The world has been off the Gold Exchange Standard since President Nixon ended the direct convertability of the Dollar to Gold in 1971. The current fiscal crises around the world may be the end result of that action.
In an interview with Human Events, Steve Forbes predicts a return to the Gold Standard within five years:

With a stable currency, it is “much harder” for governments to borrow excessively, Forbes said. Without lax Federal Reserve System monetary policies that led to the printing of too much money, the housing bubble would not have been nearly as severe, he added.
“When it comes to exchange rates and monetary policy, people often don’t grasp” what is at stake for the economy, Forbes said. By restoring the gold standard, the United States would shift away from “less responsible policies” and toward a stronger dollar and a stronger America, he said. “If the dollar was as good as gold, other countries would want to buy it.”

Even the broken clock…er, Ron Paul… agrees with this wisdom, which could very well be an issue during the 2012 Presidential Election. The Demo☭rats, of course, do not want to crucify mankind upon a Cross of Gold. One can only imagine Президент Обама doing the same thing William Jennings Bryan did back in the day.
So…should we return to the Gold Standard? Discuss.