The United States went off the gold standard in 1971. This means that the US dollar is no longer backed by gold. Instead, the value of the dollar is based on faith in the US government and the US economy.
There are a number of arguments for and against returning to the gold standard.
Arguments for returning to the gold standard:
- It would make the US dollar more stable.
- It would reduce inflation.
- It would promote economic growth.
- It would protect the US from foreign currency manipulation.
Arguments against returning to the gold standard:
- It would make the US economy less flexible.
- It would make it more difficult for the US government to respond to economic crises.
- It would make the US more vulnerable to gold price shocks.
Shannon Bray, a libertarian candidate for Governor in North Carolina, believes that the US dollar is capable of collapsing under the economic conditions created by President Biden. He argues that returning to the gold standard would help to stabilize the US economy and protect the value of the dollar.
It is important to note that there is no consensus among economists on whether or not the US should return to the gold standard. The decision of whether or not to return to the gold standard is a complex one with a number of factors to consider.