Last updated on: 4/3/2017 | Author: ProCon.org

Footnotes & Sources

The background and pro and con arguments were written by ProCon.org staff based upon input from the following footnotes (directly referenced) and sources (used for general research and not directly referenced):

Footnotes:

  1. John Waggoner, “Should We Return to the Gold Standard?,” usatoday.com, Apr. 23, 2012
  2. Robert McTeer, “A Brief History of the Gold Standard,” ncpa.org, June 16, 2011
  3. Federal Reserve Bank of New York, “The Key to the Gold Vault,” newyorkfed.org (accessed Dec. 5, 2012)
  4. Board of Governors of the Federal Reserve System, “Currency Component of M1 (CURRNS), research.stlouisfed.org (accessed Dec. 26, 2012)
  5. Matthew Bishop and Michael Green, In Gold We Trust, 2012
  6. Steve Forbes, “Golden Rule for Prosperity,” forbes.com, June 6, 2012
  7. Ludwig von Mises Institute, The Gold Standard: Perspectives in the Austrian School,  mises.org, 1992
  8. Michael D. Bordo et al., “Gold, Fiat Money and Price Stability,” research.stlouisfed.org, May 2007
  9. Michael D. Bordo, “Gold Standard,” econlib.org (accessed Dec. 26, 2012)
  10. US Department of Labor Bureau of Labor Statistics, “Consumer Price Index: All Urban Consumers, ftp.bls.gov, Dec. 14, 2012
  11. Arthur J. Rolnik and Warren E. Weber, “Money, Inflation, and Output Under Fiat and Commodity Standards, minneapolisfed.org, Spring 1998
  12. Ron Paul, “Paper Money and Tyranny,” lewrockwell.com, Sep. 5, 2003
  13. F. William Engdahl, “Crisis of the US Dollar System,” globalresearch.ca, Oct. 14, 2006
  14. US Department of Defense, “Base Structure Report Fiscal Year 2010 Baseline,” acq.osd.mil, 2010
  15. Loren Thompson, “The Real Cost of US In Lybia? Two Billion Dollars per Day,” forbes.com, Mar. 28, 2011
  16. Scott S. Powell, “How US Debt Risks Dollar Doomsday,” nypost.com, Apr. 30, 2012
  17. Charles Kadlec, “A Gold Standard Is Big Oil’s Best Defense Against Political Attack,” forbes.com, Oct. 31, 2011
  18. The Bancroft Library, “1973-1974 Oil Crisis,” bancroft.berkeley.edu (accessed Dec. 26, 2012)
  19. Tim McMahon, “Historical Oil Prices Chart,” inflationdata.com, June 14, 2012
  20. Charles Kadlec, “The Top Ten Reasons That You Should Support the ‘Gold Commission,'” forbes.com, Aug. 27, 2012
  21. Ron Paul, “The Austrian School and the Meltdown,” lewrockwell.com, Sep. 26, 2008
  22. Lewis E. Lehrman, “A Road to Prosperity,” spectator.org, Oct. 2012
  23. Lawrence H. White, “A Gold Standard with Free Banking Would Have Restrained the Boom and Bust,” cato.org, Fall 2011
  24. Frank Shostak, “Contra Bernanke on the Gold Standard,” mises.org, Apr. 11, 2012
  25. Michael Pollaro, “Money Supply Booming, Seeds of the Next Greater Recession,” forbes.com, Mar. 17, 2012
  26. Lawrence H. White, “Is the Gold Standard Still the Gold Standard among Monetary Systems?,” cato.org, Feb. 8, 2008
  27. Charles Kadlec, “The Price of Abandoning the Gold Standard,” forbes.com, Sep. 12, 2011
  28. Sean Fieler, “Easy Money Is Punishing the Middle Class,” online.wsj.com, Sep. 26, 2012
  29. Ron Paul, “Paper Money and Tyranny,” paul.house.gov, Sep. 5, 2003
  30. Ralph Benko and Charles Kadlec, The 21st Century Gold Standard: For Prosperity, Security, and Liberty, agoldenage.com, 2012
  31. US Department of the Treasury, “The Debt to the Penny and Who Holds It,” treasurydirect.gov (accessed Dec. 26, 2012)
  32. Levin Institute, “The Trade Balance,” globalization101.org (accessed Dec. 26, 2012)
  33. Michael Pollaro, “America, Poised for a Hyperinflationary Event?,” forbes.com, Feb. 8, 2011
  34. Ron Paul, “Why Gold Is Good Money,” goldnews.bullionvault.com, Oct. 2, 2012
