I guess the dollar doesn’t change day by day, eh?
Or is it so much better to have savers destroyed by the inflation so that what a dollar was worth when it was saved, is no where close to the worth it will have when it is spent. Just wonderful for the elders!!!
blah, barf.
Changes in the dollar/foreign exchange rate are gradual and more in tenth of cents or cents per day so it is imperceptible and relevant in the short run only wrt exporters and importers since foreign exchange is not legal tender within the US. Whereas gold would be in Utah.
What would happen would be that gold would be drained out of Utah by speculators from elsewhere since gold/dollars would be convertible.
Since the vast majority of wealth in the US is in a small number of hands(say 10% owns 70% of the wealth or more) its depreciation is not as significant for the rest of the population as would be a credit freeze or contraction which gold would ensure. Moving to the gold standard would collapse the economy which has far greater consequences politically than slow inflation. In particular it would mean Class Warfare on a scale not seen since the 30s and the takeover of the Democrats for the next 20 years.
Don’t you know anything about economics or economic history? It was the renewal of the gold standard by the British in the twenties which brought it the depression several years earlier than in the US. Roosevelt recognized eventually that getting off the gold standard was the first step toward reigniting the economy after the depression spread to this country.
Without doing that there was no way of exporting enough to help since by doing so ignited trade wars because it drained specie from the importing countries which weakened their economies. With floating exchange rates this does not happen.