"The Standard of the Most Enlightened Nations of the Earth."

A call for the gold standard has been a recurring theme in the Republican Party's national platform. 

In 1952, the platform called for "a dollar on a fully-convertible gold basis," in 1980, the platform observed "The severing of the dollar's link with real commodities in the 1960s and 1970s, in order to pursue economic goals other than dollar stability, has unleashed hyper-inflationary forces at home and monetary disorder abroad, without bringing any of the desired economic benefits. One of the most urgent tasks in the period ahead will be the restoration of a dependable monetary standard...," and in 1984, "A dollar now should be worth a dollar in the future. This allows real economic growth without inflation and is the primary goal of our monetary policy.... The Gold Standard may be a useful mechanism for realizing the Federal Reserve's determination to adopt monetary policies needed to sustain price stability."

republicans

 

In 1896: "...the existing gold standard must be preserved. All our silver and paper currency must be maintained at parity with gold, and we favor all measures designed to maintain inviolable the obligations of the United States and all our money, whether coin or paper, at the present standard, the standard of the most enlightened nations of the earth."

1952:

We advocate the following monetary policies:

1. A Federal Reserve System exercising its functions in the money and credit system without pressure for political purposes from the Treasury or the White House.

2. To restore a domestic economy, and to use our influence for a world economy, of such stability as will permit the realization of our aim of a dollar on a fully-convertible gold basis.

1980:

Inflation

We consider inflation and its impact on jobs to be the greatest domestic threat facing our nation today. Mr. Carter must go! For what he has done to the dollar; for what he has done to the life savings of millions of Americans; for what he has done to retirees seeking a secure old age; for what he has done to young families aspiring to a home, an education for their children, and a rising living standard, Mr. Carter must not have another four years in office.

In his three and one-half years in office, Mr. Carter has presented and supported policies which carried inflation from 4.8 percent in 1976 to a peak of 18 percent during 1980.

He has fostered a 50 percent increase in federal spending, an increase of more than $200 billion, boosting spending in an era of scarce resources, and driving up prices.

He has through both inaction and deliberate policy permitted or forced tax increases of more than 70 percent, more than $250 billion, directly increasing the cost of living and the costs of hiring and producing. This has crippled living standards, productivity, and our ability to compete in the world. It has led to reduced output, scarcity, and higher prices.

He has imposed burdensome regulations and controls on production which have reduced the availability of domestic goods and energy resources, increased our dependence on imports, particularly in the energy area, driven down the value of the dollar, and driven up prices.

He has permitted continuing federal budget deficits and increased federal borrowing, forcing higher interest rates and inflationary money creation, increasing prices.

The inflation policies of the Carter Administration have been inconsistent, counterproductive, and tragically inept. Mr. Carter has blamed everyone from OPEC to the American people themselves for this crisis of inflation—everyone, that is, but his own Administration and its policies which have been the true cause of inflation.

Inflation is too much money chasing too few goods. Much can be done to increase the growth of real output. But ultimately price stability requires a non-inflationary rate of growth of the money supply in line with the real growth of the economy. If the supply of dollars rapidly outstrips the quantity of goods, year in, year out, inflation is inevitable.

Ultimately, inflation is a decline in the value of the dollar, the monetary standard, in terms of the goods it can buy. Until the decade of the 1970s, monetary policy was automatically linked to the overriding objective of maintaining a stable dollar value. The severing of the dollar's link with real commodities in the 1960s and 1970s, in order to pursue economic goals other than dollar stability, has unleashed hyper-inflationary forces at home and monetary disorder abroad, without bringing any of the desired economic benefits. One of the most urgent tasks in the period ahead will be the restoration of a dependable monetary standard—that is, an end to inflation.

1984:

Our 1980 Platform promised to bring inflation under control. We did it. This cruelest tax—hitting hardest at the poor, the aged, and those on fixed incomes—raged up to 13.3 percent under Carter-Mondale. We have brought it down to about 4 percent and we strive for lower levels. The effects of our program have been dramatic. Real, after-tax incomes are rising. Food prices are stable. Interest rates have fallen dramatically, leading to a resurgence in home building, auto purchases, and capital investment.

Just as our tax policy has only laid the groundwork for a new era of prosperity, reducing inflation is only the first step in restoring a stable currency. A dollar now should be worth a dollar in the future. This allows real economic growth without inflation and is the primary goal of our monetary policy.

The Federal Reserve Board's destabilizing actions must therefore stop. We need coordination between fiscal and monetary policy, timely information about Fed decisions, and an end to the uncertainties people face in obtaining money and credit. The Gold Standard may be a useful mechanism for realizing the Federal Reserve's determination to adopt monetary policies needed to sustain price stability.

Domestically, a stable dollar will mean lower interest rates, rising real wages, guaranteed value for retirement and education savings, growth of assets through productive investment, affordable housing, and greater job security.

Internationally, a stable dollar will mean stable exchange rates, protection for contract prices, commodity prices which change only when real production changes, greater resources devoted to job-creating investment, less protectionist pressure, and increased trade and income for all nations.

