Correct me if I am being less US Constitution literalist than any American should be, but… doesn’t the Tenth section of Article One of the Constitution establish Gold and Silver as the only legit form of US Dollars? Is that national or only for states? In any case, I wish to make a mostly science based and basic math based case for replacing the Federal Reserve with a simultaneous Gold Standard and Silver Standard.
Making the Case
$48 million. That is how much one metric ton of gold is worth. $670,000 is how much one metric ton of silver is worth [$19 per ounce times 35,270].
America has the most gold reserves of any nation on Earth – with 8000 metric tons! That means a Gold Standard would allow the US economy to be $384 billion. The Silver Standard would go like this:
Given that the US has 25,000 metric tons of silver reserves, the math would be 670,000 times 25,000 is almost $17 billion.
In combination, this would make our economy’s size back to the way it is Constitutionally meant to be: $401 billion.
How is this a good pairing?
A Gold and Silver Standard is a good pairing because given the $18 trillion size of our current economy, it will annihilate inflation by cutting current wages AND current prices on basically everything by roughly 97%. Everything will be 3% of the price it currently is if this particular Clause of the US Constitution is restored to US legal coding.
If buying ground beef at the grocery store I work for is normally $3.99 per pound, I will instead be charged 12 cents per pound for it.
But keep in mind the only legal paper money under such a financial regulation would be Gold Certificates and Silver Certificates.
Thank you all for learning, and I look forward to seeing my nation’s policymakers recognize the value of Gold and Silver put into a financial regulation system put together,