FINANCIAL TIMES: The gold standard has returned to mainstream US politics for the first time in 30 years, with a “gold commission” set to become part of official Republican party policy.
Drafts of the party platform, which it will adopt at a convention in Tampa Bay, Florida, next week, call for an audit of Federal Reserve monetary policy and a commission to look at restoring the link between the dollar and gold.
The move shows how five years of easy monetary policy – and the efforts of libertarian congressman Ron Paul – have made the once-fringe idea of returning to gold-as-money a legitimate part of Republican debate… (more)
EDITOR: It follows we should go back to Model ‘T’ Fords at the same time! More seriously, the gold standards is considered by most economic historians to have a prime cause of the Great Depression since it restricted the expansion of credit in a growing world economy to the ability to find and mine the precious metal.
