The right believes in free markets: low tax rates, a stable (ideally gold convertible) dollar, free trade, mild regulation.
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Under the classical gold-coin standard (1717-1914) private banks and central banks alike issued currency convertible into a fixed weight of gold, with balance sheets consisting primarily of gold coins and short-term loans denominated in local (but gold-convertible) money.
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Then, the convention was that currencies were freely convertible not to gold but to other currencies that were themselves theoretically convertible to gold (read: the dollar and sometimes the pound).
We know how to achieve higher growth: lower tax rates, cutting excessive spending, a gold-convertible dollar, free trade, modest regulation, sensible protection of property and civil rights.
In addition to all of these tax issues, the U.S. in the early 1930s was on a gold standard where paper currency was legally convertible into gold.
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The last Republican to run on a platform calling for a dollar "on a fully convertible gold basis" was Dwight Eisenhower, who cast the promise aside once in office.
But during the War legislation and executive orders compelled private U.S. banks to transfer their gold coin reserves to the Fed in exchange for Federal Reserve Notes convertible into gold.
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There are strong policies, beginning with making the dollar convertible to gold, to bring the economic growth rate way up.
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There is abundant empirical evidence that the world economy will create many more jobs with its currencies convertible into gold than with paper money.
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Making the dollar convertible into gold or silver or a basket of commodities and abolishing the central bank would be even more consistent with a free society.
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When the dollar was last unquestionably convertible into gold (at least internationally), in the 1950s and early 1960s, Treasury bill yields averaged 2.2% and yields on longer maturities averaged just 3.3%.
Gold is solid, gold is durable, gold is rare, gold is even (in certain very peculiar circumstances) convertible.
One of them said that he had escaped from the Gold Base by driving his car an Alfa Romeo convertible that Haggis had sold him through a wooden fence.
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