Economists hate the gold standard because fiat currency creates a need for economists.
There IS a gold standard whether the sheeple, Obamatrons and GOPers want one. It will win out in the end, and the they will all be left with worthless green paper.
If we go on the gold standard, how will Hilary keep all those campaign promises to her donors?
There is no question but that we need a substantially sounder dollar. But to return to a gold standard now would throw us into fiscal chaos. Gold is in excess of $1,000/oz. The Fed needs to gently dry up excess liquidity over the next five to seven years or so.
Maybe not just gold, but a basket of metals. Gold, silver, copper, platinum, aluminum etc.
Who owns the gold now? Does it matter? Sure it does. If I’m not mistaken the US owns but a fraction of the world’s supply. I think I understand the intellectual arguments for a gold standard ( thanks to many FReepers who were kind enough to ejimacate me), but I can’t get past that belief that it would be disastrous.
FYI
His BIG problem is taking pro-amnesty money from the Club For Growth and explaining away his Credit Suisse Group (money launderers for the FIFA crooks) donations.
Gold standard? PULEEEEEEEEEZE!!
The problem with the gold standard is the real value of gold. The real value of gold is not its scarcity, but it is its real utility.