President Trump: Return To Gold Standard ‘Would Be Wonderful’

President Trump says that returning to the gold standard would be a wonderful thing for America

President Donald Trump has declared that a return to the gold standard “would be very hard to do, but but boy would it be wonderful.” 

Students in economics schools are taught that a return to the gold standard, which was abandoned by the U.S. in 1971, would not be a good fiscal move for the United States. But Trump and many others disagree.

In an interview with GQ, President Trump said “Bringing back the gold standard would be very hard to do, but boy would it be wonderful. We’d have a standard on which to base our money.

Trump loves gold

Trump’s enthusiasm for gold stretches back into the 1970s. He became an aggressive investor in the precious metal when the U.S. legalized private ownership of the gold in 1975.

Buying in at about $185 an ounce at the time, Trump noted that he sold his stake between $780 an ounce and $790 an ounce, calling the money-making investment ‘easier than the construction business.’

Why the gold standard?

President Trump is not alone in his interest in returning the U.S. to the gold standard. Republicans including Ted Cruz, Mike Huckabee, and Ben Carson, have all declared some degree of support for the gold standard, with Cruz being the biggest supporter among these three.

There is also strong support for a return to the gold standard among members of the public. According to a 2015 poll from Gallup, 39% of respondents approved of the gold standard in the U.S., compared to just 15% who disapproved. Yes, that does mean 46% of respondents did not understand the question and answered as undecided, but it demonstrates strong favorability toward the gold standard based on those who understand the issue.

American consumers are simply growing weary of accelerating federal deficit levels and an outrageous $20 trillion in national debt. With the need to have gold on hand to exchange for dollars on an as-needed basis, the Federal Reserve’s ability to print money would be restrained, limiting the amount of debt that could be issued annually.

President Trump and many pundits believe that the gold standard would be America’s ticket to getting out of debt, or, at the very least, balancing the federal budget and holding the Federal Reserve to account.

Baxter Dmitry

Baxter Dmitry

Baxter Dmitry is a writer at Your News Wire. He covers politics, business and entertainment. Speaking truth to power since he learned to talk, Baxter has travelled in over 80 countries and won arguments in every single one. Live without fear.
Email: baxter@yournewswire.com
Follow: @baxter_dmitry
Baxter Dmitry
  • https://gab.ai/HWR HWR
  • amewhoricansRdisgustingpeople

    They will never return to the gold standard…… the people who owns the federal reserve wont allow it…it will never happen……

    • Alan Alan Friday

      we are about to return to the gold standard whether you believe it or not… going to be awesome.. the federal reserve will be liquified..

      • Harry the Roadman

        you idiot….lol…. stop eating the pills….. you are delusional….

        • Alan Alan Friday

          you are the idiot if you really think that we wont be going back to the gold standard…. funny that only the ones with no picture say dumb ass stuff like you did

          • Alan Alan Friday

            and if you really think that we will not.. give me one good reason that would make you think that we are not going to? and dont say because you support the hillary camp and the corruption