A return to the gold standard now would crash the economy into a depression of unparalleled severity.
I’m wondering if a big do-over isn’t in the cards, regardless.
How would stabilizing the value of the dollar cause a depression? All a gold standard is, is setting a standard value on the dollar, like setting your weight scales. Changing the relative value of the dollar is like changing the measurement on your scale so it LOOKS like you don’t weigh so much. YOUR weight hasn’t changed, you’ve just fooled yourself by changing the weight measurement. Same with the dollar. The dollar is piece of paper used for exchange of value. The dollar measures the value of what you’re buying. Changing the standard for the dollar doesn’t change the value of what you’re buying but it does confuse the issue of meaningful prices for buyers and sellers.
A fixed standard like a gold standard would be very beneficial in strengthening and stabilizing the dollar, prices, and the economy.