Economists in the United States of America recently aired their concern about the country’s rising federal debt. America now exceeded $21 trillion debt as of March 15, 2018, and right now, it is alarming that the country’s debt continuously rises every year.

The USA now faces a massive debt crisis. This is why top economists believe that it is now time to go back to Gold Standard.

“Gold Standard” refers to a monetary system which utilizes the nation’s money value according to its equivalent amount in gold which the country posses. The gold standard can help with self-regulating and stabilizing the economy. It is beneficial because the country’s fixed asset backs the nation’s money value. The government cannot print the exceeding amount of money, and they can only print bills which is equivalent to the corresponding amount of gold that the country has. Thus, this system can help prevent inflation, budget deficit and the rise of more debts.

America has been under the Gold standard for 180 years until it was abolished by then President Richard Nixon in 1971. Political analysts believe that during those years, America is performing well in terms of economics.

Steve Forbes, a US business tycoon, believes that returning to Gold Standard is the best and most realistic option now, as it is the best solution to the current crisis in the economy. He stated that if the country was able to continue under the gold standard, US economy would have been 50% larger by now. Forbes added that dollar measures up value, so, when the dollar value is stable, the country will definitely gain more investment. It will create more jobs and opportunity, and of course, will boost the economy.

This is the reason why many believe that it is about time to bring back the old system. Gold Standard is the only solution to the growing economic problem in the USA, and the government must start working on its implementation at the soonest time possible to save the US economy.

Studies show that the USA now has the biggest sovereign debt in the world, and this is just for a single country. This is ironic to the belief of many nations that America is wealthy. No. America is suffering economically and this is a sad fact. The truth of the matter here is that America’s debt is far greater than what the country produces whole year round! Alarming, isn’t it? America’s GDP or Gross Domestic Product is very low as compared to the nation’s overall debt. This makes investors back out, thus, adding more complication to the ongoing problem in the economy.

We can only hope for the eventual rise of the economy when the government finally bring the Gold Standard back. Gold Standard will boost investment and can help America become more productive. The gold standard will also make the foreign exchange market become stable and can contribute to the appreciation of the dollar value. With this, we can expect America to rise again politically and economically. We will definitely look forward to the day when America finally brings back its old glory.