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A return to the gold standard, long a goal of many conservatives, is a lot less far-fetched now that Donald J. Trump is headed to the White House in January 2017.
It's been 45 years since the United States used any form of the gold standard. Proponents of the gold standard - tying the U.S. dollar to gold - say it would stop the erosion in the currency's value, limit runaway government spending, and foster economic growth.
But apart from a few vocal fans, such as retired Rep. Ron Paul (R-TX), most policymakers in recent years have viewed the gold standard as an outdated idea. Or, as iconic economist John Maynard Keynes famously called it, a "barbarous relic."
The election of Trump has changed the calculus, however. Judging by what he has said and who he has consulted with, it's clear that Trump is at least willing to entertain the idea of a return to the gold standard.
Here's what that would mean...
About the Author
David Zeiler, Associate Editor for Money Morning at Money Map Press, has been a journalist for more than 35 years, including 18 spent at The Baltimore Sun. He has worked as a writer, editor, and page designer at different times in his career. He's interviewed a number of well-known personalities - ranging from punk rock icon Joey Ramone to Apple Inc. co-founder Steve Wozniak.
Over the course of his journalistic career, Dave has covered many diverse subjects. Since arriving at Money Morning in 2011, he has focused primarily on technology. He's an expert on both Apple and cryptocurrencies. He started writing about Apple for The Sun in the mid-1990s, and had an Apple blog on The Sun's web site from 2007-2009. Dave's been writing about Bitcoin since 2011 - long before most people had even heard of it. He even mined it for a short time.
Dave has a BA in English and Mass Communications from Loyola University Maryland.