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Economists pan idea of new U.S. gold standard

AFP [1]
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.

Full article here [1]