Tags: Lipsky | gold | standard | mainstream

NY Sun’s Lipsky: Gold Standard Talk Goes Mainstream, So Let’s Cheer

By    |   Thursday, 30 August 2012 11:17 AM

The Republican Party has brought the idea of reinstalling the gold standard back to the mainstream, and that’s a good thing, says New York Sun editor Seth Lipsky.

“An under-reported development of this campaign season is the Republican Party's decision this week to send Gov. Mitt Romney into the presidential race on a platform effectively calling for a new gold commission,” Lipsky writes in The Wall Street Journal.

“The realization that America's system of fiat money is part of its economic problem is moving from the fringes of political discussion to the center.”

Editor's Note: You Deserve to Know What Obama and Bernanke Are Hiding From Americans

President Richard Nixon dropped the gold standard in 1971 and opened the era of a fiat dollar.

Luminaries who support the gold standard include Forbes Media Chairman Steve Forbes; investment banker Lewis Lehrman; James Grant, publisher of Grant's Interest Rate Observer; economist Judy Shelton; and Sean Fieler, chairman of the American Principles Project.

“It's no small thing that Mr. Romney's platform calls for a gold commission and an audit of the Fed,” Lipsky writes. The last Republican to run on a platform including the gold standard was Dwight Eisenhower, who dropped the idea once in office.

“That's a strategic misstep for Mr. Romney to avoid,” Lipsky maintains.

Regardless of whether chatter about a gold standard turns into reality, the speculation will be enough to boost the precious metal’s price, according to MarketWatch columnist Matthew Lynn.

“The discussion is under way. And that can only be bullish for the metal,” he writes.

Editor's Note: You Deserve to Know What Obama and Bernanke Are Hiding From Americans

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