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Would Donald Trump Really Put America Back On The Gold Standard

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There are many advantages as well as disadvantages of converting to a gold standard medium of exchange. It is described in Sean Williams' article "Would Donald Trump Really Put America Back on the Gold Standard?" One beneficial aspect of a precious metal backed monetary system would be that changing to another monetary system could result in the destabilization of economy (Williams 1-2). Williams concludes by describing why a gold standard would be disadvantageous. Williams has written many articles for the Motley Fool and has a B.A. in Economics. He has been writing for the Motley Fool since 2010 and often writes about macroeconomics and marijuana. He explains that although money backed by precious metals, usually are stable in value, sometimes …show more content…
One of the disadvantages of a precious metal backed monetary system is that a gold standard would necessitate that countries well being would depend on the value and supply of precious metals. This implements that a problem with the precious metal supply could result in devastating economic happenings (Amadeo 1-3). Amadeo mentions that "One problem with a gold standard is that the size and health of a country's economy are dependent upon its supply of gold" (Amado 2). This shows that there are many disadvantages as well as advantages to using a gold standard monetary system as a medium of …show more content…
Williams explains that president Donald Trump is deliberating whether to convert to a gold standard monetary system. He then proceeds by describing other politicians such as Ben Carson and Mike Huckabee also favoring this idea. The occurrence of politicians favoring the idea of converting to a gold standard monetary system could be a movement towards converting. Williams then continues by discussing a poll from Gallup with the results that 39% of its populace were favorable about converting to a gold standard and only 15% were against it. The others were undecided, this implies that the populace is favorable to converting to a gold standard monetary system. In Amanda Kay's article, "POLL — Will Trump Bring Back the Gold Standard?" it is discussed that president Trump is alluding to converting to a gold standard. Kay explains that the gold standard is a medium of exchange that has been used for thousands of years. She proceeds by discussing the history of converting from a gold standard medium of exchange to a gold standard monetary system. Kay constitutes by discussing that Trump has many advisors favoring converting to a gold standard monetary system such as David Malpass (Kay 1-3). These thoughts could lead to converting from a fiat to a gold medium of exchange. Many are favorable of the idea of a gold

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