Should America Go Back on the Gold Standard?

United States
March 5, 2009 5:08pm CST
Do you think America should go back on the gold standard? What the gold standard was intended to do was to protect all Americans from inflationary and deflationary economic practices of the banks. Inflation occurs when more currency is put into circulation thus causing the value of the monetary standard the dollar to decrease it's value to make up for deficits. Deflation occurs when currency is taken out of circulation and there is less to go around. Thus making it it's value increase and your earning potential from your labor decrease because you have to work more to earn dollars. American currency the dollar, is not backed by Gold or Silver or any precious metal and so it can be manufactured to any specified amount when needed. What are your thoughts and feelings about the central bank, the Federal Reserve? Do you believe that it is owned by Americans or a Foreign owned banking system.
1 response
@Lore2009 (7389)
• United States
5 Mar 09
I don't know who owns it but it's not the government. Even if it goes back to gold standard, doesn't the cost of gold change everyday? I think all possessions are in the end worthless depending on where you come from... I don't think it will make a difference.