October 12, 2011 (Boston) - Mass amounts of debt in U.S. households, unemployment and waning confidence in the strength of the U.S. dollar are factors that will help bring back the gold standard, a former adviser to President George W. Bush told a conference at a right-leaning think tank in the U.S. capital.
Politico reports Larry Lindsey, also formerly a governor of the U.S. Federal Reserve, told the Heritage Foundation's Conference on a Stable Dollar that the gold standard is likely to return within one decade.
"I'm sure we'll do it again," Lindsey said. “Probably in the next 10 years.”
He also shared commentary on the body he use to serve, noting the uphill battle the U.S. Federal Reserve faces. He specifically pointed to the Federal Open Market Committee, which debates and ultimately approves methods of spurring the economy, such as quantitative easing.
"None of these guys are gods," Lindsey said. "Nineteen men trying to adjudicate these demands will disappoint society."
The record price for gold futures stands at $1,923.70 per troy ounce. With two-plus months left in 2011, the precious metal is driving toward an 11th consecutive year of annual gains.