[conservatism_IS_compassion]

If the dollar were linked to gold it wouldn’t make the price of everything go up, though gold itself would be revalued upward quite a lot.

It just naturally depends on the price at which the dollar were linked to gold.

Hard to think that the price of an ounce of gold used to be $35 . . .

In reality we had an inflationary bubble in the 1970s. They called it “stagflation” because - pace the “Philips Curve” theory - inflation "mysteriously” failed to generate prosperity. Prices today (e.g., a loaf of bread, a gallon of gasoline) are an order of magnitude higher (in nominal dollars) today than they were in my youth.

I suppose that, theoretically, the Fed could institute a gold standard on the sly - keep muttering the same old mumbo jumbo, but in fact be guided by the rate of change in the price of gold.

[Freedom4US]

It used to be $20, if you stop and think about it. FDR confiscated it, outlawed it for Americans (more or less) to own, and in exchange providing paper currency. Then after completion of that, re-valued it to $35 an ounce.