Um, $223BN is a bit less than the dollars in circulation.
Just a weeeee bit.
Going back to the gold standard would tank the world economy.
The amount of dollars in circulation is less than the amount of US money in circulation (fractional reserve banking), but I agree the number couldn’t be $850 per ounce if it were to happen in one step. If you haven’t read the article and check out that site. I’ve learned a lot about monetary policy in general (not just about the gold standard) and it’s been extremely intriguing.
The world economy is a product of government, not free individuals.
It deserves to be tanked.
Going beck to the gold standard overnight would have a profound effect.
But the cause of our economy going in the tank would be the Federal Reserve printing all that paper money.
I believe that our economy is so precariously perched right now that if (WHEN) the people find out what our money is actually worth, all h-e-double-toothpicks will break loose.