From the Great Depression to the Great Inflation, here are five reasons why Federal Reserve Chairman Ben Bernanke hates the idea of moving the U.S. off its fiat currency.
While I do think there needs to be a return to fiscal responsibility, I’m not sure a single sovereign government can do it alone. What I see as more likely is a federation…
You can now use gold and silver as legal tender in Utah. Here’s how it works.
Steve Forbes offers several reasons why he thinks the U.S. will end up on a gold standard again within the next five years. And he might just be right.
Utah’s new gold standard bill takes a symbolic jab at the Fed. And it’s a jab that’s representative of the pent up anger over the federal government’s fiscal irresponsibility.
Utah’s proposal presents an interesting wrinkle on the gold standard by allowing an official alternate form of legal tender to co-exist with the dollar. Would such a proposal be feasible? Perhaps.
If inflation becomes a reality, though, the appeal of such a system might be worth the headaches. Just last month, J.P. Morgan announced it would take gold as collateral for loans. It’s a sign that more sophisticated gold and silver transactions could be on the way.
In an appearance before the Senate Banking Committee, Bernanke pointed to a flaw he sees in a gold-backed currency: namely, that there’s not enough gold in the world to go around.