Top Pro & Con Arguments
Many prominent economists oppose returning to a gold standard.
Federal Reserve Chairman Jerome Powell stated that a return to the gold standard would mean “other things would fluctuate, and we [the Federal Reserve] wouldn’t care. We wouldn’t care if unemployment went up or down. That wouldn’t be our job anymore.”
Nobel Prize-winning economist Paul Krugman has called returning to a gold standard “an almost comically (and cosmically) bad idea.”
Former Chairman of the Federal Reserve, Ben Bernanke, PhD, has said “the gold standard would not be feasible for both practical reasons and policy reasons.”
In one survey of 50 economic experts, all senior faculty members at “elite research universities,” not a single one believed returning to a gold standard would be “better for the average American” in terms of price stability or employment outcomes.One of the experts, Anil K. Kashyap, PhD, Professor of Economics and Finance at the University of Chicago, stated, “Love of the G.S. [gold standard] implies macroeconomic illiteracy.” Read More