Does the Dollar need to be put back on the Gold Standard
By gewcew23
@gewcew23 (8007)
United States
April 2, 2008 11:23am CST
Everyone in the USA has been felling what happens when the Dollar is inflated, everthing goes up in price. Everything from rise in the price of gas to milk can be explain through the lowering of the value of the Dollar. When the Dollar loses value you cannot buy as much. Also imports cost more because of the exchange rate we cannot buy as much from foreign countries. The USA was founded on the Gold Standard. We where on the Gold Standard until 1934 when FDR took the Dollar off of the Gold Standard. Now the Dollar free floats, and inflation can happen at anytime. Gold has never been wroth zero, and right now is at all time highs. Gold for the most part increases over time, so the Dollar would increase value over time without interest.
What do you think, would the Gold Standard help stop the falling Dollar.
3 people like this
3 responses
@redyellowblackdog (10629)
• United States
2 Apr 08
Many people believe the myth that the Gold Standard could somehow magically restore fiscal responsibility to the USA. I do not believe this. The valuation of gold can be eroded as easily as anything else. The problem is the lack of courage and wisdom on the part of the elected officals WE THE PEOPLE choose to represent us.
Until we vote for better government, our fiscal irresponsiblily problems will continue, Gold Standard or not.
We are not likely to vote for responsible leaders anytime soon. Look at the candidacy of Ron Paul. Most of what he advocated was 100% correct and indisputable in serious, honest debate. What good did that do his candidacy?
3 people like this
@gewcew23 (8007)
• United States
2 Apr 08
Ron Paul made a quote about America being off of the Gold Standard:"All money would be political money rather than money of real value."
Alan Greenspan in the Objectivist said that In the absence of a Gold Standard, there is no way to protect savings from confiscation through inflation. There is no safer store of value.
I cannot think of two better quotes for the Gold Standard.
2 people like this
@bochco123 (594)
• United States
10 Apr 08
I'd agree with you. I would say that the Gold Standard should be reinstated. Right now, the value of the dollar is completely speculative and arbitrary based on abstract economic factors. The only problem I could see with the Gold Standard is that with a $20,000,000,000,000 economy it would take a lot of gold at this point to back every dollar in circulation.
@danishcanadian (28953)
• Canada
21 Jun 08
I think that it would be a good idea to put the dollar back on the gold standard. The way things are now, prices are getting out of control. If things keep going the way they're going, you won't be able to by squat with the American dollar.
1 person likes this
