Ralph Benko

The most interesting — because powerful and not widely anticipated — plank in the draft GOP Platform calls for, according to a Bloomberg, “creation of a commission to ‘consider the feasibility’ of returning the U.S. dollar to the gold standard ‘to set a fixed value’ for the currency.”

The dogmatic Left is going into full “Sound Money Derangement Syndrome.” Reuters captured leading Birkenstock School economist Brad DeLong in full seizure: “Brad DeLong, a Berkeley economics professor who served as a Treasury official during the Clinton administration, said (of Paul Ryan’s commitment to a rule-based monetary policy): ‘Quite frankly it is terrifying. Price stability is one goal of macroeconomic management, but only one goal: there are others. To command the Federal Reserve to pursue price stability alone is to create the preconditions for macroeconomic disaster.’”

The Financial Times’ lede on the gold plank was “The gold standard has returned to mainstream U.S. politics for the first time in 30 years….” Last January Bill McGurn, a well-respected and entirely mainstream financial columnist, wrote in the staid Wall Street Journal calling a new gold commission one of the best ideas of the campaign, telling candidate Romney to steal it:

“Steal their best ideas. Mr. Gingrich has done precisely that with Ron Paul by calling for a commission to study the gold standard. Mr. Romney could easily do the same, echoing Mr. Paul’s call for an honest dollar….”

Contemporaneously, in the mainstream conservative media The American Spectator, former Wall Street Journal and equally well-respected columnist George Melloan published a long, thoughtful essay, Let’s Return to the Gold Standard:


Ralph Benko

Ralph Benko, author of The Websters’ Dictionary: How to use the Web to transform the world. He serves as an advisor to and editor of the Lehrman Institute's thegoldstandardnow.org and senior advisor to the American Principles Project.