Set out gold backing and parallel commodity money as options
What the document says“In addition, Congress could simply allow individuals to use commodity-backed money without fully replacing the current system.”
The chapter sets out several structural paths, including full gold backing, gold-convertible Treasury instruments and a parallel gold standard operating temporarily alongside the current dollar. It says such transitional arrangements should be temporary so that the discipline gold imposes on government spending arrives quickly. It presents these as options rather than settling on one.
What the document actually says“In addition, Congress could simply allow individuals to use commodity-backed money without fully replacing the current system.”
Congress could let people use money backed by gold. The current system would stay.
Today's dollar is not backed by gold. The book looks at going back to that. One option is to let people choose gold-backed money alongside dollars.
No action is recorded against this proposal. That is not evidence that none has been taken. See what the tracker does not yet cover.