Welcome!

News Feed Item

Should the United States return to a gold standard? ProCon.org puts monetary policy debate back in spotlight

SANTA MONICA, Calif., Dec. 31, 2012 /PRNewswire-USNewswire/ -- Prior to 1971, the United States was on various forms of a gold standard where the value of the dollar was backed by gold reserves and paper money could be redeemed for gold upon demand. Since 1971, the United States dollar has been a fiat currency backed by the "full faith and credit" of the government and not backed by, valued in, or convertible into gold.

ProCon.org, a nonpartisan research organization devoted to critical thinking on controversial issues, debuts a brand new issue website, gold-standard.procon.org, and delves into the pros and cons of whether or not the United States should return to a gold standard.

Proponents of the gold standard, including Congressman Ron Paul (R-TX) and Steve Forbes, Editor-in-Chief of Forbes magazine, argue it provides long-term economic stability and growth, prevents inflation, and would reduce the excessive size of government. They say a gold standard would restrict the government's ability to print money at will, run up large deficits, and increase the national debt. They say the economy has historically performed best under a gold standard.

Opponents of the gold standard, including Nobel Prize-winning economist Paul Krugman and Federal Reserve Chairman Ben Bernanke, argue a gold standard would create economic instability and spur periodic economic deflations and contractions. They say a gold standard would hamper government's ability to stimulate the economy during recessions and financial crises. They say economists agree that the gold standard is a bad idea that has historically caused problems for the US economy.

In addition to in-depth research on the pros and cons of returning to a gold standard, the new ProCon.org website contains a historical background section, videos, images, over 100 footnotes and sources, and Did You Know? facts including:

  1. According to the World Gold Council, the total amount of mined gold that exists in the world weighs about 170,000 metric tons or 5.5 billion troy ounces. Melted across an NFL football field, it would rise 5.4 feet.
  2. As of 2012, the United States Treasury holds 261.5 million troy ounces of gold. At the current market price of gold ($1,662 as of Dec. 27, 2012) the total value of United States Treasury held gold is $434.6 billion.
  3. If the United States sold its entire gold reserves at market price, it would pay down 2.7% of the $16.3 trillion national debt. In order to cover the US national debt, the price of gold would need to be about $62,475 per troy ounce.
  4. On Apr. 5, 1933, President Roosevelt issued an executive order forbidding the private possession of gold. All gold coins, bullion, or certificates over $100 were to be turned in to the government and compensated at $20.67 per ounce. Personal gold jewelry and gold coins with numismatic value were exempted. The right to own gold was not restored until 1974.
  5. On Aug. 15, 1971, President Nixon announced that the United States would no longer back the dollar with gold reserves ending the last ties between the dollar and gold. Between 1971 and 2012 the US currency in circulation (M1) increased from $48.6 billion to over $1 trillion dollars.

The 47th ProCon.org website is sponsored by Teletrade (www.teletrade.com), an online coin and currency auction house since 1986.

For pros, cons, and related research on whether or not the United States should return to a gold standard, visit http://gold-standard.procon.org.

About Us

ProCon.org (online at www.procon.org) is a 501(c)(3) nonprofit public charity whose mission is promoting critical thinking, education, and informed citizenship.  Information is presented on 47 different ProCon.org issue websites in subjects ranging from Obamacare, alternative energy, and medical marijuana to the death penalty, illegal immigration, and gay marriage.

ProCon.org websites are free of charge and require no registration.  The websites have been referenced by over 700 media entities, cited 36 times by the governments of 11 countries (including 21 US states and nine US federal agencies), and used by teachers, librarians, and educators in over 3,300 schools in 50 countries and all 50 US states.

Media/Press Coverage of ProCon.org Includes

60 Minutes, ABC, Associated Press, Atlanta Journal-Constitution, BBC, Bloomberg, Business Week, CBS News, CNN, CNBC, Contra Costa Times, Dallas Morning News, Esquire, Forbes, FOX News, The Guardian, Houston Chronicle, Huffington Post, Los Angeles Times, Minneapolis-St. Paul Star Tribune, Mother Jones, NBC, New England Journal of Medicine, New York Times, The Oregonian, Orlando Sentinel, PBS, Reuters, Slate, USA Today, Washington Post, Wired, and many others.

Facebook: www.facebook.com/procon.org
Pinterest: www.pinterest.com/proconorg
Twitter: www.twitter.com/procon_org
YouTube: www.youtube.com/proconorg

CONTACT: Kambiz Akhavan, +1-310-587-1407

SOURCE ProCon.org

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
DevOps has often been described in terms of CAMS: Culture, Automation, Measuring, Sharing. While we’ve seen a lot of focus on the “A” and even on the “M”, there are very few examples of why the “C" is equally important in the DevOps equation. In her session at @DevOps Summit, Lori MacVittie, of F5 Networks, explored HTTP/1 and HTTP/2 along with Microservices to illustrate why a collaborative culture between Dev, Ops, and the Network is critical to ensuring success.
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great dea...
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...