The Instigator
harrytruman
Pro (for)
The Contender
ftsedebate
Con (against)

The US should return to the gold standard

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Voting Style: Open Point System: 7 Point
Started: 9/22/2016 Category: Economics
Updated: 8 months ago Status: Debating Period
Viewed: 307 times Debate No: 95588
Debate Rounds (5)
Comments (2)
Votes (0)

 

harrytruman

Pro

Google docs are not a violation of conduct

I will argue that a gold standard is beneficial to the US economy
ftsedebate

Con

My opponent says that the US should return to the gold standard. Effectively, our currency will be changed from paper money and coins to solid gold.

Firstly, the gold standard is no longer used because a small chunk of gold could be worth tens of thousands of dollars, making it very inconvenient to buy anything costing less than a car. Secondly, if we were to change our currency to gold, our exchange rate would have to change drastically. Thirdly, gold is a limited resource, and if everyone in the US was to receive their income in pieces of gold, the gold would run out quite soon, unlike paper money, which can be printed millions at a time.
Debate Round No. 1
harrytruman

Pro

"Firstly, the gold standard is no longer used because a small chunk of gold could be worth tens of thousands of dollars, making it very inconvenient to buy anything costing less than a car."

This is like saying that cash is inconvenient because a single bill could be worth 100$, making itinconvenient when buying anything smaller than a TV. Whilst everyone knows that you could just use smaller denominations of bills used to represent tiny fractions of gold.

"Secondly, if we were to change our currency to gold, our exchange rate would have to change drastically."

So?

"Thirdly, gold is a limited resource, and if everyone in the US was to receive their income in pieces of gold, the gold would run out quite soon, unlike paper money, which can be printed millions at a time."

This is like saying that if everyone was [payed in money of our current system money would run out soon, people would get payed the same poportional ammount of gold relative to the total gold supply as they do now with the total money supply. For example, if 25% of the money in circulation accounts for regular peoples income, then gold would simply represent that entire moey supply, and the total ammount of gold being payed to people would be 25% of all gold in circulation.
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Debate Round No. 2
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Debate Round No. 3
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Debate Round No. 4
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Debate Round No. 5
2 comments have been posted on this debate. Showing 1 through 2 records.
Posted by Lonely-Bird 7 months ago
Lonely-Bird
Oops. Debt held by foreign nations and deposits by citizens in u.s. banks exceeds the value all gold mined so far based upon a value of $1,500.00 per ounce. We are never going back to the fiat currency called gold. Btw, all currency is fiat currency. Gold only has value because humans decided it did.
Posted by Sciguy 8 months ago
Sciguy
Pro gold!
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