No They Can't! John Stossel Essay

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U.S. dollars to equal the same amount of that product. It also means Europeans can come to America, convert their euros into dollars, and purchase more things here than they would in their country. As a result, this is exactly what happened; Eurpeans flooded into the east coast and purchsed commodities such as flat screem T.V.s, iPods, and home appliances.

Second, the abolishment of the gold standard is where the never-ending cycle of problems initiate. Under the gold standard, a government is limited-both legally and practically-as to how much paper money it can print. As the Lyndon Johnson administration recently a couple years back, the U.S. could print paper dollars equal only to four times the value of the nation's gold reserve. Even still, without the gold standard, the Federal Reserve then can be given permission to continually print money. When paper money is printed, inflation goes up and so does prices. In his video, "Politicians' Top 10 Promises Gone Wrong," John ...

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