“Business mogul Steve Forbes says that not only is a return to the gold standard a realistic option, but “circumstances” in our economy will necessitate it.
“We were on the gold standard for 180 years in this country’s history — did very well with it,” Forbes told J.D. Hayworth, John Bachman and Miranda Khan on “America’s Forum” on Newsmax TV on Monday.
“If we’d been on a gold standard since 1971, when Richard Nixon took us off the gold standard, today our economy would be 50 percent larger if we’d just maintained historic growth rates we had for the first 180 years of our existence,” the chairman and editor-in-chief of Forbes Media explained.
The gold standard is a monetary system in which the value of currency is equal to a fixed amount of gold. The currency can also be converted into gold.
“Gold gives money . . . stability just like the ruler measures length, the clock measures time, a scale measures weight,” Forbes added. “A dollar measures value and when the value is stable, you get a lot more investment, a lot more growth, a lot more opportunity.”
Without the gold standard in place, the dollar has grown increasingly unstable, even though there have been “periods of strength,” Forbes says. ….”
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