Good As Gold
It dates back to the Byzantine Empire, but its residual effects were seen in the U.S. as recently as 1971. What is it?
It’s the gold standard, an economic policy as old as civilization itself.
Under the gold standard, the value of money is based on the value of gold. In olden days, money was gold coins, so there was only as much money in circulation as there was gold. In more modern times, paper money represented a value in gold and could be exchanged for gold upon demand.
The United States adopted the gold standard in 1873. Most other countries, including the United Kingdom, used it too. But the U.S. dropped the gold standard in 1933 after the World Wars and The Great Depression. The problem was that the gold standard prevented the U.S. government from deficit spending to finance wars. Some say the gold standard even prolonged The Great Depression because the government couldn’t expand the money supply when it needed to. In 1971 President Richard Nixon put an end to the ability to convert a dollar bill on demand into an equal value of gold.
Still, the gold standard remains controversial. Some say the U.S. should adopt it again as a way to limit federal spending. Others say the gold standard would lead to deflation and put the brakes on economic growth.
Those are the theories. But no matter which side is right, the fact is gold has always been and will always be valuable. Even so, it’s nowhere near as valuable as your safety, something no amount of gold can buy. So here are just a few ways to make sure that you stay safe all day, every day.
*Follow every safety rule and regulation. That’s like money in the bank.
*Never take risks or short cuts.
*Clean up and organize your work area every day. Make it a habit just like putting money into your savings account.
*Stay alert to potential hazards and always report unsafe conditions and near misses, so they can be corrected.
*Watch out for fire hazards.
These are just a few of the ways to work safely. There are many more. Take the time to learn all you can about safety. That knowledge is precious because you are a vital part of our team and your safety is worth everything.
In fact, it’s priceless. Always strive for zero injuries, zero accidents and zero near misses. That’s our gold standard.
YOU. THE REASON WE VALUE SAFETY
*COPYRIGHT 2010 Harkins Safety (B273)