In this light, the Republican Party’s reported adoption of a platform plank supporting a commission to study a return to the gold standard should be seen as resting on a very “truthy” foundation. No doubt many Republican delegates feel that a return to gold would bring stability and discipline to economic policy and to financial markets. They long for a return to the days when the dollar was as “good as gold”. However, the overwhelming consensus among economists is that the gold standard would be a disastrous policy.
Dr Wes Widmaier comments on the use of the Gold Standard as a vehicle for economic stability. Read the whole article from The Conversation here.