-
Back to the gold standard? It makes no economic sense
Ever since Richard Nixon ended the convertibility of the US dollar into gold in 1971, there have been calls for a return to some form of gold standard. Proponents of this view, often known as "gold bugs", want to see an end to paper money guaranteed by promises and for currencies to once more be backed by precious metal. In the last few years as central banks around the world have engaged in quantitative easing to try and support their economies these voices have become louder. Monday night's Analysis on Radio 4 looked at the argument in some detail. The specific appeal of gold can be hard to rationalise: it might ... (full story)