HuffPo is all in a vapor decrying Cruz' idea of returning to the gold standard.
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Originally Posted by HuffPo
In reality, a key plank of his economic platform would horrify [Republican executives, financial elites and party honchos]: Cruz supports a return to the gold standard, a relic of the pre-Depression past that would wreak havoc on the American business class, and on the rest of society too.
"I think the Fed should get out of the business of trying to juice our economy and simply be focused on sound money and monetary stability, ideally tied to gold," Cruz said in an October debate. He reiterated the call two weeks later. "We had a gold standard under Bretton Woods, we had it for about 170 years of our nation’s history, and enjoyed booming economic growth and lower inflation than we have had with the Fed now," Cruz said at a Nov. 10 debate. "We need to get back to sound money." |
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Originally Posted by definition
a monetary standard under which the basic unit of currency is defined by a stated quantity of gold and which is usually characterized by the coinage and circulation of gold, unrestricted convertibility of other money into gold, and the free export and import of gold for settling of international obligations
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Return to the Gold Standard?