Rance C. Miles

Artesia, New Mexico, Dairy Production Executive Rance Miles

About Rance C. Miles

As general manager of the Quality Milk Sales family of companies, Rance C. Miles directs operations that encompass the production of cheeses, milk, and other dairy products. Among these enterprises is Select Milk Producers, Inc., which maintains annual sales of nearly $100 million and markets 4.5 billion pounds of product each year. Rance C. Miles is also the chief operating officer and chief financial officer of C.S. Facilities, LLC, which has milk-drying capacities of 4 million pounds per day at its Grand Rapids, Michigan, facilities.

Mr. Miles maintains a strong presence in his industry and serves on the public affairs, environmental regulation, and agricultural committees of the U.S. Chamber of Commerce. Mr. Miles is also an advisory board member with First American Bank, which has more than a century of history behind it and maintains branches across Southern New Mexico. Rance Miles previously was the chief operating officer and executive vice president with the bank, and sat on the asset and liability management committee.

U.S. Chamber of Commerce Honors 2014 Corporate Citizenship Awardees

Rance C. Miles manages Quality Milk Sales as the New Mexico-based group of companies’ chief operating officer and chief financial officer. An involved business leader, Rance Miles is an active member of the U.S. Chamber of Commerce, an organization that represents and promotes businesses of all sizes through various programs and activities.

The U.S. Chamber of Commerce Foundation honored the winners of the 2014 Corporate Citizenship Awards during a ceremony held at the Chamber’s headquarters in Washington, D.C., on November 20th. Now in its 15th year, the Corporate Citizenship Awards program recognizes those businesses that have positively impacted communities throughout the world.

The Chamber Foundation presents Corporate Citizenship Awards to businesses for their work in eight categories, including disaster response, economic empowerment, health and wellness, and environmental stewardship. This year’s award winners included UnitedHealth Group, Constant Contact, and Walmart. A list of the other winners and more information about the awards program can be found at www.uschamberfoundation.org.

The Economic Impacts of Abandoning the Gold Standard

Rance  C. Miles, COO and CFO of Quality Milk Sales, Continental Dairy Products, Inc., and Farmers Select, LLC, has been working in the dairy industry for more than a decade. Outside of his leadership roles, Rance Miles enjoys reading about various historical events. He is especially fond of history related to economics and economic events.

The link between gold and the American dollar began its demise in 1933 when Franklin Roosevelt began separating the two forms of money, and in 1971, Richard Nixon cut the final link between the American dollar and gold when he announced that the country would no longer convert dollars to gold at a fixed value. Prior to this, the United States’ monetary system had backed currency with gold. Known as the gold standard, this practice had been around since 1879, and abandoning the gold standard resulted in several economic impacts over the years.

Since the gold standard was completely abandoned by Nixon, the United States went through its three worst recessions since World War II ended. Unemployment has averaged more than 7 percent over the years, compared to a 5 percent average before World War II, and economic growth has slowed to an annual average of 2.9 percent, which is just over one percentage point lower than the growth rate during the gold standard era. Finally, the American dollar has failed to keep its value since being detached from gold. Compared to the dollar before Nixon took office, the current dollar is worth less than 20 cents, making saving for retirement or education very difficult for most American families.

However, there were some beneficial economic impacts to abandoning the gold standard. For one, the initial break between gold and the dollar made by FDR was most likely a major contributor to getting America out of the Great Depression. Abandoning the gold standard gave the government new opportunities to change the economy for the better. By not being tied to gold, the government was able to adjust how much money was in America’s economy, and adjust interest rates as a form of stimulus.

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