According to your text, the US should not return to a gold standard because a gold standard is least likely to be adopted or retained where political circumstances make it most desirable. a gold standard would severely cripple central bankers in their efforts to stabilize the monetary system. it would cause inflation. there is no longer sufficient monetary gold available to back the existing inflated money stock. there is no useful function that a gold standard can perform since gold has no intrinsic value.

According to your text, the US should not return to a gold standard because a gold standard is least likely to be adopted or retained where political circumstances make it most desirable. a gold standard would severely cripple central bankers in their efforts to stabilize the monetary system. it would cause inflation. there is no longer sufficient monetary gold available to back the existing inflated money stock. there is no useful function that a gold standard can perform since gold has no intrinsic value.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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