The idea of reverting back to a gold standard has been a topic of discussion among some economists, politicians, and investors in recent years. However, there is no clear consensus on whether or not a return to the gold standard is desirable or feasible.
Proponents of a return to the gold standard argue that it would provide a stable and reliable monetary system that is not subject to the fluctuations of the current fiat currency system. They argue that it would help to prevent inflation and promote long-term economic growth.
Opponents, on the other hand, argue that a return to the gold standard would be impractical and potentially harmful to the economy. They argue that it would limit the government’s ability to respond to economic crises, would be too rigid to adapt to changing economic conditions, and could cause deflation and economic stagnation.
Moreover, it should be noted that a return to the gold standard would require significant changes to the current financial system, including the accumulation of large amounts of gold reserves and the implementation of new policies and regulations to support the gold standard.
There have been several proposed bills in the United States Congress in recent years that would require the U.S. government to return to the gold standard or explore the possibility of doing so. However, none of these bills have gained significant traction or been passed into law.
For example, in 2018, Representative Alex Mooney introduced the Monetary Metals Tax Neutrality Act, which would eliminate taxes on gains from the sale of gold and silver coins and encourage their use as currency. The bill did not pass.
In 2019, Senator Rand Paul introduced the Federal Reserve Transparency Act, which would require an audit of the Federal Reserve and require the Fed to provide information about its gold holdings. The bill passed the Senate but did not become law.
In addition, there are various groups and organizations that advocate for the return to the gold standard, but these efforts have not yet resulted in significant policy changes.
In summary, while the idea of reverting back to a gold standard has gained some attention in recent years, it remains a highly debated topic with both potential benefits and drawbacks. It is unclear if such a shift in monetary policy is likely or feasible in the near future.