There are reasons why the gold standard was abandoned. The price of gold, like other commodities, can fluctuate wildly which can create havoc economically. Switching back to a gold standard will create more problems than solutions.
The Federal Reserve, a popular scapegoat, actually provides stability to the wild, destructive spending habit of congress.
Fixing congress fixes the problem...
Constitution? Who needs that dusty ol’ paper when the Fed can ‘fix’ all problems...
Sorry, bring back the Republic and let gov’t shrink to its defined powers. THAT will solve most/all the problems of today.
This isn’t true. Because everything else has a price that makes it’s value equivalent to the money (gold) charged for it, any changes in value of the money is buffered by the huge volume of other valuable goods.
The only thing that did have a major effect on the price of gold is when a new huge source is found. That does not seem likely.
And as a member of the ludicrously labeled “Fed OPEN MARKET Committee”, just how much wealth could you (and/or your straw purchaser friends) steal from everyone else if you knew in advance where the INTEREST RATE would be in 3 months?
All together now: AS MUCH AS YOU WANTED!!
It’s long past time to end the biggest theft ring in the history of mankind!
Are you saying the dollar doesn’t fluctuate?
Have you watched the petrol/dollar fluctuations?
The currency markets?
Seen the doubling of basic good prices since 2000?
You don’t consider those to be fluctuations of a similar nature to those of which you refer?
I’d be ok with any “hard” measurement of currency value - hell make it salt good ol’ NACL. It’s been used as currency in the past and we can calculate the value of it today by the ounce. Set the dollar at X ounces of salt per dollar and be done. People value salt - it has a practical purpose and will always be around - just like gold.
I just can’t fathom how we have a phantom currency...it’s all about some sense of trust that is sorely missing in this day. I don’t trust the govt. Why should I trust their statement on what the value of a dollar is?
Indeed. And digging up gold from underground and then putting it back underground in safes as the only use of it doesn’t really offer any ‘real’ financial backing imo. There’s good economic theory about why gold backing is bad.
The Bretton Woods system at least certainly sucked. Other countries began demanding physical gold when the dollar got weak, and it starts spiraling out of control until you’re sucked dry.