Should the United States return to the gold standard? There was a time when the gold standard made sense. However, with so large an economy and with so much paper money in circulation today, I doubt there is enough gold in existence to do this in any meaningful way.

Although your Andrew Jackson $20 bill is not backed by gold, it is backed by the largest economy on earth. America is the most powerful and productive piece of real estate on this planet, with incredible resources. It has enormous wealth in vast agricultural areas, public lands and forests, countless urban and industrialized areas and huge mineral wealth. The country has long navigable rivers, is located between two immense oceans and has many natural harbors. All of these ensure that our paper currency is worth quite a lot.

The strength of the dollar is not backed by gold but by 350,000,000 Americans. Our country’s economic stability is supported by the rule of law, an independent judiciary, a shared vision of justice and an inclusive democratic government. Our people are skilled and work hard. Our wealth is in each other, in human resources, not in gold resources.

Still think that paper $20 bill in your wallet is worthless because it can’t be exchanged for gold? If so, I would be glad to relieve you of the burden of carrying it.