An effort so far limited to state legislatures to reintroduce the gold standard to government spending is moving to the presidential stage in a bid to get Washington to adopt the anti-inflation measure. This week, a group promoting the gold standard plans to run ads in Iowa, home to the first presidential caucus, and launch a bus tour where several presidential candidates including Newt Gingrich and Rep. Michele Bachmann will participate. [See a slide show of GOP 2012 contenders.]
One of the ads says: "You're not imagining it. Ever since President Nixon took America off the gold standard, the value of our money has been allowed to rise and fall based on the decisions of politicians and Wall Street bankers."
The ads are being sponsored by American Principles in Action to inform voters about the gold standard and how it would control inflation, limit government spending and encourage economic growth. "This campaign will be integral in conveying the relevance of the gold standard to the presidential race," said American Principles Executive Director Andy Blom. "Each one presents a sharp, humorous interpretation of the most pressing economic issues right now. We expect them to be very interesting to Iowa voters." [Check out political cartoons about the 2012 GOP field.]
The group is teaming with the Iowa Tea Party for a bus tour. Besides Gingrich and Bachmann, other presidential contenders planning to participate include Herman Cain, Gary Johnson, Tim Pawlenty, and Rick Santorum. The tour will last 18 days, end with a rally in Des Moines on July 2, and be broadcast live by Tea Party Review online.
According to the group, returning to a gold standard will stop the government from printing money and living on debt. They equate the change to forcing Washington to use an ATM card instead. The timing is good for the group with new government reports showing a boost in inflation.