Jika manfaat standard emas dibandingkan dengan standard fiat (wang kertas) dan standard-standard lain, nescaya standard kewangan emas akan menjadi standard sejagat. Manfaat-manfaat ini tidak akan membenarkan mana-mana standard kewangan lain untuk mapan. Sepanjang sejarah wang, dan sehingga Perang Dunia Pertama, seluruh dunia mengamalkan standard emas dan perak. Tiada standard lain yang dikenali dunia sehingga itu. Namun, apabila penjajah menguasai pelbagai gaya imperialisme ekonomi dan kewangan, dan mula menggunakan mata wang sebagai alat penjajahan, mereka mewujudkan standard kewangan yang berbeza. Mereka menganggap deposit bank dan wang kertas tidak boleh ditukar, yang tiada simpanan emas atau perak, sebagai wang, bersama emas dan perak. Oleh itu, perlu dijelaskan manfaat standard emas, yang paling penting ialah:

If the benefits of the gold standard were to be compared with the fiat (paper currency) standard and other standards, it would be inevitable that the monetary gold standard would become a global standard. These benefits would not allow any other monetary standard to become established. Throughout the history of money and up until the First World War, the whole world operated the gold and silver standards. No other standards were known to the world until then. However, when the colonialists mastered the various styles of economic and financial imperialism, and began using currency as a means of colonialism, they established different monetary standards. They considered bank deposits and non exchangeable banknotes, which had no reserve of gold or silver, as money, along with gold and silver. Therefore, it is necessary to explain the benefits of the gold standard, the most important of which are:

1. Asas emas menuntut peredaran bebas, import dan eksport emas, yang membawa kepada kestabilan monetari, kewangan dan ekonomi. Dalam keadaan ini, transaksi pertukaran hanya akan timbul daripada pembayaran luar negara untuk menampung kos komoditi dan gaji pekerja.

1. The gold basis necessitates the free circulation, import and export of gold, which leads to monetary, financial and economic stability. In this case, transactions of exchange would only originate from foreign payments to meet the cost of commodities and the salaries of workers.

2. Standard emas memastikan kestabilan kadar pertukaran antara pelbagai negara, dan kestabilan kadar pertukaran itu seterusnya membawa kepada perkembangan pesat perdagangan antarabangsa, kerana para pedagang tidak lagi akan bimbang terhadap pengembangan perdagangan luar negeri dan ketidakpastian akibat ketidakstabilan kadar pertukaran.

2. The gold standard ensures the stability of exchange rates between various countries, and the stability of the exchange rates in turn leads to a boom in international trade, for traders would no longer fear the expansion of foreign trade, and the uncertainty of exchange rate instability.

3. Jika standard emas digunakan, bank pusat dan kerajaan tidak akan dapat menambah pengeluaran wang kertas, kerana selagi wang kertas tidak boleh ditukar dengan emas pada kadar tetap, pihak berkuasa berkenaan akan bimbang bahawa jika mereka melampaui had dalam mengeluarkan wang kertas, permintaan terhadap emas akan meningkat dan mereka tidak akan dapat memenuhi permintaan tersebut. Oleh itu, mereka akan sentiasa cenderung untuk mengekalkan nisbah yang munasabah antara jumlah yang mereka keluarkan dalam bentuk wang kertas dan rizab emas.

3. If the gold standard was employed, central banks and governments would not be able to expand the issuance of banknotes, for as long as the banknote remains non exchangeable with gold at a fixed rate, the authorities concerned would fear that if they exceeded limits in issuing banknotes, the demand for gold would increase and they would not be able to meet this demand. Therefore, they would always tend to maintain a reasonable ratio between what they issue in terms of banknotes and gold reserves.

4. Setiap mata wang yang digunakan di seluruh dunia akan ditetapkan dengan jumlah emas yang tertentu. Akibatnya, pergerakan barangan, wang dan orang dari satu negara ke negara lain akan menjadi lebih mudah, dan masalah mata wang keras akan hilang.

