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News Link • Economy - Economics USA

Steve Forbes: Return to Gold Standard - Now

• Next News Network
Businessman Steve Forbes is calling for an immediate return to the gold standard in theUnited States. The former presidential candidate has released a new book, called MONEY: How the Destruction of the Dollar Threatens the Global Economy—and What We Can Do About It. Forbes came out against the Federal Reserve, saying the body "has made it easier for the government to borrow, but made it much more difficult for small and new businesses, which are the job-creators of this economy." The gold standard ties the value of dollars to a fixed amount of gold in national reserve. Forbes stated currencies without such backing has led to devaluation of money, leading to a lower standard of living. The United States used currency backed by gold for 180 years, and "did very well with it," according to Forbes. The value of the dollar was lowered just a handful of times during those 18 centuries. During that time, the economy grew at an average rate of four percent per year. Forbes e

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