The gold standard, in the classical sense, would allow central banks to exchange gold for a national currency, according to a fixed weight or quantity of gold for a certain amount of currency. This is what was tried recently with rubles. Until June 30th of 2022, rubles were pegged at a hard-set rate of 5000 rubles per gram. This meant that 5000 rubles was worth approximately $52 on March 25th, but by that Thursday it was worth $63 for the same amount of rubles. What led to this increase was the markets playing themselves out. In order for Eastern European…
