New York Sun: Is America on a gold standard?

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From the New York Sun
Saturday, October 28, 2017

Has America been secretly on the gold standard?

We ask because as Janet Yellen nears the end of her term as chairman of the Federal Reserve, the value of a one-dollar Federal Reserve note is at 1,269th of an ounce of gold -- essentially identical to the 1,262nd of an ounce of gold at which it was valued on the day she acceded to the Fed chairmanship. Is that just a coincidence?

That is the question as President Trump wrestles with whether to nominate Mrs. Yellen to a second term or bring in someone else to chair our central bank. Federal Reserve scrip has roller-coastered somewhat during Mrs. Yellen's term. It has plunged below a 1,300th of an ounce of gold and clacked up to close to a thousandth of an ounce of gold. Generally, though, it has stayed within that band. ...

... For the remainder of the commentary:

http://www.nysun.com/editorials/is-america-on-a-gold-standard/90106/



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