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The gold standard today has nearly disappeared as a political issue The world has abandoned the gold standard in favor of so-called paper money and only a diminishing group continues to call for its return However if mainstream economists have anything to say about it there will never be a return to the gold standard Even so defenders of the gold standard include such former presidential candidates as Jack Kemp and Stephen Forbes Furthermore even the current chairmen of the Federal Reserve Alan Greenspan has written in the past on advantages of returning to the gold standard Therefore reviewing these arguments is worthwhile in discovering whether or not reaching back into the past can help lead to a more prosperous future The reason why the far right opposes the current money system is because it allows the government to control the size of the money supply wwwhuppicom They argue that an unscrupulous government might pay its bills by printing more money which would cause inflation They also argue that shrinking the money supply allows the government to create recessions Under a gold standard the total value of money would be nearly fixed and the market would adjust itself efficiently around it Kemp 2001 Mainstream economists however have a powerful counter-argument The current system might in theory allow a government to create inflation or unemployment but it also allows the government to fight inflation and unemployment wwwhuppicom That is a tremendous achievement because not one nation around the world using a fiat based monetary policy has experienced a depression in the last six decades It appears that we eliminated depressions when we eliminated the gold standard How did we get here from there In order to understand why some are pushing for a return to the gold standard today one must look at how and why money has evolved over time Money - anything that is widely used for making payments and accounting for debts
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