DOLLAR STANDARD
WORLD PRICE LEVEL GREAT WEALTH OF UNITED STATES LARGE QUANTITIES OF GOLD STOCKS (By Telegraph.—Press Assn.—Copyright.) London, January' 24. ‘The conclusion is forced on us that in a very real sense the world is on the dollar standard,” declared the Rt. Hon. Reginald McKenna at the Midland Bank meeting of shareholders. He added: “America is able to control the world price level firstly, because she can afford to lose large quantities of her huge waste gold stocks without the risk of her reserve falling below the legal minimum. Secondly, with her great wealth her central banking system can absorb large quantities at the same time depriving it of credit creating powers. This will continue as long as the existing conditions remain. The United States has shown that while gold may be retained as a medium for international payments it can be deprived of its function as the ultimate standard of value.”—A. and N.Z.
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Bibliographic details
Southland Times, Issue 20395, 26 January 1928, Page 7
Word Count
155DOLLAR STANDARD Southland Times, Issue 20395, 26 January 1928, Page 7
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