Examples of currency depreciation in the following topics:
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- As more money was printed by Congress, the continental dollars depreciated, and currency depreciation became rampant.
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- The declining value of Continental currencies was hardest on Continental soldiers and the poor, as their wages bought less.
- Another was to delay actual payments, pay soldiers and suppliers in depreciated currency, and promise it would be made good after the war.
- By 1780, the paper money was "not worth a Continental", as people said, and a second issue of new currency was attempted.
- At the same time, the states (especially Virginia and the Carolinas) issued over 200 million dollars of their own currency.
- Debtors benefited by paying off their debts with depreciated paper.
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- The current type of contraction requires balance sheet repair via currency depreciation and export-driven growth.
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- During the Revolutionary War, colonists were forced to rely on a patchwork of paper currency, credit, loans, and aid from France.
- Another was to delay actual payments, pay soldiers and suppliers in depreciated currency, and promised these payments after the war.
- By 1780, the paper money was "not worth a Continental", as people said, and a second issue of new currency was attempted.
- At the same time, the states, especially Virginia and the Carolinas, issued over 200 million dollars of their own currency.
- Debtors benefited by paying off their debts with depreciated paper.
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- The
Continental Congress also delayed payments, paid soldiers and suppliers in depreciated currency, and promised to make good on payments in arrears after the war.
- The
declining value of Continental currencies hit soldiers, the poor, and
individuals on fixed incomes the hardest because their wages bought less.
- Debtors also benefited from the economic
situation since they were able to pay off their debts with the depreciated
paper money, amounting to a discount on their previous balances.
- These failed, and only further devalued the American currency.
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- The Continental Congress printed paper money which had no backing and was so depreciated that it ceased to pass as currency, spawning the expression "not worth a continental".
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- As the paper money depreciated, it became the subject of controversy, particularly because debts contracted earlier could be paid in this cheaper currency.
- Among the Union's most important war measures was the creation of a system of national banks that provided a sound currency for industrial expansion.These new banks were required to purchase government bonds, directly financing the war.
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- The Continental Congress printed paper money, which was so depreciated that it ceased to pass as currency, spawning the expression "not worth a continental".
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- These choices added to the general redundancy of the currency and stimulated speculation.
- During the course of the war, Confederate States of America dollars severely depreciated and eventually became worthless.
- These bonds, however, depreciated rapidly as the economy collapsed.
- Confederate currency, widely distributed during the war, ultimately lost all value.
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- On August 5, 1971, Congress released a report recommending devaluation of the dollar in an effort to protect the dollar against "foreign price-gougers. " Meanwhile, European countries began leaving the Bretton Woods international financial system, which had based the value of foreign currencies on the value of the gold-backed dollar.
- On August 9, 1971, as the dollar dropped in value against European currencies, Switzerland unilaterally withdrew the Swiss franc from the Bretton Woods system.
- By December 1971, the import surcharge was dropped as part of a general revaluation of the major currencies, which thereafter were allowed 2.25% devaluations from the agreed exchange rate.
- By March 1976, the world's major currencies were floating — in other words, the currency exchange rates were no longer governments' principal means of administering monetary policy.
- The return to a gold standard is supported by some economists (most notably, adherents to the Austrian School) largely because they object to the role of the government in issuing fiat currency through central banks.