The True Gold Standard - A Monetary Reform Plan without Official Reserve Currencies (Second Edition - Newly Revised and Enlarged) by Lehrman Lewis E

Author:Lehrman, Lewis E. [Lehrman, Lewis E.]
Language: eng
Format: epub
Publisher: The Lehrman Institute
Published: 2012-09-25T00:00:00+00:00

From 1792 until 1971, the dollar was defined in law as a specific weight unit of gold (and/or silver). As required by Article I, Section 8 of the U.S. Constitution, Congress should again establish by statute, after due deliberation, the sustainable gold value of the dollar; that is the convertibility price of the dollar to gold.

To facilitate termination of the unstable, dollar-based, global, reserve currency system and to mitigate the predatory mercantilism and economic disorder engendered by floating exchange rates, American authorities will invite interested nations to a conference to establish a modernized international gold standard—not unlike the global arrangements necessary to establish worldwide telecommunications standards. By international gold standard, it is meant that gold—not paper dollars, nor any other currency, nor Special Drawing Rights (SDR)—would be the primary means by which nations settle their residual balance-of-payments deficits. The gold monetary standard—a proven, impartial, non-national, universally acceptable money—is the necessary remedy for the defect of unstable, floating, paper currencies and the currency wars they now ignite. An international agreement to establish stable exchange rates would end the exorbitant privilege and the insupportable burden—borne by the United States—of the global reserve currency system based on the floating dollar. Such an international monetary reform would bring to an end the world financial crisis of alternating inflation, deflation, and unemployment.

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