How the Gold Standard may be answer to national economic crisis
Business News, Freedom News, Gold Standard, Robert Zoellick, World Bank
The Gold Standard is making increasingly more sense to a wider circle of economic experts. On the heels of Robert Zoeillick, President of the World Bank, more economists are coming forward proclaiming the soundness of the gold standard and how it could prevent the total collapse of debt-based economies. The Freedomist advocates the gold standard as the new-old standard for our currency, and the current economic system overscores that point.
From http://www.npr.org/2010/11/13/131297988/gold-standard
When the price of gold tipped $1,400 a troy ounce this week, the news fit right into a frenzy over the metal ignited by the World Bank president on Monday.
In a Financial Times column, Robert Zoellick wrote that the global economy should consider using the price of gold as an “international reference point of market expectations about inflation, deflation and future currency values.”
His statement was immediately taken, in some quarters at least, as a call for a return to the gold standard. Although he later clarified his point, the fire had been lit. And Zoellick, for the moment, became a hero for a small group that believes the U.S. should return to the gold standard. At the same time, he drew ire from mainstream economists tired of having the discussion in the first place.
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The use of Gold as a benchmark has long been the best way to prevent the evils of “fiat currency” and “taxing by inflation.” If, for instance, the dollar was valued at, say, 1/300th of an and ounce of Gold, it would be worth the equivalent of $4-$5 todayand Timmy Geithner wouldn’t be able to print us into $600 Billion in debt, which will require over $1.5 trillion to pay back.
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