4. Each of the currencies used, all over the world would be fixed by a specific amount of gold. As a result, the movements of commodities, money and people from one country to another would be easier, and the problems of hard currency would disappear.

5. Standard emas akan membantu setiap negara memelihara emasnya, kerana tidak akan berlaku penyeludupan emas dari satu negara ke negara lain, dan negara-negara tidak perlu melaksanakan kawalan untuk melindungi kekayaan mereka, kerana emas hanya akan keluar dari negara atas sebab-sebab yang sah, iaitu sebagai harga bagi komoditi atau gaji bagi pekerja.

5. The gold standard would help each country preserve her gold, for there would be no gold smuggling from one country to another, and countries would not need to exercise control in order to protect their wealth, for gold would only leave the country for legitimate reasons i.e. as prices for commodities or salaries for workers.

Ini adalah sebahagian daripada faedah standard emas, dan kesemuanya menjadikan keperluan agar dunia beroperasi dengan standard ini. Oleh itu, tidaklah menghairankan apabila mengetahui bahawa seluruh dunia sehingga Perang Dunia Pertama sebenarnya beroperasi dengan standard emas.

These are some of the benefits of the gold standard, and they all make it necessary that the world operates this standard. Therefore, it comes as no surprise to learn that the whole world up until the First World War was indeed operating the gold standard.

Pada permulaan Perang Dunia Pertama, sistem kewangan yang paling berleluasa di dunia ialah sistem berasaskan piawaian emas, dan wang yang beredar pada masa itu sebenarnya ialah syiling emas dan wang kertas yang boleh ditukar dengan mudah kepada nilai yang setara dengannya dalam emas. Piawaian perak juga beroperasi seiring dengan piawaian emas. Pelaksanaan piawaian ini membawa kepada terbentuknya hubungan ekonomi yang paling produktif. Namun, apabila Perang Dunia Pertama diisytiharkan pada tahun 1914, negara-negara yang berperang mengambil beberapa langkah yang membawa kepada kekacauan dalam piawaian emas. Sesetengah negara membatalkan kewajipan menukar mata wang mereka kepada emas. Negara-negara lain mengenakan sekatan yang ketat terhadap eksport emas, manakala yang lain pula meletakkan halangan terhadap import emas. Keadaan ini berterusan sehingga tahun 1971, apabila Amerika mengisytiharkan bahawa beliau telah menamatkan operasi piawaian emas dan bahawa beliau berhasrat untuk memutuskan hubungan antara emas dan dolar. Sejak itu, emas tidak lagi mempunyai kaitan dengan mata wang, sebaliknya menjadi seperti mana-mana komoditi lain. Hasrat Amerika adalah untuk menjadikan dolar sebagai asas kewangan di seluruh dunia supaya beliau dapat mengawal dan mendominasi pasaran wang antarabangsa. Oleh itu, piawaian emas tidak lagi beroperasi di seluruh dunia, dan keadaan ini mengganggu sistem kewangan serta kadar pertukaran mata wang turun naik. Sejak itu, halangan dan kesukaran dalam pemindahan mata wang, barangan dan perkhidmatan mula muncul.

At the start of the first world war, the most prevailing monetary system in the world was that based on the gold standard, and money in circulation at the time was in fact gold coins and paper money readily exchangeable for their equivalent value in gold. The silver standard also operated alongside the gold standard. The implementation of this standard led to the establishment of the most productive economic relations. However, when the First World War was declared in 1914, the warring countries undertook certain measures which led to disorder in the gold standard. Some countries cancelled the liability of exchanging their currencies to gold. Other countries imposed harsh restrictions on the export of gold, while others put obstacles in the face of importing it. This continued until 1971 when America declared that she had put an end to the operation of the gold standard and that she intended to sever the link between gold and the dollar. Since then, gold has had no relation with the currency, but rather has become like any other commodity. America’s intention was to establish the dollar as the monetary basis world-wide so that it could control and dominate the international money market. Therefore, the gold standard no longer operated throughout the world and this disturbed the monetary system and the rates of exchange fluctuated. Since then, obstacles and difficulties in the transfer of currencies, goods and services have appeared.