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The GOP presidential combat convention kicks off on Monday and you know what part of their platform will be.
A return to the gold standard that's right for the first time in thirty years pegging the dollar to gold is taking center stage.
What's driving this decision for insight I'm joined now by Sean -- chairman of the American principles project.
Think you so much for joining us -- -- different and it's up this coming to a shock.
That as a shock to a lot of people because the Biden is a long time ago it ain't even be talking about it today.
Is a bit of a surprise -- -- why are we talking about bringing this back.
It's good to be -- the draft platform.
Is floating the idea of the commission proposing the idea -- commission ethical standard itself.
I think it's a very reasonable step given if you look at the four decades monetary policy and Fiat money that we had has failed deliver hi there on employment or price stability.
So we're not talking about the gold standard -- pegging the dollar to gold we're talking about a commission that would do what the commission that would examine that issue right we're not gonna go from where we are today.
In the 41 year of the Fiat money experiment.
Back to the gold standard without a national debate in this commission as a way to start that national debate that I think -- long overdue but but what -- what's driving that decision.
The failure of the current system so what's the great promise of Fiat money now they were forty some odd years -- right it's.
Higher employment clearly haven't delivered on that price stability the dollars depreciated over 80% and forty some -- years and what it's brought us is a spendthrift federal government.
And a lot of debt.
And so I think is perfectly reasonable that we sit down after forty some five years in and re examine that system do you think that that that we're gonna get anywhere with this with this.
Do you think anything's gonna actually come -- that's.
I think the American people -- included on this and you saw this and South Carolina with Newt Gingrich is -- the same idea gold commission and now it.
It's that him in good stead in that primary -- -- this as a popular appeal there's a general understanding and American at the middle class is doing poorly.
That's true in the data.
There's a general distaste with the way that our current Fiat money system is financing federal spending and so there is a real I think popular support for this for this particular -- Fed Chairman Ben Bernanke has dismissed the idea -- said the gold standard wouldn't work and you were technical commission.
Governor Mitt Romney was asked about it and he had sort of a lukewarm response to -- I believe that was back in January.
Eight it I'm not seeing a whole lot of support for this right now do you think we're gonna see you're gonna see that next week.
-- so I think we will see I think there is.
Broad grassroots support for this I don't think America and I don't think American politicians right now have.
Have the debate we haven't had the public debate we haven't had the education campaign we don't understand exactly what -- the shortcomings of the current system.
And what would -- gold gold standard bring that's different.
Wore lots of entrance that's what would the change in the tax treatment of gold today that would allow states like -- that passed legislation last year.
Allowing their citizens to use gold as money how would that ease us on the path to -- -- doesn't.
Seemed to gather that much steam and it we didn't see that much come out of the Utah decision.
Well because the IRS's.
Treatment of gold has property -- -- money.
Which is unconstitutional.
Really prohibits the you -- you -- legislation from from taking its effect in the state of Utah so I guess the other question would be everybody's worried about inflation the price of just about everything's going -- -- and when you look at what's happened to the dollar what's happened with gold.
Would this really solve the concerns that we have about inflation in this country right now.
-- this is that this is a -- Problem right so if you look at the last forty years you had -- average household income in -- the median household income grew from nine to 50000 dollars.
But over the same time the dollars appreciated 80% of the average council has made relatively little progress the most of the progress they've made.
As -- as a as a as a result of two income households growing relative to one income council's.
So there's been a lot of appearance of prosperity a lot of appearance of progress without much of the substance and that's because -- of our failure deliver.
Price stability and that's -- the gold standard delivers and that's why we're having this debate because the middle class is not driving under the current system.
-- will will doubly CIA then what happens next week in what happens going into the election that the bond I thank you so much for joining us.