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The Gold Standard Enters Political Mainstream, Again

Here is something you do not really talk about on a daily basis, a return to the gold standard.  The idea may have made its way in to the Republican Platform and, within the GOP, it is not as fringe as you might first think. Serious?

The proposal only seems to call for the creation of a commission to study the matter. It was tried by Ronald Reagan in the 1980s. There will be a lot of criticism by the financial press and economists who largely believe the days of the gold backing the U.S. currency are long gone. But the idea has some folks who support it, or at least the concept of an updated approach to help advance a stronger U.S. and global economy (see video below).

The news will no doubt excite the Ron Paul supporters and raise some eyebrows within the GOP big tent. For the political near term, even if Republicans won the political trifecta in November, a return to the gold standard is largely very remote. Regardless of where you stand on the issue, however, it is a good discussion.  New ideas are sorely needed to rein in federal government spending as well as for updating a monetary system that seems to encourage deficit spending for generations.

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