Business Finance Homework Help

I’m working on a business question and need an explanation and answer to help me learn.

Gold standard- you may be surprised to learn that the U.S. dollar is not backed by anything other than the full faith and credit of the U.S. government. However, that wasn’t always the case. For many years, the U.S. dollar was tied to gold, and the rest of the world’s currency was tied to the U.S. dollar. This helped to keep inflation in check since you couldn’t just circulate more money unless you had the gold in reserves- if you didn’t have the gold in reserve, you’d have to buy it and therefore take money out of the economy. The system started to fall apart during the early part of the 20th century because of the spending on the wars. It completely fell apart in 1971 when Richard Nixon abandoned the gold standard. I’d like you to debate whether we should go back to the gold standard. Why or why not? Please debate why we should go back to the gold standard. 

https://www.econlib.org/library/Enc/GoldStandard.html#:~:text=In%201834%2C%20the%20United%20States,as%20the%20classical%20gold%20standard