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Gold standard and Ron Paul on Marketplace NPR

Submitted by Libertas on Fri, 12/07/2007 - 10:27
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Did anyone catch this Bush speechwriter on NPR's Marketplace the other day?

http://marketplace.publicradio.org/display/web/2007/12/05/go...

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I had to stop after the

Submitted by bigsurjune on Sat, 12/08/2007 - 06:42.

I had to stop after the first paragraph--the guy's a dunce. Logically, if the U.S. went back to the gold standard either the rest of the world's currencies would follow suit, or they would peg themselves to the dollar. This would inevitably make the dollar king again in a sea of fiat currencies. Sure, it would be a tricky transition but no worse than the Fed has itself into now. The Fed has been a lousy Captain and it must be crazy to think it can take the rest of us down with the ship.

Yes

Submitted by Devon on Sat, 12/08/2007 - 03:06.

Yes and he misrepresents Paul's position. Paul does not want to return to the gold standard.

Paul and the gold standard

Submitted by BobW on Sat, 12/08/2007 - 04:01.

Actually, Paul does want to return to a gold (or silver) standard, although he realizes that getting from here to there is tricky (to say the least) so he proposes instead to allow gold and silver as competing currencies that would not be taxed if they appreciate against fiat currency. Right now if I sell the gold I own I will be taxed on some rather significant "capital gains". But in reality it is the dollar that has gone down (each ounce of gold is still worth just one ounce of gold). So I would be taxed on the inflation that the government created.

Yes and it is the first time

Submitted by Jilly on Sat, 12/08/2007 - 03:02.

Yes and it is the first time I'd heard ANYTHING about Dr. Paul on NPR. And I listen to it a lot. :(