  35. Ron Paul, Robert P. Murphy, and Llewellyn H. Rockwell, Pillars of Prosperity: Free Markets, Honest Money, Private Property, 2008
  36. John Ameriks, “The Gold Rush of 2010,” vanguardblog.com, July 26, 2010
  37. Inflation Data, “Inflation Adjusted Annual Average Gold Prices,” inflationdata.com, Sep. 15, 2011
  38. Gregory Hilton, “The Case Against Gold,” diplomatdc.wordpress.com, May 29, 2011
  39. Donald T. Regan, et al., “Report to the Congress of the Commission on the Role of Gold in the Domestic and International Monetary Systems, Mar. 31, 1982
  40. John H. Makin, “All That Glitters: A Primer on the Gold Standard,” aei.org, Oct. 9, 2012
  41. Ben Bernanke and Harold James, “The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison, nber.org, Jan. 1991
  42. Matthew O’Brien, “Why the Gold Standard Is the World’s Worst Economic Idea, in 2 Charts,” theatlantic.com, Aug. 26, 2012
  43. Chicago Booth IGM Forum, “Gold Standard,” igmchicago.org, Jan. 12, 2012
  44. Ben Bernanke, “The Federal Reserve and the Financial Crisis: Origins and Mission of the Federal Reserve, federalreserve.gov, Mar. 20, 2012
  45. Paul Krugman, “Golden Instability,” krugman.blogs.nytimes.com, Aug. 26, 2012
  46. US Department of the Treasury, “TARP Programs,” treasury.gov (accessed Dec. 26, 2012)
  47. Barry Eichengreen, “A Critique of Pure Gold,” nationalinterest.org, Aug. 24, 2011
  48. Federal Deposit Insurance Corporation, “The First Fifty Years,” fdic.gov (accessed Dec. 26, 2012)
  49. James D. Hamilton, “A Disaster for Wages,” nytimes.com, Mar. 8, 2011
  50. Barry Eichengreen, Golden Fetters : The Gold Standard and the Great Depression, 1919-1939, 1996
  51. Paul Heise, “The Gold Standard Isn’t Good as Gold,” ldnews.com, Nov. 21, 2012
  52. Frank Curzio, “Gold Mining Costs Rising Fast,” goldnews.bullionvault.com, June 28, 2012
  53. US Department of the Treasury Bureau of Engraving and Printing, “Annual Production Figures,” moneyfactory.gov (accessed Dec. 26, 2012)
  54. Anna J. Schwartz, “Alternative Monetary Regimes: The Gold Standard,” nber.org, 1987
  55. Eisler R and Wiemeyer SN, “Cyanide Hazards to Plants and Animals from Gold Mining and Releated Water Issues,” ncbi.nlm.gov, 2004
  56. Earthworks and Oxfam America, “Dirty Metals: Mining, Communities and the Environment,” nodirtygold.org, 2004
  57. Ofelia Rivas, “O’odham Sacred Site of Quitovac Once Again under Threat from US Gold Mining Company Silver Scott Mines,” solidarity-project.org, Feb. 2012
  58. Great Basin Resource Watch, “Save Spiritual Site Mt. Tenabo,” gbrw.org (accessed Dec. 26, 2012)
  59. Scott Sonner, “Tribe Battles BLM over Nev. Gold Mine in US Court,” desertnews.com, Oct. 6, 2011
  60. Jeffrey Frankel, “The Dollar’s New and Old Rivals,” nytimes.com, Nov. 10, 2010
  61. John Waggoner, “Should We Return to the Gold Standard,” usatoday.com, Apr. 23, 2012
  62. Joe Weisenthal, “Why the Gold Standard Is the Worst Idea in the World in One Chart,” businessinsider.com, Sep. 4, 2012
  63. Franklin Noll, “The Birth of US Fiat Currency,” bloomberg.com, Apr. 2, 2012
  64. Marc Labonte and Mindy Levit, “Financing Issues and Economic Effects of American Wars,” fas.org, July 29, 2008
  65. Matthew Philips, “GOP: In Gold We Trust,” businessweek.com, Aug. 31, 2012
  66. Ron Paul, “Fiat Paper Money,” lewrockwell.com, Sep. 12, 2003
  67. Steve Forbes, “Gold Can Save Us from Disaster,” forbes.com, Oct. 3, 2012
  68. The McAlvany Weekly Commentary, “Steve Forbes Interview: Gold Standard Inevitable,” mcalvanynews.com, Dec. 4, 2012
  69. Republican National Committee (RNC), “2012 Republican Platform,” gop.com (accessed Dec. 28, 2012)

