George Phillips, campaigning for the Republican nomination for Congress in mid-state New York, recently featured the gold standard as part of his economic platform. As reported by Binghamtonhomepage.com, Phillips stated in a high profile speech:
I think Fed policy is at the heart of inequality. Wall Street, the wealthiest have gotten wealthier because of this soft money policy. They’re getting returns on these bonds and doing massive investments. Main Street is struggling. We can’t get this economy going. The Fed has tried to do too much. We need to return to stable money and gold.
Phillips hereby aligns himself with the two GOP presidential front runners, both of whom have praised the gold standard:
In a GQ video interview, the billionaire said he would support … the gold standard.
“Bringing back the gold standard would be very hard to do, but boy, would it be wonderful,” the billionaire continued. [“We’d have a standard on which to base our money.”]
Ted Cruz, to Rick Santelli, on CNBC:
I think the Fed should get out of the business of trying to juice our economy, and simply be focused on sound money and monetary stability, ideally tied to gold.
Gold standard proponents are on strong ground. In a white paper issued by the Bank of England in December 2011, Financial Stability Paper No. 13, the gold standard and Bretton Wood gold-exchange standard outperformed the Federal Reserve Note standard in effect since August 15, 1971 in every respect measured. Continue Reading