Yes this can be done.
Currently the Gov't holds about a third of a trillion in actual gold bullion, mostly in Fort Knox, as audited by the Gov't under Trump's order to count the gold when he came into office.
However, there are some 4+ quadrillion US dollars in circulation currently, globally, as a conservative estimate.
To back the US dollar with gold in US custody, each ounce will have to be repriced to about $27 million dollars per ounce.
It's not just the US economy. the US Dollar is the global reserve currency of choice, used as the primary international trading currency for most of the planet. Backing it with US gold only would over inflate the international price of gold.
If reserve currency status were dropped, gold would still have to be priced at roughly $3 million per ounce to back the US economy. The money was $30 per ounce in the 1960's.
We have to multiply the money by 100,000 to get to today's gold value, and part of that reflects a loss of purchasing power via half a century worth of inflation since leaving the gold standard, and another part of that reflects not stockpiling additional gold over the last fifty years while still expanding the amount of currency in circulation as used by the domestic economy. As a result, the static gold stockpile increases in value as measured in dollar terms.
But can it be done? Absolutely yes, it can be done.
Erase the debt and stop the welfare state and perpetual wars and we’d be good.
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