Showing posts with label Treasury. Show all posts
Showing posts with label Treasury. Show all posts

Monday, September 10, 2012

Tim Kelly: The GOP’s gold plank

  The 2012 Republican Party platform contains a plank concerning a possible return to the gold or other metallic standard. The US dollar has been a fiat currency since President Richard Nixon suspended its convertibility to gold on August 15, 1971.

  The plank reads,

       Determined to crush the double-digit inflation that was part of the Carter Administration’s economic legacy, President Reagan, shortly after his inauguration, established a commission to consider the feasibility of a metallic basis for U.S. currency. The commission advised against such a move. Now, three decades later, as we face the task of cleaning up the wreckage of the current Administration’s policies, we propose a similar commission to investigate possible ways to set a fixed value for the dollar.