     

  70. Peter G. Peterson Foundation, “The US Spent More on Defense in 2011 Than Did the Countries with the Next 13 Highest Defense Budgets Combined,” pgfp.org, Apr. 12, 2012
  71. Congressional Research Service (CRS), “Brief History of the Gold Standard in the United States, fas.org, June 23, 2011
  72. US Financial Management Service, “Status Report of US Treasury-Owned Gold,” fms.treas.gov, Oct. 31, 2012
  73. A-Mark Precious Metals, Inc., “A-Mark Spot Prices History,” amark.com (accessed Dec. 28, 2012)
  74. Allan H. Meltzer, “Origins of the Great Inflation,” research.stlouisfed.org, March/April 2005
  75. The Coinage Act of 1792, nesara.org, Apr. 2, 1792
  76. Richard Giedroyc, “The History of the United States $10 Gold Piece,” coinfacts.com (accessed Dec. 28, 2012)
  77. NGC Coin Explorer, “Gold Dollars (1849-1854),” ngccoin.com (accessed Dec. 20, 2012)
  78. The Coinage Act of 1834, nesara.org, June 28, 1834
  79. Sarah Stodola, “Civil War at 150: Debt Lessons from Lincoln,” thefiscaltimes.com, Apr. 12, 2011
  80. Tax History Project, “Tax History Museum: 1861-1865: The Civil War,” taxhistory.org (accessed Dec. 28, 2012)
  81. United States Department of Treasury Bureau of Public Debt, “Our History,” publicdebt.treas.gov, Dec. 22, 2011
  82. Richard H. Timberlake, “From Constitutional to Fiat Money: The US Experience,” cato.org, Spring/Summer 2012
  83. The Learning Network, “March 14, 1900: US Officially Adopts the Gold Standard,” learning.blogs.nytimes.com, Mar. 14, 2012
  84. Harvard Business School Historical Collections, “Off the Rails,” library.hbs.edu (accessed Nov. 30, 2012)
  85. Elmus Wicker, “Banking Panics in the US: 1873-1933,” eh.net, Feb. 1, 2010
  86. John Steele Gordon, “On the Greenback Party and Its Newly Relevant Ideas,” bloomberg.com, Nov. 30, 2011
  87. Encyclopedia Britannica, “Resumption Act of 1875,” bratannica.com (accessed Nov. 30, 2012)
  88. US Federal Reserve, “History of the Federal Reserve,” federalreserveeducation.org (accessed Nov. 30, 2012)
  89. The Lehrman Institute, “The Free Silver Movement,” thegoldstandardnow.org (accessed Nov. 30, 2012)
  90. William Jennings Bryan, “Cross of Gold, pbs.org, July 9, 1896
  91. The American Presidency Project, “Republican Party Platform of 1896, presidency.ucsb.edu, June 16, 1896
  92. New York Times, “Gold Now the Standard: President McKinley Signs the Financial Bill,” nytimes.com, Mar. 14, 1900
  93. Richard H. Timberlake, “Federal Reserve System,” econlib.org, 2008
  94. American Experience, “Timeline of the Great Depression,” pbs.org (accessed Dec. 3, 2012)
  95. Stephen G. Cecchetti, “Prices During the Great Depression: Was the Deflation of 1930-32 Really Unanticipated?,” nebr.org, Nov. 1989
  96. World Gold Council, “After the Gold Standard 1931-1999,” gold.org (accessed Dec. 28, 2012)
  97. United States Mint, “The United States Bullion Depository Fort Knox, Kentucky,” usmint.gov (accessed Dec. 4, 2012)
  98. Ron Paul, The Case For Gold , 1982
  99. M.J. Stephey, “A Brief History of the Bretton Woods System,” time.com, Oct. 21, 2008
  100. Alan S. Blinder, “The Anatomy of Double-Digit Inflation in the 1970s,” nber.org, 1982
  101. Ezra Klein, “The GOP Has Picked the Wrong Time to Rediscover Gold,” washingtonpost.com, Aug. 24, 2012
  102. Gold Bullion Coin Act of 1985, usmint.gov, Dec. 17, 1985
  103. Reuters, “Republican Gold Standard Return Plan Seen as Full of Bugs,” huffingtonpost.com, Aug. 27, 2012
  104. World Gold Council, “Frequently Asked Questions,” goldfacts.org (accessed Dec. 28, 2012)
  105. Mamta Badkar, “10 Countries Hoarding Massive Amounts of Gold,” businessinsider.com, Nov. 9, 2012
  106. Matt Phillips, “The Long Story of US Debt, From 1790 to 2011, in 1 Little Chart,” theatlantic.com, Nov. 13, 2012
  107. American Principles Project, “Gold Is Money,” americanprinciplesproject.org (accessed Dec. 29, 2012)
  108. The Lehrman Institute, “The Gold Standard Now,” thegoldstandardnow.com (accessed Dec. 29, 2012)
  109. Ludwig von Mises Institute, mises.org (accessed Dec. 29, 2012)
  110. New York Times, “Economic Stimulus – Jobs Bills,” nytimes.com, Mar. 15, 2012
  111. Christina D. Romer, “The Fiscal Stimulus, Flawed But Valuable,” nytimes.com, Oct. 20, 2012
  112. Benjamin Cohen, “Bretton Woods System,” polisci.ucsb.edu (accessed Dec. 31, 2012)

Sources:

Ralph Benko and Charles Kadlec, The 21st Century Gold Standard: For Prosperity, Security, and Liberty, agoldenage.com, 2012

Barry Eichengreen, Golden Fetters : The Gold Standard and the Great Depression, 1919-1939, 1996

Charles P. Kindleberger, Manias, Panics, and Crashes, 1996

Ron Paul, Robert P. Murphy, and Llewellyn H. Rockwell, Pillars of Prosperity: Free Markets, Honest Money, Private Property, 2008