January 20, 2012
WASHINGTON — As Republican presidential hopefuls entertain calls to fix the value of the dollar to the price of gold, a panel of leading economists on Wednesday roundly panned the idea of a return to the gold standard.
A poll of nearly 40 bipartisan economists showed no support for the idea that pegging the currency to the price of gold would lead to a more stable US jobs market or keep prices in check.
Asked by University of Chicago whether a return to the gold standard would lead to price-stability and employment outcomes that “would be better for the average American,” 100 percent of respondents said no.
Republican candidate Ron Paul has long advocated a return to the gold standard — which was abandoned by the United States in 1971 and decades before by the rest of the world — but his competitors have also warmed to the idea.