Backing The Dollar With Gold

The Treasury Department has reported it has about 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 it is.

At its present price, the gold’s value totals about $400 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, which keep increasing.

I believe the gold holding ought to instead be used to back the U.S. dollar. The stability would be an economic boon. That would also have  to accompany  reduction of government spending and debt.(See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole tweets.)