The Gold Standard
Last week, President Trump named Judy Shelton, a long-time advocate of the gold standard, as his latest pick for a seat on the Federal Reserve Board. The US abandoned the gold standard in 1971 under the Nixon administration and many feel bringing it back would be devastating to the US economy. On the flip side, some believe it would make the US dollar less susceptible to inflation. With the US dollar being the primary form of currency, would returning to the gold standard be a good idea?