Hopefully the FT reporters involved in the story have done slightly more due diligence than occurred in last week’s FT report that the CFTC was dropping it’s 4 year silver investigation (which was immediately emphatically denied by the CFTC’s Bart Chilton), but the FT reports tonight that the Republican party is set to include ‘gold commission’ with the goal of returning the US to the gold standard as part of official Republican party policy at the RNC Monday.
While we remain skeptical that such a policy would remain a Republican goal should Romney actually be elected POTUS, if this is legitimate we have 5 words for the Federal Reserve and Mr. Bernanke:
Ron. Paul. For. The. Win!
The FT is reporting that the gold standard has returned to mainstream US politics for the first time in 30 years with a ‘gold commission’ set to become part of official Republican party policy. While this could simply be a reach for as many Ron Paul marginal voters as possible (with the view that the GOP would never really go for it); it appears drafts of the party platform from the forthcoming rain-soaked convention call for an audit of the Fed and a commission to look at restoring the link between the dollar and gold. The FT, citing a spokesperson, adds that “There is a growing recognition within the Republican party and in America more generally that we’re not going to be able to print our way to prosperity,” but “We’re not going to go from a standing start to the gold standard,” although it would provide a chance to educate politicians and the public about the merits of a return to gold. Interestingly, the Republican platform in 1980 referred to “restoration of a dependable monetary standard”, while the 1984 platform said that “the gold standard may be a useful mechanism.”