- Former Chairman of the Board of Directors of the Federal Reserve Bank of Kansas City
- Pro to the question "Should the United States Return to a Gold Standard?"
“A dollar should be defined – as it was prior to 1971 under the postwar Bretton Woods system – as a fixed quantity of gold.
However imperfect a gold standard may be, it remains the best among all alternatives. The empirical data for both the classical gold standard, which I favor – and even the flawed ‘gold-exchange’ standard, as we had under the Bretton Woods system – are impressive. Economic growth was stronger, unemployment rates lower, the price level more stable, and recessions less frequent and less severe than under the present system.
I realize the Washington establishment goes ballistic at this suggestion. Gold is kryptonite to big-spending politicians. It is to the moochers and looters in government what sunlight and garlic are to vampires. The American people are another story. Nearly half (44%) support a return to a gold standard, according to an October 2011 Rasmussen Report. That support soars to 57% when respondents know it will ‘dramatically reduce the powers of bankers and the political class to steer the economy.’…
The political establishment will fight this idea viciously, because gold convertibility strips them of power and places the trump card over monetary policy with the people. If you thought the establishment attacked me over 9-9-9, wait until you see how they react to a classic gold standard. The vampires will be out in full force.
The debate over sound money has moved from whether we need it to how we get there. The pieces are moving in the right direction, and we have an opportunity to make the dollar once again as good as gold.”
“We Need a Dollar as Good as Gold,” wsj.com, May 13, 2012
- Involvement and Affiliations:
- Founder, Cain TV, 2012-present
- Host, The Herman Cain Show, Atlanta’s 95.5 FM/750 AM WSB and Cox Media
- Republican presidential candidate, 2012
- Director, AGCO Corp. 2004-2011
- US Senate candidate, 2004
- US presidential candidate, 2000
- President & CEO, National Restaurant Association, 1996-1999
- Senior Economic Advisor, Dole/Kemp presidential campaign, 1996
- Chairman, Federal Reserve Bank of Kansas City, 1995-1996
- Chairman of the Board, National Restaurant Association, 1994-1995
- Director, Member of Corporate Governance & Nominating Committee and Member of Human Resources Committee, Whirlpool Corp., 1992-2003
- President and CEO, Godfather’s Pizza, 1986-1995
- Regional Vice President, Burger King, 1982-1986
- Vice President, Pillsbury Company, 1977-1982
- Former computer systems analyst, Coca-Cola Company
- MS, Computer Science, Purdue University, 1971
- BA, Mathematics, Morehouse College, 1967
- Born in Memphis, TN, Dec. 13, 1945
- He is married with two children and four grandchildren
- Associate Minister, Antioch Baptist Church North, Atlanta, GA
- Recipient of Honorary Doctorate Degrees from Morehouse College, New York City Technical College, Suffolk University, Johnson & Wales University, Creighton University, Purdue University, Tougaloo College, and the University of Nebraska
- Quoted in:
- Pro & Con Quotes: Should the United States Return to a Gold Standard?