Skip to comments.Gingrich: U.S. should reconsider gold standard
Posted on 01/19/2012 12:56:22 PM PST by SeekAndFind
Republican presidential candidate Newt Gingrich is calling for the United States to think about returning to the gold standard.
Speaking at a foreign policy forum in South Carolina on Tuesday, Gingrich advocated a "commission on gold to look at the whole concept of how do we get back to hard money."
Gingrich, a former Speaker of the House, has spoken in favor of a "hard money" policy in the past, but these were his strongest comments to support reinstating the gold standard.
Gingrich would model his "gold commission" after one put in place after Ronald Reagan was elected, when the nation was battling double-digit inflation. But even then, the commission overwhelmingly rejected the idea of a return to the gold standard.
One of only two members of the 17-member commission to endorse a return to the gold standard was Ron Paul, one of Gingrich's rivals for the GOP nomination.
The United States first moved away from the gold standard, under which the dollar was backed by the nation's gold reserves, in 1933, and dropped it altogether in 1971. Despite support for its return by some on the political right, few mainstream economists support its reinstatement.
Chief among the problems is that with a dollar pegged to gold, U.S. goods could become uncompetitive on the global markets compared to goods priced in euros or yen.
The return to a gold standard is a central point in the campaign of Paul, a Congressman from Texas who also advocates abolishing the Federal Reserve.
In his comments Tuesday, Gingrich also spoke sharply against the Fed, saying it should focus on keeping prices in check, dropping the dual mandate of job growth and fighting inflation.
(Excerpt) Read more at money.cnn.com ...
I’m not sure how the gold standard works. What if Russia for example broiught all their gold out of hiding?
I think that it would be BRILLANT for Newt to come out and say that he would appoint Ron Paul to the Fed.
“Gingrich: U.S. should reconsider gold standard”
How about The Gold Band standard . Sorry , you walked into that one .
Ain’t gonna happen and he knows it. Just throwing meat into the gator hole.
Making a play for a piece of Paul’s 15%... interesting...
RE: I think that it would be BRILLANT for Newt to come out and say that he would appoint Ron Paul to the Fed.
Didn’t he already say that he would appoint John Bolton as Secretary of State? (To which in response Bolton went on to endorse -— ROMNEY !)
Well, it’s not a literal need to have XXX ounces of gold for every dollar in circulation, it’s more of a “pegging” of value, much like Carribean countries like the Bahamas do only using the US Dollar itself instead of gold to determine value.
I don’t know what to think about that: putting Ron Paul in charge of the Federa Reserve may not pass Senate approval.
If Newt appointed the three seasoned wise men of economics - Sowell, Laffer, and Willims - to unravel and either reconstruct or abolish the Fed, I would be content with that decision.
Ron Paul as Secretary of the Treasury: now that I think appropriate and likely to pass muster with the Senate.
“Im not sure how the gold standard works.”
Not very well. Which is why we don’t have it.
The big problem with the gold standard is that there is not nearly enough gold in the world to replace all the money without the price of gold skyrocketing to a million dollars an ounce. And try paying for a box of popcorn at a movie with gold at $1 million per ounce. You’d need a pair of tweezers to pay.
Which does not change the fact that appointing Bolton is a good idea, and letting folks know it is a good idea too.
Regardless of who Bolton endorses..
I would ALSO say that we need a full and OPEN accounting as to WHAT EXACTALLY is in Ft Knox.
(May 3rd, 2011) South Carolina Gold and Silver Bills S. 862 (Senator Thomas) and H.4128 (Rep. Mike Pitts)
(June 27th, 2011) June 28th 1PM EST Press Conference Rotonda SC State House
- United State Senator Jim DeMint's US Senate Gold Bill Endorsed by South Carolina Sound Money Committee.
I think he’ll do just that. He’s now directly taking aim at RP supporters. If Monday night’s disparity in debate performance doesn’t bring them around, nothing will. I like a lot of what Ron Paul says (maybe 50%), but the other 50% is out of this world. If Gingrich is really serious about meeting with people and learning from them, all the more reason for him to take THIS page (not all of them), from Ron Paul’s book.
It’s growth I want, good leaders have to grow and take lessons from friend and foe alike (Lest their friends surpass them, and their foes overtake them).
Add Idaho to that list. You can pay property taxes in Idaho with precious metals. Here in Utah, we’re behind in that respect, because only U.S. printed PM’s are technically considered money. (But it does have a bit of a trickle down effect).
RE: Ron Paul as Secretary of the Treasury: now that I think appropriate and likely to pass muster with the Senate.
If Ron Paul isn’t available, I’d settle for Steve Forbes.
yeah, but if you were sitting on a few ounces of gold....what about including silver in the standard? Let us not be crucify mankind on a cross made of gold...
I fine it curious how many people believe the words that come out of Newts mouth. Newts just about the only person I know that has been on every side of every issue and means it.
I'd say - nothing.