<P> The gold standard is supported by many followers of the Austrian School of Economics, free - market libertarians and some supply - siders . </P> <P> In the United States, strict constitutionalists object to the government issuing fiat currency through central banks . Some gold - standard advocates also call for a mandated end to fractional - reserve banking . Many similar alternatives have been suggested, including energy - based currencies, collections of currencies or commodities, with gold as one component . </P> <P> Former congressman Ron Paul is a long - term, high - profile advocate of a gold standard, but has also expressed support for using a standard based on a basket of commodities that better reflects the state of the economy . </P> <P> In 2011 the Utah legislature passed a bill to accept federally issued gold and silver coins as legal tender to pay taxes . As federally issued currency, the coins were already legal tender for taxes, although the market price of their metal content currently exceeds their monetary value . Similar legislation is under consideration in other US states . The bill was initiated by newly elected Republican Party legislators associated with the Tea Party movement and was driven by anxiety over the policies of President Barack Obama . </P>

Who took the dollar off the gold standard