GOP Considers Return to Gold Standard
For the first time in three decades, gold is making its way back into mainstream politics as the Republican Party prepares to adopt a “gold commission” as part of its official party policy, the Financial Times reports.
How did this supposedly “crazy” idea make its way back into mainstream politics? Two reasons: a) because of the unsuccessful monetary policies of the past five years and b) the tireless efforts of Rep. Ron Paul (R-TX).
As the GOP prepares for its National Convention in Tampa, Fla., next week, drafts of the party’s platform “call for an audit of Federal Reserve monetary policy and a commission to look at restoring the link between the dollar and gold,” according to the FT.
“These [issues] were adopted because they are things that Republicans agree on,” co-chair of the platform committee Rep. Marsha Blackburn (R-TN) told the Financial Times. “The House recently passed a bill on this, and this is something that we think needs to be done.”
She is, of course, referring to Rep. Paul’s “Audit the Fed” bill, which passed 327-98.
The FT report notes that the 2012 “gold commission” is similar to the one created during Ronald Reagan’s first term (it ended up deciding against reestablishing a link between U.S. currency and gold … obviously).
“There is a growing recognition within the Republican party and in America more generally that we’re not going to be able to print our way to prosperity,” chairman of the American Principles Project Sean Fieler told FT.
However, as Fieler is careful to note, outside of making recommendations, the commission (should it be adopted) would have no other power or authority.
“We’re not going to go from a standing start to the gold standard,” Fieler said, explaining that the commission is mainly about educating the American people and politicians on the importance of the precious metal.
As of this writing, it is unclear whether the GOP will formally adopt the “gold commission” at the convention. We’ll just have to wait and see.
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