What's up YouTube Silver dragons here And in this video I want to talk about The possibility of the United States Going back on the gold standard if you Don't know currently the US dollar is a Fiat currency system it's not backed by Anything other than faith and perhaps The US military but there's nothing Intrinsic backing the dollar and it's Been that way since 1971 but prior to That it was actually backed by gold and For a period of time you could exchange Your dollars for actual gold coins so Are we ever going to go back to a system Like that a system where we don't see Massive inflation and the government Isn't able to spend recklessly right They're actually held accountable does This have any realistic chance of Happening let's find out Thank you so much for watching my video I do sincerely appreciate it if you want To learn more about investing in Precious metals or if you just want to Watch awesome videos about gold and Silver make sure to subscribe to my YouTube channel okay so first off why Would we even want to go back on the Gold standard well one of the big Reasons would be less inflation Currently with the system we have the FED can create an infinite amount of Currency for whatever they like for Stimulus checks for bailouts for new
Government programs they can simply Expand the currency Supply infinitely And this is going to lead to lots of Inflation down the road but on the flip Side if we were on a gold standard the Only way they could increase the Currency Supply would be to actually get More gold because dollars would be tied To Gold so it would be much more Difficult for inflation to happen and if You you don't know inflation is Basically a tax that we have to pay so Everyone holding dollars if those Dollars get inflated things cost more This is a hidden tax it would basically Do away with this tax I think we all can Agree less inflation is certainly a good Thing if we look at some of the Inflation that we've seen over the last Few decades it's pretty dramatic health Care costs in the year 2000 just over Five grand per person now over thirteen Thousand dollars College tuition just Over ten thousand dollars per person now It's over twenty six thousand dollars Stuff like this would not be going on if We were on a gold standard so are there Any government officials that are Pushing for a gold standard and what are The chances that a gold standard would Actually happen well if we look at the Headline from this article back in October of 2022 new bill introduced to Bring the us back to the gold standard
To control government spending and Inflation so if we read here we could See this gentleman from the house Alex Mooney introduced the gold standard Restoration act uh the gold standard Would protect against Washington's Irresponsible spending habits and the Creation of money out of thin air said Representative Mooney in a statement and He talks about why it would be Beneficial Fed chair Jerome Powell does Not like the gold standard down here he Says if you assigned us to stabilize the Dollar price of gold monetary policy Could do that but other things would Fluctuate Powell said in 2019 during his Semi-annual testimony before Congress This is why every other country in the World abandoned the gold standard some Decades ago analysts have said there is No significant political will to Reintroduce a new gold standard as it Would create substantial economic Problems a gold standard would Effectively put us in a permanently Restrictive credit Deflationary environment it would be a Huge limitation said John Reed I think Is how you say his last name Chief gold Strategist at the world gold Council so Some people think that restrictive Credit deflationary environment is a bad Thing but actually if we saw deflation Then you could save dollars because in
The future you could buy more things With your dollars so this would Basically be an incentive for people to Actually use the dollar more and also Save the dollar more so I don't know That this would be the worst thing I was Reading through Peter schiff's blog and He had this one post here is there a Path back to a gold standard and I don't Want to read the whole thing but there's A few pieces that I wanted to go over Peter Schiff has argued the private Sector will eventually bring us back to A gold standard he doesn't think a new Gold standard will be imposed by Governments I think that the free market Is going to reject the dollar and other Currencies because they're a flawed form Of money because they are no longer a Store of value and this is so true you Really can't save in dollars because You're losing buying power year over Year so it's not that a government is Going to say hey we need to go back on The gold standard it's the people that Are going to say that down here they Talk about why the United States Probably would not want to go on a gold Standard certainly if the United States Went on a gold standard it would have to Carry out many reforms the federal Government would really have to stop Inflating balance its budget and Abandoned welfare state programs most
Voters are not ready for such reforms And politicians pressured by voters and Special interest groups for favors Hesitate to pass them thus the major Stumbling block to monetary reform is Ideological if this basic obstacle could Be overcome however a return to Gold Money would become a realistic Possibility so this is why I think the U.S is not going to go back to the gold Standard politicians do not like the Idea of a gold standard because the Government would actually have to Balance its budget we know they're not Going to ever do that they're going to Continue to spend basically they've got Daddy's credit card and they're going to Max that thing out an infinite amount of Times continue to print currency until The dollar is hype paper inflated away I Honestly think the only way we're going To see a gold standard In Our Lifetime Is if there is a major catastrophe Possibly the end of the US dollar Another World War some type of chaos That forces us to go back to Gold Because we need the stability of gold Right now the fiat currency system just Keeps on kicking the can down the road We continue to inflate the dollar and Make it the problem for tomorrow the Problem for our kids and our grandkids Because hey it's worked so far right why Not just keep on doing it until the
Wheels fall off well eventually the Wheels are going to fall off you cannot Continue to do this forever So Eventually I think it is possible that The United States and the world could go Back onto a gold standard but I don't See that unless something crazy happens In the future so the reason that I'm Purchasing and holding physical gold is Not that I think we're going to be able To use this gold for money at some point In the future that's not the reason the Reason I'm buying and holding physical Gold is because I know that the dollar Is doomed and I would rather store my Wealth in Gold than in a failing Currency the dollar could go to zero it Doesn't matter to me my wealth is stored Outside of that system so anyway I am Curious what your thoughts are about the Gold standard are we ever going to go Back on one here in the USA feel free to Put your comments Down Below in the Comment section I want to say a massive Thank you so much for watching and I Will see you all in my next one silver Dragons out
