Why The US Must Consider Returning To The Gold Standard

Steve Forbes calls out the taboo of discussing the gold standard in serious conversations about the economy, and points out that were the US still using it, many economic crises would not have occurred.

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[mattclark]

Adoption of the gold standard forces the government to have a balanced budget (not sure why he didn't mention that). The politicians lose all their supposed power once they are forced to produce a balanced budget and thus they will never vote for it or even consider it until the most dire of circumstances are created.

[hubtai]

If US dollar is linked with gold price, it would limited the Federal Reserve ability of printing money.

[khoirulanam]

Printing money out of thin air is the greatest crime of the 21st century which has never been punished.

[jimmillward]

They dont want a gold standard, it would mean the government cannot finance wars and would have to exercise fiscal responsibility.

[akfinn]

Thank You Mr. Forbes. Your suggestions are answered prayers for me. I've been trying to tell others but I'm just one old woman. Thank You for opening your mouth!

[zoraster]

If we returned to a gold standard we’d have to balance our consumption with production. Not something we’d readily volunteer for but will likely be forced onto us within the next 30 years.

Instead we produce currency with the stroke of a key and export that to the rest of the world. Which isn’t a bad deal if you can maintain trust and balance the budget.

We’ve abused our privilege of having the world’s reserve currency and the bill is starting to come due.

We should have had zero National debt in order to protect this precious privilege which has prevented so many wars by giving us economic leverage. Instead we have squandered what was paid for in blood on the beaches of Normandy and the sands of Iwo Jima to avoid short term discomfort (71, 01, 08, 2020, etc.)

[Halaqa]

I 100% agree. Bring back the gold standard!

[bobsilver]

Buy physical Silver, 90% silver "junk silver" is getting hard to find right now.

[DapiferAdLignumVitae]

Gold standard limits government spending. I think that speaks for itself why they did away with it.

[alexandervarsic]

Glad I’m not the only one who things the gold and silver standard would be great for our economy

[TonyFreeman-LocoTonyF]

I agree. We should have never left the gold standard.

[momoz]

It will be great to have more debates about the gold standard. In Islamic economics money should be backed by an asset with intrinsic value preferably gold and silver.

[shannonwalker]

The US and Europe's attempt to return to a gold standard after WWI caused the depression that then led to WW2. China, not exactly an ally of the US, is the largest producer of gold as of 2023. The USD is about 60% of the world's foreign currency reserves. How is a gold standard in our interest, exactly?

[theodorearaujo]

We left the gold standard because of inflation and the fact that France was using dollars to redeem (purchase) our gold reserve. Everyone who thinks tying the value of the dollar to any commodity will stabilize the dollar, limit inflation, or force the government to limit debt is delusional.

[dwoolf]

100% agree. We need that check on rampant spending back in place.

[timhart]

There isn't any MUST CONSIDER, Steve, it's MUST!!!

[bobbyagee]

I like the explanation of the balancing of the M2 supply. Above $1900/ozt print less, below print more. But first the system must be reset for inflation. We should all establish our own individual gold standard based on annual wage earnings and and monthly expenditures.

[ScreamingEagle-xltw]

I'm 100% on board! Most important issue facing us.

[willishere]

This is actually a really bad idea. The US has been off the gold standard for decades and at this point going back would tank the dollar’s value. There’s a reason why it’s in our constitution not to question our debt. Theoretically, the US has an unlimited supply of cash and the only thing that could possibly disprove that theory are individuals questioning our ability to repay it. I don’t understand why politicians and economists don’t get this. It’s actually one of the most unpatriotic things you can do

[Saltatory_]

We closed the gold window in 1971. The stagnation in real wages for the median started in 1970ish. Any relation?