Golden Promise

Never had a doubt in the beginning
Never a doubt
--Naked Eyes

Peter Schiff discusses the gold standard in light of the Republican Party's plank to give the standard another look. Of course, this plank may be a mere jesture to Tea Party types who the Republicans desperately need in order to win the upcoming presidential election. It can also be interpreted as part of the legacy of Ron Paul.

In any event, it is good that this idea is on the table. Schiff reviews the gold standard's removal in the 20th century and the subsequent consequences. The gold standard instills discipline on government, prohibiting politicians from overstepping limited government bounds. All things forecast from the gold standard's removal, which was completed with Nixon's actions in 1971, have come to pass. Exploding deficits, massive borrowing, gigantic money printing, and general standard of living that is stagnant/declining.

Given our current monetary and fiscal positions, arguments claiming that a return to the gold standard would constitute a 'step backward' seem downright laughable. The gold standard is the friend of liberty. It is the enemy of big government and forceful aggression.

Serious public debate about the merits of the gold standard would likely open a lot of eyes. Whether they realize it or not, Republicans have now become accountable for making this happen.

position in gold