Omally,

You misunderstand me. I said that returning to the gold standard would create an economic calamity. The value of the US and world economies far exceeds the quantity of gold in human hands. As the nations of the world have realized the need to back currency with gold does not exist. A national currency has value to the extent that people all over the world believe it has value. People trust the dollar because it is backed by the full faith and credit of the United States.

The economic theories of the 19th and early 20th centuries are for the most part obsolete and need updating. Sadly, there are still too many people who believe that a national economy behaves like corporate or personal economics. Those people stalled our recovery from the Great Recession of 2008 by forcing a premature tightening of economic policy — enabling the very people whose actions caused the recession to recover but leaving most of the middle and working classes in deep trouble. We’re still paying the price for that ignorance.

I’m a US Army veteran of the Vietnam War, have a wonderful wife and family, am a working software engineer, and a committed citizen.

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