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News Link • Economy - Economics USA

A Return to the Gold Standard?


Over the weekend of November 6-7, 2010, World Bank president, Robert Zoellick , proposed in a column written for the Financial Times that the global economy once more be linked to gold as an anchor to help maintain currency stability and reduce inflationary expectations in international markets.

A few days earlier, on November 1, Financial Times columnist, Martin Wolf, had written a piece precisely asking, "Could the World Go Back to a the Gold Standard?" Wolf pointed out, "It is not hard to understand the attractions of a gold standard. Money is a social convention. The advantage of a link to gold (or some other commodity) is that the value of money would apparently be free from manipulation by the government. The aim, then, would be to 'de-politicize' money."

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