Online Gk – Current Affairs

Welcome to Online GK and Current affairs for SSC CPO 2018, Free study material for upcoming ssc exams 2018. Here we have complete solution to crack ssc cpo exam which is now going to be held in the month of june 2018. SSC Released notification for this recruitment on 22nd april 2018 and last date to apply online is 15th may 2018. All the aspirants are suggested to follow our free study material to crack CPO 2018.

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History: Worldwide currency or safety, whatever you want to say, but gold has proved this, many times in history. Gold has been widely used throughout history as money and has been a relative standard for currency equivalents to economic regions and countries. Gold standards have been the most common basis for monetary policies throughout human history, being widely supplanted by fiat currency only in the late 20th century. Gold has also been frequently linked to a wide variety of symbolisms and ideologies. Many European countries implemented gold standards in the latter part of 19th century until these were dismantled in the financial crises involving World War I. After the war, chiefly as a result of a shortage in gold reserves, some of the smaller nations changed their currencies by making them redeemable in some foreign currency which in turn, was convertible in gold. This system was called the gold-exchange standard. Up to 1931, the great majority of the countries of the world were on the gold standard. After World War II, the Bretton woods system pegged the United States dollar to gold at a rate of US$35 per troy ounce.


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Production: Gold extraction is most economical in large, easily mined deposits. Since the 1880s, South Africa has been the source for a large proportion of the world’s gold supply, with about 50% of all gold ever produced having come from South Africa. Production in 1970 accounted for 2/3 of the world supply, producing about 1,480 tonnes. 2009 production was 2,450 tonnes. In 2007 China (with 276 tonnes) overtook South Africa as the world’s largest gold producer, the first time since 1905.

The system existed until the 1971 Nixon Shock, when the US unilaterally suspended the direct convertibility of the United States dollar to gold and made the transaction to a fiat currency system.( By the early 1970’s, as the Vietnam War accelerated inflation, the United States as a whole began running a trade deficit. The crucial turning point was 1970, which saw U.S. gold coverage deteriorate from 55% to 22%. This, in the view of neoclassical economists, represented the point where holders of the dollar had lost faith in the ability of the U.S. to cut budget and trade deficits.) On December 17 and 18, 1971, the G- 10, meeting in the Smithsonian Institution in Washington, created the Smithsonian Agreement, which devalued the dollar to $38/ounce, with 2.25% trading bands, and attempted to balance the world financial system using SDRs alone. It was criticized at the time, and was by design a ‘temporary’ agreement.

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It failed to impose discipline on the U.S. government, and with no other credibility mechanism in place, the pressure against the dollar in gold continued. By March 1976, all the major currencies were floating—in other words, exchange rates were no longer the principal method used by governments to administer monetary policy. Dooley, Folkerts-Landau and Garber have referred to the monetary system of today as Bretton Woods II. They argue that in the early 2000s, like 40 years earlier, the international system is composed of a core issuing the dominant international currency, and a periphery. The periphery is committed to export-led growth based on the maintenance of an undervalued exchange rate. In the 1960s, the core was the United States and the periphery was Europe and Japan. This old periphery has since graduated, and the new periphery is Asia. After the 2008 crisis policymakers and others have called for a new international monetary system that some of them also dubbed Bretton Woods II. On the other side, this crisis has revived the debate about Bretton Woods II. On September 24–25, 2009 US President Obama hosted the G20 in Pittsburgh. A realignment of currency exchange rates was proposed. This meeting’s policy outcome could be known as the Pittsburgh Agreement of 2009, where deficit nations may devalue their currencies and surplus nations may revalue theirs upward.

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