Monday, May 23, 2011

Dollar Gold-Backing

The Treasury Department has reported it has 261,5 million ounces of gold. There’s been lots of talk about how it can be used, or whether it ought to be kept as is.

At its present price, the gold’s value totals over $390 billion. One suggestion has been to use it to reduce U.S. debt. I would rather not sell gold for this purpose, I feel it will not reduce or affect government spending habits,

I believe the gold holding ought to instead be used to back the U.S. dollar. The stability would be an economic boon that could accompany what we do when reducing government spending and reducing debt.

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