Photo, left: Under McKinley, gold bullion replaces gold specie as the standard.
A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. Three types can be distinguished: specie, exchange, and bullion.
•       In the gold specie standard the monetary unit is associated with the value of circulating gold coins or the monetary unit has the value of a certain circulating gold coin, but other coins may be made of less valuable metal.
•       The gold bullion standard is a system in which gold coins do not circulate, but the authorities agree to sell gold bullion on demand at a fixed price in exchange for the circulating currency.
The gold exchange standard usually does not involve the circulation of gold coins. The main feature of the gold exchange standard is that the government guarantees a fixed exchange rate to the currency of another country that uses a gold standard (specie or bullion), regardless of what type of notes or coins are used as a means of exchange. This creates a de facto gold standard, where the value of the means of exchange has a fixed external value in terms of gold that is independent of the inherent value of the means of exchange itself.
JOHN BATCHELOR SHOW
Hour One
Friday  14 May 2015 / Hour 1, Block A: Harry Siegel, New York Daily News, in re:  As Mayor de Blasio left the city this week to push his progressive contract with America based on what he’s called his “historic,” “transcendent” record here, his ego seemed to overshadow his accomplishments in the eyes of many New Yorkers. His approval rating fell to 44%, a new low, and more voters than not told Quinnipiac his involvement with national issues is distracting from his duties here. http://www.nydailynews.com/opinion/harry-siegel-mr-de-blasio-washington-article-1.2221225
Friday  14 May 2015 / Hour 1, Block B: Larry Diamond, The Atlantic & Hoover, in re: Ending the Presidential-Debate Duopoly
Friday  14 May 2015 / Hour 1, Block C: Sarah Lyall, NYT, in re: At 25, Laís Souza was one of Brazil's best Olympic gymnasts, and she had just heard the exciting news: She had qualified for the Sochi 2014 Winter Games to compete in aerial skiing, a sport she had never heard of before taking it up seven months earlier. Her mood was buoyant as she looked down the slope that day. But something was not right.   Souza's catastrophic spinal cord injury, the risks of sport, and this Olympian's courage facing adversity; full story can be found here.
Friday  14 May 2015 / Hour 1, Block D:  Sarah Westwood, Washington Examiner, in re:  http://www.washingtonexaminer.com/most-firms-that-gave-to-clintons-lobbied-state/article/2564553
Hour Two
Friday  14 May 2015 / Hour 2, Block A:  Michael Vlahos, Naval War College, in re: http://timesmachine.nytimes.com/timesmachine/1942/06/06/issue.html  (1 of 2)
Friday  14 May 2015 / Hour 2, Block B: Michael Vlahos, Naval War College, in re: http://timesmachine.nytimes.com/timesmachine/1942/06/06/issue.html  (2 of 2)
Friday  14 May 2015 / Hour 2, Block C:  Gene Marks, Washington Post, in re:  
Friday  14 May 2015 / Hour 2, Block D: Hannah Elliot, Bloomberg Businessweek, in re:
Hour Three
Friday  14 May 2015 / Hour 3, Block A: The Floating Kilogram: . . . and Other Editorials on Money from the New York Sun, by Seth Lipsky, with an introduction by James Grant ( of 4)
Friday  14 May 2015 / Hour 3, Block B:  The Floating Kilogram: . . . and Other Editorials on Money from the New York Sun, by Seth Lipsky, with an introduction by James Grant ( of 4)
Friday  14 May 2015 / Hour 3, Block C: The Floating Kilogram: . . . and Other Editorials on Money from the New York Sun, by Seth Lipsky, with an introduction by James Grant ( of 4)
Friday  14 May 2015 / Hour 3, Block D: The Floating Kilogram: . . . and Other Editorials on Money from the New York Sun, by Seth Lipsky, with an introduction by James Grant ( of 4)
Hour Four
Friday  14 May 2015 / Hour 4, Block A:  Susan Berfield, Bloomberg Businessweek, in re: The Tourist Baby Boom (from China to the US)
Friday  14 May 2015 / Hour 4, Block B:  Kate Galbraith, New York Times International, in re: Green Column: with Tesla entering the market, hope grows for home batteries.
Friday  14 May 2015 / Hour 4, Block C: Mary Anastasia O'Grady, Wall Street Journal, in re: Puerto Rico's debt-relief gambit
Friday  14 May 2015 / Hour 4, Block D:   Coral Davenport, NYT, in re:  U.S. Will Allow Drilling for Oil in Arctic Ocean The move is a major victory for Shell, but environmentalists say a possible accident there could have far-reaching consequences.
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