Former Fed Consultant Calls for Return to Gold Standard

Walker Todd, a former economic consultant with the Federal Reserve System, has an editorial in the Christian Science Monitor advocating that the United States return to a gold standard in order to avoid the destruction of the dollar via hyperinflation.

While a gold standard, if adhered to, would force economic discipline upon the government, an even better system is that prescribed by our own Constitution in which actual circulating gold and silver coin constitute the monetary system. Under the constitutional system, "cheating" on the part of the government, by printing more gold-backed paper bills than the amount of gold actually backing them, is eliminated. At the same time, the commercial sector may, as it did in past centuries, employ private bills of exchange to mitigate the delays involved in transfers of precious metal coin in order to keep markets functioning smoothly.

Titled Forget Bretton Woods II -- we need a gold standard, Mr. Todd's article may be found at the link here.