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News Link • Economy - Economics USA

Steve Forbes: Link dollar to gold or face Great Depression II

• http://washingtonexaminer.com,By Paul Bedard

In Money: How the Destruction of the Dollar Threatens the Global Economy -- and What We Can Do About It, Forbes blames President Obama's money team for the stagnant economy, high prices, declining mobility and big government.

"[The Fed's] vastly misguided monetary policies are now setting the stage for a new economic and social catastrophe — one that could rival the financial crisis and horrors of the 1930s," he wrote in the book co-authored by Elizabeth Ames.

Just like many financial conservatives have advised in the past, notably former Reps. Jack Kemp and Ron Paul, Forbes said that economic prosperity can come only if the dollar is linked to gold and not printed willy-nilly at inflated rates.

"The best way to achieve monetary stability: linking the dollar to gold," he wrote in the book out today. "The Fed should have only two tasks: keeping the dollar fixed to gold and dealing quickly and decisively with panics," he wrote, according to excerpts provided in advance to Secrets.

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