The Case for the Gold Standard:
Steve Forbes Suggests We Take A Closer Look at U.S. Monetary Policy Options
(USAGOLD – 4/26/2024) Gold prices are higher in early US trading. Gold showed very little reaction to another U.S. inflation report that came in a bit warmer than market expectations. Gold is trading at $2343.10, up $10.64. Silver is trading at $27.55, up 12 cents. Steve Forbes argues that the United States should consider returning to the gold standard monetary system, where the value of the dollar is backed by and can be redeemed for gold. He claims that going off the gold standard in 1971 allowed the government to print excessive amounts of money, leading to inflation and devaluation of the dollar. Forbes suggests that being on the gold standard would constrain the money supply, prevent inflation, and make the dollar a more stable and trusted currency globally. It portrays the gold standard as providing fiscal discipline and protecting against irresponsible government spending and debt accumulation. However, he does not address the potential downsides, challenges, and pain of reinstating a gold standard system.
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