Charles Kadlec, Contributor
The biggest under-reported story of the South Carolina primary is winner Newt Gingrich’s campaign promise to convene a gold commission to “look at the whole concept of how do we get back to hard money.”
The only job of the Fed should be to “maintain the stability of the dollar because we want a dollar to be worth 30 years from now what it is worth now,” said Gingrich, pointing out price stability encourages savings and investment because people know what the dollar will be worth when comes time to spend it.
Monetary reform can be the issue that propels Gingrich above the tawdry attacks on his personal life and questions about his reliability all the way to the Republican nomination, because it puts him ahead of Governor Romney and Senator Santorum on a policy that enjoys a clear plurality of support among Republicans, Democrats, blacks, whites, hispanics and individuals across all income categories.
When the Rasmussen polling firm last October asked 1000 likely voters if they were “favorable or unfavorable about returning to the gold standard,” 44% were favorable versus 28% unfavorable. However, when the respondents were asked: Would you “favor or oppose returning to a Gold Standard if you knew it would reduce the power of bankers and political leaders to steer the economy?” those in favor increased to 57% versus only 19% opposed.
All the candidates agree on the need to repeal ObamaCare and Dodd-Frank, to reduce the regulatory burden on American business and to cut corporate and personal income tax rates through tax reform. But, Governor Mitt Romney promises to follow in President Obama’s footsteps as a weak dollar President, especially relative to the Chinese. Senator Rick Santorum’s website is strangely silent on the issue of monetary policy, even though the gyrations in the value of the dollar have demonstrably hurt the middle-class and manufacturing more than any other single policy.
Gingrich has seized this opening to build his appeal as the conservative candidate who can defeat President Barack Obama by making monetary reform integral to his campaign to increase the prosperity, security and liberty of the American people.
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Good to see Ron Paul’s words getting through.
On another note. Geitner won’t be back if Obama is reelected.
http://www.bloomberg.com/video/84901442/
Now if Holder would go…
Isn’t this kind of lunacy though?
“campaign promise to convene a …commission”
In other words, he plans to do nothing to move the US to a gold standard or other “hard money” concept.
I think it’s becoming common knowledge already that the next world reserve currency will be backed by gold. That will likely be Special Drawing Rights. There will likely be a regional currency for North America that will backed by gold, as well.
When the USD loses reserve status, the US will likely slip into depression. At the same time, gold and silver will likely rocket.
High probability of extreme govt tax on metals profits at that point, however, when it comes time to sell. This will be used to reel in the metals markets and screw what remains of the middle class, in the final wealth redistribution efforts.