There was a time when the wealth of nations was in gold and gems. That’s not the case in the modern economy. The wealth of our nation is in our economic activity. I’m not for printing money just because we can, but going back to a gold standard where we stockpile physical, non-productive assets doesn’t make sense either.
I’d simply like to see fiscal restraint and living within the bounds of Constitutional authority. Do that—and repeal the 16th & 17th Amendments—and I’ll be happy.
Fiat currency has led to the eventual economic down fall of every nation since its inception.
“There was a time when the wealth of nations was in gold and gems. That’s not the case in the modern economy. The wealth of our nation is in our economic activity. I’m not for printing money just because we can, but going back to a gold standard where we stockpile physical, non-productive assets doesn’t make sense either.”
Nice to hear from someone making sense. Those wanting to go back to the gold standard are deluding themselves. Paper currency as a trading mechanism is so logical. If a country prints too much or has a trade imbalance, the value of the currency goes down in relation to other currencies. In fact, the US currency should be worth much less because of trade deficits. However, the USD is the reserve currency of the world, so somewhat separated from fundamentals.
BTW, if the US ever attempted to go back to the gold standard, do you know what that would mean for taxpayers? HUGE tax increases. The government would need to buy gold to back $3.9 trillion of currency in circulation.