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Gold Standard Dollar--A Royally Bad Idea
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Nathan Lewis, author of Gold: The Once and Future Money, is advocating a return to the gold-standard dollar in order to stave off US economic worries and to save us from the declining dollar. Sounds like Lewis is having some kind of happy historic delusional flashback. Haven't we tried this before? The U.S. used to have a gold standard dollar, and sure, it was a strict disciplinarian for governments (you can't just print more gold like you can with currency, and the value of gold is less dependent on people's expectations of government actions), but the gold-standard dollar had a slew of its own problems. In the past, problems with the gold standard dollar included difficulty expanding the money supply to promote business growth (this has been cited as an aggravating factor in the Great Depression). Sure, gold is fairly stable, but in a complex and global economy like the modern U.S., returning to a gold-standard dollar is no cure-all. As perfect as these "golden days" may look right now, how does one logistically handle a return to the gold standard dollar after 36 years off of it?
About this poster:
Posted by:
vwalker
(female, late-30s)
(Posted 11/26/07)
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Responses (2)
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Anonymous
(10/10):
I like your argument there, anon. Name one example where the gold standard worked long term in a massive global economy?
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vspoils
(11/14):
I agree, but this post doesn't go far enough. We need to end the Fed's control of the currency and demand that Congress take it back as is their Constitutional mandate. As it is, every dollar created is a dollar of debt owed to the private banking cartel (mostly controlled by the few largest banks). This is madness. Money is merely an agreed upon means of exchange. It doesn't need to be "backed" by anything as long as it is issued by the government (the people) for the people, and not a dollar of debt created from air, and "borrowed" from crooks. There's never enough money in the system to pay the interest therefore the current and repetitive crises foisted on us.
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Responses (2)
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Anonymous
(2/9):
suck my balls
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Anonymous
(12/8):
$10,000/oz gold
and suck my balls too
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