Is It Time To Return To Gold Standard?
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William McKinley ran for president on the basis of the gold standard. Source: https://en.wikipedia.org/wiki/File:McKinley_Prosperity.jpg, Attribution: Northwestern Litho. Co, Milwaukee, Public Domain license: https://en.wikipedia.org/wiki/Public_domain(it was published or registered with the U.S. Copyright Office before January 1, 1928.), Presented at: WindermereSun.com
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Many believe that: Gold and silver standards are better than fiat standards around the world in providing stable, low-inflation currency. This post will be examining such a belief and whether U.S. should consider returning to the gold standard.
“The History of the Gold Standard” George Selgin, University of Georgia “The Argument for Returning to the Gold Standard” Brian Domitrovic, Sam Houston State University, Author, “Econoclasts” “The Argument Against Returning to the Gold Standard” Lawrence H. White, George Mason University, in the video published on Oct 29, 2012, by Hillsdale College, as “The Gold Standard“, below:
50 years ago, on August 15, 1971, President Richard Nixon shocked the financial world by ending the convertibility of the dollar to gold, upending the monetary and currency exchange system that had been in place since 1944. This week Nick Sargen, author of Global Shocks, joins us to explain the consequences of that momentous decision which are still being felt today, in the video published on Aug 13, 2021, by WEALTHTRACK, as “Market Instability – 50 Years Off the Gold Standard“, below:
Money is a measure of value and works best when that value is stable, just like the inches in a foot. So when the U.S. abandoned the gold standard (50 years ago this week), it cost our economy trillions of dollars in lost growth, and those consequences aren’t over yet. Steve Forbes on the abandonment of the gold standard and on why the financial and economic crises suffered continue to date. What’s Ahead featuring Steve Forbes provides his insights and perspective, to stay on top of what’s happening in this ever-turbulent world with glimpses into the future, in the video published on Aug 19, 2021, by Forbes, as “The Gold Standard: Why The Financial And Economic Crises Continue – Steve Forbes | Forbes“, below:
Before 1974, U.S. dollars were backed by a gold standard. This meant that the federal government could not print more money than it could redeem for gold. While this constrained the federal government, it also provided citizens with a relatively stable purchasing power for goods and services. Today’s paper currency has no intrinsic value. It is not based on the value of gold or anything else. Under a gold standard, inflation was really limited. With floating value, or fiat, currency, however, some countries have seen inflation reach extremely high levels—sometimes enough to lead to economic collapse. Gold standards have historically provided more stable currencies with lower inflation than fiat currency. Should the United States return to a gold standard? In the video published on May 6, 2013, by Learn Liberty, as “Prof. Lawrence H. White: The Gold Standard, Explained“, below:
Gold and silver standards are better than fiat standards around the world in providing stable, low-inflation currency.
As of 1971, the precious metal stopped having such a role altogether and it’s interesting to analyze how and why that happened, in the video published on July 26, 2016, by One Minute Economics, as “The Gold Standard Explained in One Minute“, below:
Steve Forbes calls out the taboo of discussing the gold standard in serious conversations about the economy, and points out that were the US still using it, many economic crises would not have occurred, in the video published on March 17, 2023, by Forbes, as “Why The US Must Consider Returning To The Gold Standard“, below:
In the video published on Dec 2, 2022, by Forbes Breaking News, as “GOP Lawmaker Pushes For US To Return To Gold Standard“, below:
Gathered, written, and posted by Windermere Sun-Susan Sun Nunamaker More about the community at www.WindermereSun.com
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