A Return to the Gold Standard
Forbes Media chairman and co-author of "Inflation" Steve Forbes presented his argument that the United States should return to the gold standard. He was interviewed by New York Times economics reporter Jeanna Smialek.
Description
Forbes Media chairman and co-author of "Inflation" Steve Forbes presented his argument that the United States should return to the gold standard. He was interviewed by New York Times economics reporter Jeanna Smialek.
Bell Ringer Assignment
- How does Steve Forbes define a "gold standard?"
- Based on the clip, compare the growth in the U.S. money supply with the increase in the gold supply from 1775-1900. What does this comparison prove, according to Forbes?
- What does it mean to set a "fixed rate?" Summarize the "signals" that Forbes describes.
- According to Forbes, what are the benefits of using a gold standard?
- How does Forbes define "money," and what critique of modern policy does he offer?
- Summarize the two points that Jeanna Smialek shares about temporarily and permanently leaving the gold standard. How does Forbes respond to each point?
- Based on the clip, what were the cause and effect of President Richard Nixon's decision to remove the United States from the gold standard?
Additional Resources
Participants
Vocabulary
- Alexander Hamilton
- Bond
- Bretton Woods Agreement
- Capital
- Civil War
- Currency
- Demand
- Devaluation
- George Washington
- Gold Standard
- Great Depression
- Greenback
- Inflation
- Intrinsic
- Monetary Policy
- Ounce
- Richard Nixon
- Secretary Of The Treasury
- Silver Standard
- Stock
- Supply
- Wealth
- World War One
- World War Two