The True Gold Standard (Second Edition)
How does the United States once again establish, by statute, a dollar
convertible to a defined weight of gold?
"If you have ever wondered how the world can get from here to there— from the chaos of depreciating paper to a convertible currency worthy of our children and our grandchildren—wonder no more. The answer, brilliantly expounded, is between these covers.
America has long needed a modern Alexander Hamilton.
Step 1. America leads by the President announcing unilateral resumption of the gold monetary standard at a date certain, not more than four years in the future (the market adjustment period).
Step 2. The President issues an executive order eliminating any and all taxes imposed on the buying, selling, and circulation of gold.
Step 3. Shortly after the Announcement (Step 1), the United States calls for an International Monetary Conference of interested nations to provide for multilateral currency convertibility to gold, and the deliberate termination of the dollar-based official reserve currency system.
Step 4. The conference agreement—attended by representatives of the BIS, IMF, WTO, and the World Bank—would establish gold as the means by which nations would settle residual balance-of-payments deficits.
Step 5. A multilateral international gold standard—the result of the currency convertibility agreement—would effectively terminate floating exchange rates, reestablishing stable exchange rates among the major nations.
The True Gold Standard, Expanded