While the older generation of politicians and central bankers seem intent on spending the United States into insolvency, perhaps the younger generations can learn from the past. Travis N. Taylor published an op/ed in the Washington Times this week calling on 18-29 year-olds to support a return to the gold standard:
“Although the federal government’s gross inability to balance a checkbook is a cause of great concern, it remains true that “all politics is local.” Few people can pay attention to Washington’s “fiscal cliff” when they are struggling to provide for the well-being of their family.
Millennials must encourage the return to a precious-metals-backed monetary system. Regardless of difficult-to-understand technical terms, there is plenty of empirical evidence that a departure from the gold standard has shattered our monetary system. The United States officially ended the gold-backed dollar standard in 1971. This offers a bright line of distinction for examining the issue. The 40 years since that time have borne witness to prices on everyday goods that are radically higher than during the previous four decades.”