Many supporters of Ron Paul argue that returning the US to the Gold Standard would solve our current economic problems. I do not believe that this would be beneficial to anyone except the people who own gold.
Currently, our economy is backing the US dollar. That is all based on the demand for t-bills and treasury notes (which we sell to other countries because we are the world reserve currency.) I do understand that it is not a material thing that is backing our dollar, it is just the overall spending of Americans that props the dollar up.
Switching to the gold standard is essentially impossible for the US. Unless we take over South Africa or are willing to endure the worst depression ever. I think it is important to discuss this, but the argument that we should switch to the gold standard I view as very dangerous.
What do you think?