The Republi-CON 'Gold Will Save Us' Myth

"In 1981, President Ronald Reagan created the Gold Commission. The purpose of the commission was to appease conservatives who wanted to see the country return to the gold standard. The conclusion of the Commission? That’s a clown idea, bro.

'Restoring a gold standard does not appear to be a fruitful method for dealing with the continuing problem of inflation,' the Commission reported. They even rejected the halfway measure of issuing a limited number of bonds backed by gold as a way of 'introducing gold into our monetary system.'

So, to recap, in 1981, amidst a serious inflation problem, Reagan created a commission to study a gold standard. You couldn’t have picked a more sympathetic president, or a more sympathetic moment, to the gold standard. And they still rejected it.

Now fast forward 30 years. There’s no inflation problem. The head of the Federal Reserve was originally appointed by George W. Bush and is credited by most observers as having headed off a potential Great Depression through creative monetary policy. And so what does the Republican Party want to do? Well, according to a draft of the party’s platform, they want another Gold Commission."

Read the Washington Post, The GOP has picked the wrong time to rediscover gold.