 

The GOP's platform's monetary policy plank has rarely been so unequivocally golden as it was, for McKinley, in 1896:

The Republican party is unreservedly for sound money. It caused the enactment of the law providing for the resumption of specie payment in 1879; since then every dollar has been as good as gold.

We are unalterably opposed to every measure calculated to debase our currency or impair the credit of our country. We are, therefore, opposed to the free coinage of silver, except by international agreement with the leading commercial nations of the world, which we pledge ourselves to promote; and, until such agreement can be obtained, the existing gold standard must be preserved. All our silver and paper currency must be maintained at parity with gold, and we favor all measures designed to maintain inviolable the obligations of the United States and all our money, whether coin or paper, at the present standard, the standard of the most enlightened nations of the earth.

What will 2012 hold?


Vinaora Nivo SliderVinaora Nivo SliderVinaora Nivo SliderVinaora Nivo Slider

The Most Important Thing Holding Up the US Dollar

by Ron Paul

Today’s economic conditions reflect a fiat monetary system held together by many tricks and luck over the past 40 years. The world has been awash in paper money since removal of the last vestige of the gold standard by Richard Nixon when he buried the Bretton Woods agreement — the gold exchange standard — on August 15, 1971.

Since then we’ve been on a worldwide paper dollar standard. Quite possibly we are seeing the beginning of the end of that system. If so, tough times are ahead for the United States and the world economy.

Yellen’s Missing Jobs

March 31, 2014

The new Federal Reserve chairman, Janet Yellen, gave a policy speech today at Chicago, where, in a startling gesture, she mentioned three working individuals by name — Jermaine Brownlee, Vicki Lira, and Doreen Poole. They lost their jobs the Great Recession and have been struggling ever since. It was a refreshing, even affecting demarche by Mrs. Yellen, who has made a return to full employment a public priority. She underscored her sincerity by telephoning Mr. Brownlee and Ms. Lira and Ms. Poole before delivering her speech.

Read More

 


The Rueffian SynthesisJohn D. Mueller

Publisher's Note: Originally released in June/July of 1991, this detailed report discusses Jacques Rueff's economic theories and applies them to modern economic events.

By John D. Mueller

Who Was Jacques Rueff?

... Trained in science and mathematics at the Ecole Polytechnique, Rueff devoted his first theoretical work to showing that the same scientific method applies to “moral” or “social” sciences like economics as to the physical sciences (Des Sciences Physiques aux Sciences Morales, 1922). In both cases, he pointed out, individual acts can be “indeterminate,” but the pattern of large numbers of individual acts can be predicted as a matter of probability. And so in economics no less than physics, as he later wrote, “A scientific theory is considered correct only if it makes forecasting possible.”

Read More

Excerpts From:


by Lewis E. Lehrman

"Forerunners of man lived upon the planet several million years ago. But the unique, modern, social order of man – civilization – emerged only four to five thousand years ago. Historical and archaeological evidence suggests that the institution of money evolved coterminously with civilization. From the standpoint of the 100,000-year history of Homo sapiens, civilization and money are but young and fragile reeds. Today their very existence is threatened by financial disorder."

Learn More

 

Turkey’s Cut-rate Expectations

Kathleen Packard  |  Apr 18, 2014
There is a lot of bad behavior in the global political and monetary world. Much of it comes in countries that should know better. Recep Tayyip Erdogan’s Justice and Development Party (AKP) easily won municipal electons in Turkey but the party’s candidates won far short of the nation’s votes. The Wall...
Hostility toward gold has a long pedigree.  19th century depiction of Pliny the Elder courtesy of the Library of Congress Gaius Plinius Secundus, commonly known as Pliny the Elder, in his The Natural History, Book 33, section 3, writes: Would that gold could have been banished for ever from the earth, accursed by...
VIEW BLOGS
Jacques Rueff, a key figure in European economic circles from the 1930s until the 1970s, was, first and foremost, an...
VIEW WORLD NEWS
Sep 06, 1981
Key Monetary Writings
Lewis E. Lehrman

Should We (and Could We) Return to the Gold Standard?

President Reagan appointed a commission of 17 experts to review the issue of gold. Its specific task was to...
VIEW KEY MONETARY WRITINGS
 
Prosperity Through Gold
Please sign me up to receive free, noncommercial, news and analysis.
Name:
Email:
You can easily and safely unsubscribe anytime. Privacy Policy

Kathleen M. Packard, Publisher
Ralph J. Benko, Editor

The Gold Standard Now
Board of Advisors:


Senior Advisors

Sean Fieler, James Grant,
Steve Hanke, John D. Mueller,
Lawrence Parks, Judy Shelton,
Lawrence H. White

Senior European Advisor
Paul Fabra

Advisors
Jeffrey Bell, Ralph J. Benko,
Andresen Blom, Frank Cannon,
Rich Danker, Brian Domitrovic,
Charles Kadlec, Christopher K. Potter,
John Tamny and Frank Trotta

In Memoriam
Professor Jacques Rueff
(1896-1978)

Now Available on Amazon and from The Lehrman Institute

Gold Standard 3-Pack

Three Gold Standard Titles for One Low Price. Only from The Lehrman Institute Store.

Buy from
The Lehrman Institute

Breaking News