Sunday, April 1, 2012

Global economy: Could the gold standard be the solution?

PressTV has aired a special discussing a GLOBAL return to the gold standard.

Iran is no longer dealing in the dollar for oil sales which is putting focus on gold. A few days ago the global political Islamic group Hizb ut Tahrir put forward a case for the gold standard.
The report puts forward the argument that the benefits of the gold standard calling it a system of stability without major cyclical effects independent of government manipulation; devoid of inflationary fiduciary issue, international crisis and creates a long term balance of payments.
With gold and silver being ideal mediums of exchange due to them having intrinsic value, with them being widely available they cannot be monopolized.