disastrous consequences of the gold standard not least in France in the 1930 s.

The euro shares important features with versions of the old gold standard, under which countries fixed their exchange rates relative to each other by setting the price at which domestic currency could be redeemed in gold. Today, some people espouse the view often loudly that the gold standard was synonymous with economic and financial stability.

According to International Accounting Standard 18, contributions in kind should be valued at fair market value, and the valuation method should be disclosed.

In addition, UNDP has recently revised its Programming Manual and has adopted an industry standard project management method, Prince2, which focuses on results.

In particular, a critical part of the gold standard was that individual national central banks set their own interest rates, with the aim of influencing the direction of capital movements. This became the central feature of the gold standard world a country that was losing gold reserves would tighten interest rates in order to attract money.

The biggest gold outflow in a generation imperiled America s ability to repay its debts abroad. Fear that the US would abandon the gold standard sent the dollar plummeting on world markets.

There are three differences between the euro and the gold standard none of which is particularly reassuring at this moment.

And so with the standard method, the cells do fire, they just don't fire in the normal firing patterns because they don't have the right code.

Unable to agree on coordinated reflationary action, governments opted to move unilaterally. One after another, they abandoned the gold standard, depreciating their currencies.

It is as if German political elites think that they are back in the era of the gold standard. But, even back then, what mattered was the amount of gold you owned not where it was actually stored.

By the middle of the nineteenth century, the world was functioning on a bi metal system based on gold and silver. But, following the British example, most major countries had shifted to a gold standard by the 1870 s.

One after another, they abandoned the gold standard, depreciating their currencies. By loosening credit in this way, they recovered, one after another, from the Great Depression.

America s role as the world s banker went unchallenged for the next 40 years ago, until President Richard Nixon decoupled the dollar from gold. Yet, even without the gold standard, America s economic might, together with the recycling of petrodollars, kept the dollar on top.

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But governments and investors know this, and the result has been much higher debt to GDP ratios than would have been possible under the gold standard. The eurozone as a whole has a debt to GDP ratio of 90 , which is high by any standard.

Adhering to the gold standard during the Great Depression implied a deflationary monetary policy bias, since it required keeping interest rates relatively high to encourage investors to hold deposits in banks rather than demanding the gold that backed them. Once a country eliminated convertibility into gold, it was free to pursue monetary expansion, and deflation tended to end.

After the war, as things settled down, governments tried to return to gold, partly as a symbol of a return to normalcy. But the revived inter war gold standard ultimately fell apart, in no small part because it was impossible to rebuild public trust.

The classic case is Britain s short lived return to gold in the interwar period. The attempt to reconstitute the pre World War I model of globalization collapsed in 1931, when domestic politics forced the British government to choose domestic reflation over the gold standard.

ROME Increasingly, one hears predictions that the euro will go the way of the gold standard in the 1930 s. And, increasingly, the reasoning behind such forecasts seems persuasive.

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These fanatics also believe that a return to the gold standard is inevitable as hyperinflation ensues from central banks debasement of paper money. But, given the absence of any conspiracy, falling inflation, and the inability to use gold as a currency, such arguments cannot be sustained.