Financial Repression Tracker

Rules that steer savings into government debt or hold returns below inflation, country by country.

Rewrite · Extraordinary measures

Abrogation of gold, currency and indexation clauses

What it is
Legislation voiding contractual protections such as gold clauses, foreign-currency clauses or inflation indexation in existing and future contracts, including government bonds.
Why it counts
Creditors, including holders of government bonds, are repaid in nominal depreciated money instead of the real value they contracted for.

When it was in force

  • United States: 1933 → 1935, historical; its end is not documented
  • Argentina: 2002 → now, in force

2 examples

  1. United States

    1933 → 1935Historical

    Its end is not documented · As cited: from 5 June 1933

    Congress declared gold clauses void and made all obligations payable dollar for dollar in legal tender; the Supreme Court held this unconstitutional for federal bonds but denied bondholders any damages.

    Joint Resolution of 5 June 1933 (H.J.Res. 192); Perry v. United States, 294 U.S. 330 (1935)Primary source
    “provides that such obligations shall be discharged by payment, dollar for dollar, in any coin or currency which at the time of payment is legal tender”

    tile.loc.gov (opens in a new tab)Checked: quote matched on the page by script

    United States today: index 42.9

  2. Argentina

    2002 → nowIn force

    Prohibited adjustment (indexation) clauses in any obligation arising after the 2002 emergency law.

    Decreto 214/2002, art. 5 (with Ley 23.928 arts. 7 and 10 as amended by Ley 25.561)Primary source
    “Las obligaciones de cualquier naturaleza u origen que se generen con posterioridad a la sanción de la Ley N° 25.561, no podrán contener ni ser alcanzadas por cláusulas de ajuste.”

    argentina.gob.ar (opens in a new tab)Checked: quote matched on the page by script

    Argentina today: index 40.1

Examples and their dates reviewed .