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...standard/90106/
