A return to the gold standard in American currency is something that has been constantly cited by Republican Presidential candidate Ron Paul as a viable option to help the dollar reclaim its strength. Despite mainstream politicos writing off Paul’s economic ideas as kooky, the GOP is set to make at least investigating a gold standard part of the Party platform.
According to CNBC, drafts of the Republican Party platform, which will be adopted at the convention this week, include provisions for setting up a commission that would investigate the effects of a return to the gold standard. There is also a call for an audit of the Federal Reserve, another of Paul’s utmost goals.
The commission would only have the power to make recommendations, but could serve to educate politicians and the public about the pros and cons of a return to gold.
“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,” Sean Fieler, chairman of the American Principles Project, told Financial Times.
In the Republican platforms of both 1980 and 1984, gold was mentioned as a possible way to improve American economic affairs. And in 1981, President Ronald Reagan created a commission to examine the possibility of returning to a gold standard. It has not been part of the Republican Party platform since.