[Cboldt]

I'd like to have some of what he's smoking.

No way the government will establish an accountability mechanism.

[junta]

Yeah right, we’ll have a barter system before that happens.

[DManA]

He also predicted he’d be president.

(We’d have been MUCH better off if he had been of course).

[Responsibility2nd]

Hyper-inflation will occur before we have a Gold Standard in place.

Why else would we need it unless we are decimated by run-away inflation?

[PGR88]

The USA would only switch to gold standard if we experience some kind of collapse in the present system - such as US Gov’t bankruptcy/default, hyperinflation or war.

A gold-standard (with NO Federal Reserve!) would certainly help reign-in an out-of-control Gov’t and the present Federal Reserve that must protect Wall Street above all - but the inertia of the present system is too great, the vested interests too many. It won’t change so radically or quickly without some cataclysmic event to bring about a change in Americans’ thinking.

[WKUHilltopper]

“The US Will Likely Have A Gold Standard Within The Next Five Years”

I don’t think we have five years...

[GonzoGOP]

I agree that we need a backed currency, but there just isn't enough gold to back a currency as large as that needed for the US economy. On the other hand you could back the currency with tangible assets other than gold. Still a backed currency, but not limited to the availability of a single asset.

For example there are millions of acres of timber on land controlled by the US government. The amount can be calculated and audited based on satellite photos, so in a sense it is better than gold that may or may not be in a vault at Fort Knox. And timber is always useful, either as building material, paper or fuel. So the government could only issue as much currency as they are willing to open up resources to back it. And if a timber company shows up and demands the government convert their cash to timber, they cut it, no EPA no arguments.

The same would go for oil, coal, gas, metals and other resources trapped on government land. If the government wants to kowtow to the Greens and lock up the resources, then they can't issue any currency. It is a way to pry the resources the government has confiscated out of the hands of the Greens and the Socialists. We will have either a small government, or at least the resources and accompanying economic growth to pay for a larger government. And the dollar would always be worth something. A gallon of gas, a half ton of coal or a few board feet of lumber. But in any case a heck of a lot more than Obama's promise, that is after all worth precisely nothing.

[truthfreedom]

Forbes is still pretty young.

[mjp]

A return to the gold standard by the United States within the next five years now seems likely, because that move would help the nation solve a variety of economic, fiscal, and monetary ills.

The establishment of gold as money is essential to the achievement of a truly capitalist society. It is necessary in order to end inflation and all of its destructive consequences.It is necessary in order to take the power to inflate out of the hands both of the government and of the banking system operating with the sanction of the government. It is necessary in order thereby to subordinate the government to the financial power of the citizens and to make people aware of the cost of government spending, and to end the arbitrary redistribution of wealth and income, the undermining of capital accumulation, the possibility of utter economic devastation either through wage and price controls or the ultimate destruction of money, and deflation, depression, and mass unemployment.It is also necessary for making possible the rapid and radical dismantling of the welfare state, by removing the threat of depression as an accompaniment of that process.

[Virginia Ridgerunner]

Won’t happen-—there’s not enough gold in Fort Knox to back all the paper money that has been prinetd and released into the economy.

[ExCTCitizen]

"HELL will FREEZE OVER in the next 5 years," said Steve Forbes.*

As much as I would like to see us back on the gold system, the politicans won't let us have it. We need people like Steve Forbes running the treasury when Sarah Palin becomes President.

[Buckeye McFrog]

we must have information that the surface of Venus is covered in gold, because that’s the only way we’re gonna come up with enough to cover the national debt.

[ColdSteelTalon]

As long as I do not have to pay of any current debt I have with Gold backed dollars but can still use FRNs’ I am good with it.