Even free market monetarists believe some version of a gold standard is necessary to keep politicians honest.
The Federal Reserve System has become a shambles, beholden to free- spending tendencies and more in line with the executive branch of government’s Treasury Dept and its fiscal policies.
The Fed’s role is primarily monetary and the stability of the dollar. It also has been given the job of creating jobs, which ruins its basic function.
There has been some talk of a Gold Commission. Perhaps a form of gold convertibility will come some day. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)
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