By: Kenneth Schortgen Jr
On this Labor Day holiday, Congressman and former Presidential candidate Ron Paul is still working hard trying to reach all American on how dire the U.S. monetary system is in the economy. On Sept. 3, the Texas Congressman shared his views on how the dollar is quickly losing its reserve currency status between nations, and that if changes aren’t made quickly, to a gold backed, or other metal based system, the dollar is destined to waste away like the dozens of other fiat currencies littered throughout history.
If we act now to replace the fiat system with a stable dollar backed by precious metals or commodities, the dollar can regain its status as the safest store of value among all government currencies. If not, the rest of the world will abandon the dollar as the global reserve currency. – Paul.House.gov
Ron Paul is not the only lone voice in economics today calling for a return to gold backed, sound money. This last week, the Republican National Convention (RNC) voted to call for a return to the gold standard as one of their many planks during their convention in Tampa. Additionally, many economists and financial advisers are predicting a return to the gold standard within a short amount of years, as the life cycle of a fiat currency historically is only 40 years.
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