It's time for a new gold standard
New York (Oct 2) While a record audience watched the first presidential debate between Hillary Clinton and Donald Trump, the sad truth is that the candidates differ very little on the issues that matter most. As president, both Clinton and Trump are likely to drive the country deeper into debt, expand government power, and further curtail individual liberty and economic freedom. Though we can vote against the candidate we feel will accelerate this trend, our votes may do nothing to change the direction we are headed
But there is one vote that may actually make a difference. The real source of government power is its monopoly over money. Working hand and glove with the Federal Reserve, the Federal government has been able to finance permanent deficits by creating purchasing power out of thin air. Voters think government spending in excess of taxation means that the public gets something for nothing. But the more invisible “inflation tax” is not only more expensive than the overt official taxes, but does even more damage to our economy.
While government taxation and regulation have worked to limit productivity, private sector investment and innovation have worked to enhance it. But the recent rise and acceptance of activist central banking has tilted the balance in favor of government. Interest rates held at close to zero have short-circuited the economy’s natural vitality. As a result, living standards have spiraled downward for rank and file Americans. Despite government statistics that seek to paint a brighter picture, this dissatisfaction has been clearly reflected in the tone and tenor of the current election. But if we really want to take our country back, we need to start by taking our monetary system back.
The United States was built on a foundation of sound money, and is now crumbling without one. A constitutional gold standard served us well for nearly 200 years, until Richard Nixon decided to do away with it “temporarily” in 1971. It’s been 45 years and we are still waiting for the return. As the Federal Reserve prepares to stamp out any remaining integrity that our currency may still possess, I suggest that we can’t afford to wait any longer for our government to honor Nixon’s promise.