The dollar became the gold standard in which every tradeable good is priced.
Hamilton, our first Treasury Secretary, brilliantly reorganized our national and state government finances and put the dollar on a gold standard.
Its call for a commission to study the feasibility of returning the U.S. dollar to the gold standard appeals to the coveted Independents very much, not to mention parts of the Democratic voter base.
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According to a recent study by the Bank of England, when compared to even the flawed, post World War II gold standard, the paper dollar standard has been a disaster whose true dimensions have been disguised by the time over which it has been inflicted on people all over the world.
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When President Nixon removed our currency from the Gold Standard, the dollar no longer had a direct relationship with gold or anything else for that matter.
Finally, a gold standard produces trust in the dollar because gold has the unique characteristic of maintaining its buying power over time.
The gold standard, where a dollar is defined by a weight unit of gold, will enable people to use the same currency at a secured value.
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You want a kind of gold standard, with the dollar and other hard currencies acting as a substitute for gold.
Some have even called for a return to the gold standard, meaning each dollar would have to be backed by an ounce of gold.
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In 1966, we had a stable dollar under the Bretton Woods gold standard.
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In the center would be advocates of a classical gold standard, in which a dollar is defined as a fixed amount of gold.
The monetization of gold through legal tender laws and removal of taxes will restrain the government from reneging on the gold standard by putting gold on an equal footing with the dollar.
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Lehrman also adds a rather detailed program to find an appropriate new gold parity for the dollar, and also for other currencies that would join the new world gold standard around the same time.
So being on the gold standard and keeping a constant dollar value are inconsistent proposals.
In truth, a gold exchange standard would be as simple as Treasury announcing a plan to peg the dollar to a set gold price, after which the market price of gold would regulate the supply of money.
This promise can be verified every minute of the day by observing the current rate of exchange between the dollar and gold, and, under a classical gold standard, by exchanging currency at a national bank for gold coins of a fixed weight and purity.
Financial history is littered with events that turned from the unthinkable to the inevitable with breathtaking speed: Britain left the gold standard in 1931, Argentina abandoned its dollar peg in January 2002.
The increase in growth made possible by these initiatives also would set the stage for additional growth augmenting policies including reform and simplification of the personal income tax code and restoration of gold as a standard of value for the dollar.
And the only reason people think about dollar convertibility again now is because conservatives are talking up a new gold standard.
The reason for preferring a gold standard is that it works better than the current paper dollar system.
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When President Nixon blew up the Bretton Woods gold standard, he performed the monetary equivalent of transforming the dollar from a Mercedes S-Class into a Ford Pinto.
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Yet it is the reason government spending has blown past budgetary constraints, revenue downturns, and public outrage since the last check on Federal Reserve dollar-printing ended in 1971 with the demise of the Bretton Woods gold exchange standard.
Thus more than half of the current Republican aspirants have moved monetary policy and the strong dollar as a key campaign plank, half of these calling for the gold standard.
Jude Wanniski, editor of Supply Side Investor, has been an outspoken critic of the floating dollar and argues that inflationary and deflationary cycles would be eliminated by a return to the gold standard.
The Vice Chairman of the Joint Economic Committee, Rep. Kevin Brady, is readying his Sound Dollar Act, redirecting the Fed from its discretionary activism not calling for the gold standard but with a heavy deference to the price of gold for a fast start in the next Congress.
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Before that time, it was basically clear that outside of wartime (when gold-standard conventions were often suspended), you could basically count on the dollar holding its value against major things like the consumer price level, foreign currencies, and commodities such as gold itself.
Actually, the closest the world came to the restoration of the pre-1914 gold standard began with the Roosevelt move in 1934, resuming an international guarantee of the dollar at a fixed price in gold.
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