Welcome!

Agile Computing Authors: Sematext Blog, Janakiram MSV, Pat Romanski, Dana Gardner, Liz McMillan

News Feed Item

Should the United States return to a gold standard? ProCon.org puts monetary policy debate back in spotlight

SANTA MONICA, Calif., Dec. 31, 2012 /PRNewswire-USNewswire/ -- Prior to 1971, the United States was on various forms of a gold standard where the value of the dollar was backed by gold reserves and paper money could be redeemed for gold upon demand. Since 1971, the United States dollar has been a fiat currency backed by the "full faith and credit" of the government and not backed by, valued in, or convertible into gold.

ProCon.org, a nonpartisan research organization devoted to critical thinking on controversial issues, debuts a brand new issue website, gold-standard.procon.org, and delves into the pros and cons of whether or not the United States should return to a gold standard.

Proponents of the gold standard, including Congressman Ron Paul (R-TX) and Steve Forbes, Editor-in-Chief of Forbes magazine, argue it provides long-term economic stability and growth, prevents inflation, and would reduce the excessive size of government. They say a gold standard would restrict the government's ability to print money at will, run up large deficits, and increase the national debt. They say the economy has historically performed best under a gold standard.

Opponents of the gold standard, including Nobel Prize-winning economist Paul Krugman and Federal Reserve Chairman Ben Bernanke, argue a gold standard would create economic instability and spur periodic economic deflations and contractions. They say a gold standard would hamper government's ability to stimulate the economy during recessions and financial crises. They say economists agree that the gold standard is a bad idea that has historically caused problems for the US economy.

In addition to in-depth research on the pros and cons of returning to a gold standard, the new ProCon.org website contains a historical background section, videos, images, over 100 footnotes and sources, and Did You Know? facts including:

  1. According to the World Gold Council, the total amount of mined gold that exists in the world weighs about 170,000 metric tons or 5.5 billion troy ounces. Melted across an NFL football field, it would rise 5.4 feet.
  2. As of 2012, the United States Treasury holds 261.5 million troy ounces of gold. At the current market price of gold ($1,662 as of Dec. 27, 2012) the total value of United States Treasury held gold is $434.6 billion.
  3. If the United States sold its entire gold reserves at market price, it would pay down 2.7% of the $16.3 trillion national debt. In order to cover the US national debt, the price of gold would need to be about $62,475 per troy ounce.
  4. On Apr. 5, 1933, President Roosevelt issued an executive order forbidding the private possession of gold. All gold coins, bullion, or certificates over $100 were to be turned in to the government and compensated at $20.67 per ounce. Personal gold jewelry and gold coins with numismatic value were exempted. The right to own gold was not restored until 1974.
  5. On Aug. 15, 1971, President Nixon announced that the United States would no longer back the dollar with gold reserves ending the last ties between the dollar and gold. Between 1971 and 2012 the US currency in circulation (M1) increased from $48.6 billion to over $1 trillion dollars.

The 47th ProCon.org website is sponsored by Teletrade (www.teletrade.com), an online coin and currency auction house since 1986.

For pros, cons, and related research on whether or not the United States should return to a gold standard, visit http://gold-standard.procon.org.

About Us

ProCon.org (online at www.procon.org) is a 501(c)(3) nonprofit public charity whose mission is promoting critical thinking, education, and informed citizenship.  Information is presented on 47 different ProCon.org issue websites in subjects ranging from Obamacare, alternative energy, and medical marijuana to the death penalty, illegal immigration, and gay marriage.

ProCon.org websites are free of charge and require no registration.  The websites have been referenced by over 700 media entities, cited 36 times by the governments of 11 countries (including 21 US states and nine US federal agencies), and used by teachers, librarians, and educators in over 3,300 schools in 50 countries and all 50 US states.

Media/Press Coverage of ProCon.org Includes

60 Minutes, ABC, Associated Press, Atlanta Journal-Constitution, BBC, Bloomberg, Business Week, CBS News, CNN, CNBC, Contra Costa Times, Dallas Morning News, Esquire, Forbes, FOX News, The Guardian, Houston Chronicle, Huffington Post, Los Angeles Times, Minneapolis-St. Paul Star Tribune, Mother Jones, NBC, New England Journal of Medicine, New York Times, The Oregonian, Orlando Sentinel, PBS, Reuters, Slate, USA Today, Washington Post, Wired, and many others.

Facebook: www.facebook.com/procon.org
Pinterest: www.pinterest.com/proconorg
Twitter: www.twitter.com/procon_org
YouTube: www.youtube.com/proconorg

CONTACT: Kambiz Akhavan, +1-310-587-1407

SOURCE ProCon.org

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.