Forbes Urges Return To Gold Standard

  • Posted Wednesday, June 11, 2014 at 01:18 PM

Los Angeles CA, June 11 (Tangible Investments) - by James O’Dell - The price of Gold jumped to a two week high on Tuesday, climbing $8.00 or 0.64 percent to close at $1,260.15 an ounce on short covering despite a firmer dollar in the wake of last week’s monetary policy easing by the European Central Bank (ECB). Silver rose $0.13 or 0.68 percent to close at $19.21 an ounce, while the Gold/Silver ratio inched lower to 65.60.

Germany's Bundesbank President Jens Weidmann called the recent actions by the ECB a “wake-up call,” and warned that “against the background of the very low inflation rate since 2013 the risk rises that further negative surprises could unhook long-term inflation expectations.” The consensus view holds that if deflationary pressures persist in the euro zone, the ECB will have no other choice than to launch its own Fed-like quantitative easing (QE) program.

Meanwhile, former presidential candidate Steve Forbes warned recently that the ultra-loose dollar policies now in place at the Fed and other central banks could precipitate an “economic meltdown.” 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,” Forbes cautions. Forbes points to the Fed’s easy money policies as the potential black swan event that could lead to the market meltdown. He goes on to suggest that launching a new Gold standard would curtail reckless spending by governments and make them more accountable.

Forbes says that economic prosperity will return when the dollar is pegged to Gold bullion and no longer subject to the Fed’s arbitrary money printing. “Gold is far less rigid than people realize. It is both flexible and stable,” wrote Forbes. “A Gold standard no more means a fixed supply of money than a use of the metric system means there has to be a fixed number of rulers.”

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