Why You DON’T Want a Gold Standard!
One of the most dangerous historical myths is that we can save the United States Dollar by putting it back on the gold standard. In the Constitution it states:
“No State make any thing but gold and silver Coin a Tender in Payment of Debts;” 1
The reality is that BOTH gold AND Silver were meant to be used as currency within these United States. The reason is quite simple. There is not enough gold available for mass circulation. Nor has there ever been enough gold available for mass circulation. In Fact, Gold coins were never intended for small, everyday transactions. That was Silver’s job.
Some examples of Gold Coins:
To put things in perspective:
Model T Ford in 1924 was $265 or 13- $20 Gold Pieces, 1 -$10 Gold Piece + 1-$5 Gold Piece
Average Annual Salary in 1910 was $200-$400 PER YEAR! or ten to twenty $20 Gold Pieces