Hurricane Harvey, Hurricane Irma and forest fires are sweeping the nation. Citizens are getting frantic and trying to stock up on food, water and gasoline. With the nation in serious debt and citizens losing hundreds of thousands in these natural disasters, here is my take on the nation’s debt —
Now, since basically no one noticed when Nixon took us off the gold standard (me included), I see no reason to try and argue the case for returning to a gold standard by trying to educate the electorate on this matter. Rather, we just need to educate a presidential candidate and influence his pick for Secretary of Treasury. Ideally, a Secretary who understands this subject. Then we need to elect members of Congress that believe in the sanity of a gold standard, and act on it. And that’s the end of my sermon.
What are the upsides of returning the dollar’s link to gold?
(1) No more inflation, which benefits savers, i.e., the value of money put into savings is “protected” from eroding away through inflation.
(2) Businesses that plan to expand would now be able to reliably predict future expenses, thus stimulation of business expansion.
Check out the other upsides in my book Return to Capitalism !