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Gold Standard Candidate’s Name Institution’s Name Introduction Recent years have seen extensive debate and discussion about the gold standard. There have been renewed calls from both political and economic fronts to have the issue looked at critically. Reinstitution of the standard as part of our monetary policy was debatable during the 2011-2012 presidential primary contests, with the Republican Party calling for a commission to study it at depth. This has been buoyed by economic views that “the more gold reserves a country has, the more sovereignty it will have if there’s a cataclysm with the dollar, the euro, the pound, or any other reserve currency” (Benko, 2013). In 2010, the World Bank Group President Ambassador Robert Zoellick wrote an article in the Financial Times "The G20 must look beyond Breton Woods II" in which he stated that although contemporary views may hold gold as "old money," markets are utilizing it as an alternative monetary asset (Benko, 2013). The Bank of England would, in 20111, publish the “Financial Stability Paper No. 13” as to vindicate the gold and gold-exchange standards that had been replaced by the fiduciary currency. Discussions have been varied, and they have been triggered by dissatisfaction regarding the varying and high interest and inflation rates, low productivity growth, and turbulence within foreign exchange markets over the last five decades. The desire of returning to the gold standard must be preceded by informed judgment coming from a comprehension of experience (particularly as a macroeconomic policy before World War I) and an assessment of performance. It is, therefore, important that a
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