Market Report

No. 24 | 6^th  July 2026: 250 years of US independence, 55 years of fiat currency

Since the founding of the US, the money system has changed multiple times. Before the Federal Reserve was established, the US dollar sat within a gold-backed banking system in which money creation depended on private banks and the Treasury rather than a central bank able to elastically supply liquidity. The inelasticity of the money supply was exposed by the panic of 1907, leading to the passing of the Federal Reserve Act of 1913 which created such an institution. Up to this point, currency took the form of gold/silver coins or paper notes that anyone could exchange, on demand, for a set weight of gold. This changed in 1933 when Franklin Roosevelt broke the domestic link between citizens and monetary gold with Executive Order 6102, requiring citizens to exchange their gold for paper currency at $20.67/oz. The concentration of gold within the state then allowed for reflation of the economy during the Great Depression.

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