World’s Strangest

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Why Did the U.S. Abandon the Gold Standard?

Some have called for a return to the gold standard. How would it affect the economy? What is the gold standard? It’s a monetary system that directly links a currency’s value to that of gold. A country on the gold standard cannot increase the amount of money in circulation without also increasing its gold reserves. Because the [...]

A Currency is "Reevaluated"

Economic activity inside North Korea has reportedly ground to a halt following a government announcement that it is devaluing its currency at a rate of 100:1. There were reports of public outrage and confusion after the announcement of the measure, which requires North Koreans to swap existing won notes for new ones at an exchange rate [...]