Ron Paul Calls For Return To Gold Standard
Wednesday, November 16, 2011 at 11:26AMBy Mike Hothi
Rep. Ron Paul (R-Texas) has a solution to Chinese currency manipulation — return to the gold standard.
“The ideal world would be for all governments to endorse the [gold standard] and provide it internationally,” said Paul, who is running for GOP presidential nomination.
Paul said the gold standard would solve complaints by U.S. officials that China’s weak currency gives it an unfair trade advantage. “You wouldn’t have competing devaluations in currency that lead to trade wars.”
Speaking at the Cato Institute, Paul also claimed that China is not the only country guilty of currency manipulation.
“What about us?” Paul asked. “Don’t you think we manipulate our currency?”
Paul finished first in a new South Carolina straw poll out today, taking home 38 percent of the vote. He also won a San Diego straw poll on Monday, finishing at 30 percent.