Former Fed Chairman Alan Greenspan has said on more than a few occasions that going back to the gold standard would be a good idea. Brian Domitrovic, economic historian at Sam Houston University agrees, as reported by NewsMax Finance. The gold standard was abandoned in 1971.
Domitrovic explained that gold “performs the principal function that money must function when the system goes bad, care of central bankers.” In addition, gold’s “readily exchangeable” form gives versatility. He added, “If we were to take advantage of prosperity by putting in place the gold standard, we would take a step toward ensuring that the prosperity would last indefinitely.”
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While gold has fallen to a four year low in November, it has rebounded since, and with China, Japan already printing their currencies and Europe probably about to print, the gold standard might be something to consider.
