Posted on 08/23/2012 3:42:23 PM PDT by barmag25
The gold standard has returned to mainstream U.S. politics for the first time in 30 years, with a “gold commission” set to become part of official Republican party policy.
Drafts of the party platform, which it will adopt at a convention in Tampa Bay, Florida, next week, call for an audit of Federal Reserve monetary policy and a commission to look at restoring the link between the dollar and gold.
The move shows how five years of easy monetary policy — and the efforts of congressman Ron Paul — have made the once-fringe idea of returning to gold-as-money a legitimate part of Republican debate.
Marsha Blackburn, a Republican congresswoman from Tennessee and co-chair of the platform committee, said the issues were not adopted merely to placate Paul and the delegates that he picked up during his campaign for the party’s nomination.
“These were adopted because they are things that Republicans agree on,”
(Excerpt) Read more at cnbc.com ...
Good decision.
It was one of things Cain wanted.
yes
And when all is said and done nothing will change
And Mittens has been talking about replacing Bernanke, which just a month or so ago he was saying he was doing a great job. I think the GOPe is more afraid of all those Paul delegates than they’ve let on.
Democrats attacking gold as a standard for killing women, children, and minorities in 5...4...3...
How would a return to the Gold standard affect the price of gold?
There is nowhere enough gold to support the transition to a gold standard. We’d need about 20% of all gold ever mined.
Do we still actually posess the gold the government is supposed to have?
Or have deals been made and gold looted by Obama and others before him?
This will definitely curb the attempt to inflate the dollar by printing it as well as put the government in check as far as deficit spending. I can only pray this actually happens. Too many RINOs may be stirring the cauldron though for this to become truthful.
Mine is an honest question - why is a gold standard a good idea?
I get that tying a currency to a real commodity imparts natural value and forces more immediate inflation/deflation economic responses with regard to the currency value. That can be good or bad, particularly good if it limits the speed the printing presses run. Potentially bad if a situation requires short term debt to resolve (e.g., funding WWII).
But why gold? Why not multiple precious metals or materials? Why not high quality steel? Why not grains?
I need educated on how picking a specific metal as a standard is a good idea economically. Why not Rhodium, or platinum, etc.?
Probably true, but at least this shows that the idea has gained some traction in the mainstream, which I prefer to take as a hopeful sign.
America is currently on the Marijuana standard..
One of Tricky Dick’s most boneheaded moves IMO.
I doubt we will ever go back to the Gold standard, but this is BRILLIANT politics.
Forty or fifty years ago, most voters had some experience of a time when we were on the gold standard or the gold standard was a common topic of discussion. So it was in a way a living issue, no matter how unlikely it was that we'd actually return to gold or how rare politicians who credited the idea were.
But now people who remember the pre-FDR gold standard, or even the pre-Nixon Bretton Woods system, are getting fewer and fewer, so talk about returning to the gold standard seems to come out of left field, or out of the distant past. There may be much merit to the idea, but today it sounds like a ghost or zombie issue, not something that relates to current conditions or thinking.
ping.......
There is always enough gold to back the currency.
I like the idea, but the auditors had better look at, and check the physical gold allegedly in Ft. Knox, and anywhere else it's allegedly stored.
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