Gold Standard

Table of Contents

Introduction
1792–1862: The Bimetallic Standard
1862–79: The Civil War Fiat Standard
1879–1933: The Gold Standard
1933–71: The International Gold Exchange Standard
1971–present: The Fiat Standard
Pros
- Pro 1: Gold’s value has been recognized throughout history, and a gold standard self-regulates to match the supply of money to the need for it.
- Pro 2: A gold standard reduces the risk of economic crises and recessions, while increasing income levels and decreasing unemployment rates.
- Pro 3: A gold standard puts limits on government power by restricting the ability to print money at will and increase the national debt.
- Pro 4: Returning to a gold standard would prevent excessive money printing, reducing the U.S. trade deficit and military spending.
Pro Quotes
Cons
- Con 1: The availability and value of gold fluctuates and does not provide the price stability necessary for a healthy economy.
- Con 2: A gold standard limits the ability of the Federal Reserve to help the economy out of recessions and depressions and to address unemployment.
- Con 3: A gold standard and gold mining harm the environment and Indigenous communities.
- Con 4: Returning to a gold standard could harm national security by restricting the country’s ability to finance national defense.
Con Quotes
Price of Gold vs. Inflation and Currency in Circulation
Discussion Questions
Take Action
Sources

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