GOP Considers Return to Gold Standard, Audit the Fed

By:  Alex Newman
08/27/2012
       
GOP Considers Return to Gold Standard, Audit the Fed

The Republican Party looks set to adopt platform planks at the upcoming GOP national convention in Tampa to support an audit of the Federal Reserve and to call for a commission to study a return to the gold standard, according to news reports. Analysts had a range of reactions to the news, varying from excitement to disdain and disbelief. 

The Republican Party looks set to adopt platform planks at the upcoming GOP national convention in Tampa to support an audit of the Federal Reserve and to call for a commission to study a return to the gold standard, according to news reports. Analysts had a range of reactions to the news, varying from excitement to disdain and disbelief.

Despite media claims that Republicans were seeking an end to centrally managed fiat currency and a return to gold-backed money, drafts of the platform revealed far less ambition. According to sources within the GOP cited in reports, the party is simply considering an inquiry into the possibility of re-establishing the tie between the U.S. dollar and the precious metal. What remained of the link was completely severed by President Richard Nixon in 1971.

After being signed into law by President Jimmy Carter, a previous gold committee examined the issue in the 1980s during the Ronald Reagan administration. Despite a vocal minority including Rep. Ron Paul (R-Texas) that dissented, the final recommendations advised against a return to gold-backed money to control wild inflation.

However, following decades of disastrous and unrestrained monetary gimmicks by the central bank, Republicans apparently want to re-examine the issue — or at least pretend to be concerned about sound money. And news reports indicated that the platform was all but guaranteed to include the new language.

"Now, three decades later, as we face the task of cleaning up the wreckage of the current administration's policies, we propose a similar commission to investigate possible ways to set a fixed value for the dollar," the draft platform says, according to a Republican National Committee official cited by Reuters. Final decisions on the exact contents of the GOP platform will be made next week. 

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