Should we go back to the gold standard?

It is "on the edge" - then again, there are quite a few such posts in Bullion Investing. (Just think of how often some PM bug uses the term "fiat currency" here ...) So far the topic has not turned into anything offensive though. In my opinion, Peter's Bullionist site would be a much better place for such debates. But we can hardly move this topic there.

Christian

 

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With the volatility of PMs and gold being more of a commodity today then in 1933, I'd say it's impractical, if not impossible to put us on the gold standard. It isn't just the United States that sets pricing on gold in a global economy. Imagine changing prices in retail every time gold takes a big swing when the "sky is falling" group buys or sells a stockpile of gold when a rumor makes them overreact.

 

If I were you I'd look up why we went off the gold standard in 1932 and officially in 1933. Most economist rarely agree on a single policy or philosophy, but, the fact that getting off the gold standard helped get us out of the Great Depression is the one thing most economists can unanimously agree upon.

 

I believe it was definitely one of many factors that lifted our country from the depression. But, I am simply stating that it would not work in a global economy.

 

Even if we ever did switch to the "gold standard" our money would likely be impregnated with very minimal amounts of gold foil. There's just too much cash out there and the supply will continue to increase as population and demand does so. Bit Coins will become the new standard anyway. Kidding

 

The buildup to WWII with arming France, Finland, and the UK before the war and finally entering the war in late 1941 put the final nails in the coffin of the depression.

 

Well, how things have changed. Not counting dupes and maybe making a bit of an assumption on some, I am counting 9 to 1 AGAINST going back to the Gold standard. A year ago, that may have been reversed.