Part II: ARISEÂ® Supervision, is a âmini-externshipâ during which the theory and process introduced in Part I is put to the test and honed as ARISEÂ® Intervention Interns practice the ARISEÂ® Intervention and Continuing Care for the first time under the guidance of an experienced supervisor.
The short answer to the question of when the US abandoned the Gold Standard isâ¦1971. To understand why, and to appreciate why some economists and politicians would now like to see a return to the Gold Standard, itâs useful to know a little about its history.
A country that uses the gold standard sets a fixed price for gold and buys and sells gold at that price. That fixed price is used to determine the value of the currency. For example, if the U.S. sets the price of gold at $500 an ounce, the value of the dollar would be 1/500th of an ounce of gold. The gold standard is not currently used by any government. Britain stopped using the gold standard in 1931 and the United States followed suit in 1933 and abandoned the remnants of the system in 1971. The gold standard was completely replaced by fiat money. The term fiat money is used to describe currency that is used because of a government's order â or fiat â that the currency must be accepted as a means of payment.