Gold and the Federal Debt
The U.S. hit its debt limit Monday. As debate continues over whether or not to raise that limit, a variety of proposals and trade-offs are on the table. A small group of economists have suggested selling off U.S. gold assets as one way to lower the debt. Gold prices are at near record highs—around $1500 an ounce. For the U.S., that could mean billions of dollars in bullion. Most economists and lawmakers don’t expect the idea to go forward. But the prospect of making money by selling gold intrigues people. Even those with a small amount of gold jewelry or coins. The rising price of gold and how it could impact the budget debate.
economics correspondent for the Washington Post
global macroeconomic advisor, founder and editor of The International Economy magazine and author of The World Is Curved: Hidden Dangers to the Global Economy
senior fellow, Peterson Institute for International Economics; former assistant secretary of the US Treasury for International Affairs (December 1998 to January 2001), and former director of the Division of International Finance for the Federal Reserve's Board of Governors (1977 to 1998).
chairman of the Lehrman Institute, runs the project TheGoldStandardNow.org