We ought to use gold as a standard of currency measure. We made a major mistake when we allowed Ivy League professors advise President Nixon into going off all vestiges of a gold standard in 1973, when the dollar became the world’s reserve currency.
Paper with no intrinsic value has since been accepted as having value but has been constantly devalued by American politicians with spend-and-spend and tax-and-tax philosophy.
Unfortunately, the limit of the world’s patience about our budget discipline has been reached.
Individual holding of gold is no solution for ensuing inflation. Gold provides no income. There are better ways to overcome inflation. But the cheapening dollar is a major domestic and global problem. Particularly, if it no longer will serve as the world’s reserve currency, and no one accepts it as having global value
We need gold as the standard of dollar value. Liberals won’t like such backing because they will not be able to play games in order to entice ignorant voters. Wall Street insiders may not like gold backing because of the absence of easy money.
But it will save the economy. ( See the Earl J. Weinreb NewsHole® comments.)
No comments:
Post a Comment