Should The Dollar Be Backed By Gold?

The United States was founded on a monetary system where gold and silver coins were the official money, not backed by gold. This system lasted for over 125 years and contributed to the significant increase in the standard of living of the American people. The Constitution granted the federal government the power to coin money, which meant gold and silver, and prohibited states from issuing paper money. In the 1930s, the Franklin Roosevelt administration ended this system and replaced it with an irredeemable paper-money system, leading to the plundering and looting of people through monetary debasement. The solution is not to implement a monetary system in which the dollar is backed by gold, but rather to separate money and the state. This means repealing legal-tender laws, abolishing the Federal Reserve, and ending all governmental involvement in money. The free market should decide the concept of money, as it produces the best of everything and would create a monetary system even better than the gold-coin/silver-coin system.