Is America Going Back to a Gold Standard Someday?

Dees Illustration

Greg Hunter
USA Watchdog

America went off the gold standard in 1971 when Richard Nixon closed the “gold window.” That meant the U.S. didn’t have to pay foreigners with gold, only dollars.  President Nixon created the first world reserve currency that was officially backed by nothing.  The U.S. has gotten to print money at will until this very day, but nothing lasts forever.   Recently, Steve Forbes (President and Chief Executive Officer of Forbes and Editor-in-Chief of Forbes magazine) predicted that a return to a gold standard is likely “in the next five years.” A recent story said, “Such a move would help to stabilize the value of the dollar, restore confidence among foreign investors in U.S. government bonds, and discourage reckless federal spending, the media mogul and former presidential candidate said.” (Click here for the complete story.)

Forbes is not some fringe player.  He is wealthy, well connected and knows his way around all types of media.  His thoughts are probably reflecting what other people in his sphere (meaning other wealthy and connected people) are contemplating.  And speaking of Forbes, in an article in the online publication of the same name, said, “. . . unless an inflationary boom is fed with more and more inflationary credit a deflationary bust we will quickly get.  And with the first signs of an ensuing bust, a massive QE III effort courtesy of deflation hawk extraordinaire Ben Bernanke is sure to follow.  In other words, if the private banks don’t inflate, a deflationary scare first than another Federal Reserve orchestrated inflationary cycle.  In the end, QE III one way or another.” (Click here for the complete story.) That’s just what the world wants, more money printing from the U.S. to pay its bills.  Foreigners will be increasingly shunning the dollar as the money creation continues.

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