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Blom & Benko: Advocating Gold Standard Could Change Outcome of 2012 Presidential Contest

On to Dixie. Thirty-three percent of South Carolina’s primary voters are very favorable to the gold standard, with another 18 percent somewhat favorable. Only 11 percent are very unfavorable with 6 percent somewhat unfavorable. Gold presents as an unequivocal (3-1) electoral asset in South Carolina.

In the general election, according to Rasmussen, gold also presents as an electoral asset. Gold is not an expedient to gain the nomination for which penance must later be done.

As one of the authors has written on Forbes.com, “Rasmussen’s numbers strongly suggest gold is an electoral jet stream. Fly with it and enjoy the tailwind; into it and suffer from headwinds. ...

“Rasmussen: ‘The majority of voters across nearly all demographic groups favor the gold standard if it would dramatically reduce the power of central bankers and political leaders over the economy.’ A majority of African Americans, most of them enthusiastically, support the gold standard. A majority of Union members ... support the gold standard too.

“... Most of the left is made up of humanitarian populists, such as organized labor and ethnics who comprise the ‘social democratic’ left. They are far more concerned about jobs, opportunity, and policies of ‘rising tide’ prosperity than with arcane (and dubious) neo-Keynesian dogma. These — as the Occupy movement is telling us loudly with its many calls for the gold standard ... strongly tend to favor gold.”

Beyond the politics, there are a lot of good policy reasons to embrace the gold standard. The economy grew faster, more jobs were created, recessions were shorter and shallower, under gold than under the Nixon paper dollar standard. The rest of Nixon’s New Economic Policy — such as price controls and tariffs — has been discredited and discarded. Time to discard our lingering Nixonian monetary policy and restore the gold standard.

Gold is a win-win-win opportunity. By all available polling data the gold standard will give a significant boost to the candidate who advocates it in securing the nomination, in the general election, and will serve as excellent policy for economic growth and spending restraint for the next president.

Andresen Blom is executive director of American Principles in Action. Ralph Benko is the group’s senior adviser for economics, editor of the Lehrman Institute’s gold standard information website and a columnist for Forbes.com.

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