FACT CHECK: Return to gold standard system not in WEF’s ‘Great Reset’ plan

Claim: The US is pushing for the “Great Reset” that aims to re-establish the gold standard monetary system.

Rating: FALSE

Why we fact-checked this:  The claim was made in a YouTube video posted by a Filipino channel presenting itself as an explanatory journalism channel, which currently has 1.06 million subscribers. As of writing, the video has 82,000 views and 2,900 likes. 

In the video, the narrator claims: “Nagkalat sa mga pahayagan, balita, at maging sa internet ang mga paksa tungkol sa Great Financial Reset na nais isulong ng Estados Unidos. Ang layunin nito ay ang panunumbalik ng gold standard.”

(Topics about the Great Financial Reset that the United States wants to push are spreading across newspapers, news, and even on the internet. The goal is to restore the gold standard [system].)

It also showed a screenshot of an article titled, “2023 will bring about ‘The Great Reset’ at work, study says.”

The bottom line: Contrary to what is said in the video, The Great Reset is a proposal from the World Economic Forum (WEF) to revamp economic and social systems for a more resilient post-COVID future. The plan is not an initiative of the US, and does not seek the restoration of the gold standard monetary system.

The Great Reset: According to WEF head Klaus Schwab, the Great Reset agenda would have three components:  

• to “steer the market toward fairer outcomes” through improved government coordination related to economic policies, upgrading trade arrangements, and implementing reforms for more equitable outcomes
• involving investments to address social issues to create a “new [system] that is more resilient, equitable, and sustainable in the long run.” 
• “harness[ing] the innovations of the Fourth Industrial Revolution” to address public concerns, especially health and social challenges.

Nowhere in Schwab’s article does it say that the Great Reset agenda will re-establish the gold standard.

No basis: Even the article, published in 2022 that the video references, does not mention the gold standard. In fact, it is not even about the WEF’s Great Reset, but a reference to a “great reset” in the workplace related to issues of employee retention and work flexibility. Suffice to say, the video and the article it mentioned do not talk about the same thing.

Vague meaning led to conspiracy theories: In April 2022, United Kingdom-based independent fact-checking organization Full Fact said in an article that WEF is vague on what the term The Great Reset means.

Full Fact said that WEF and Schwab used the term as the name of several things: a book Schwab co-authored, an initiative launched by WEF in 2020, a podcast, and several WEF events. The fact-checking organization said its unclear meaning spawned false claims and conspiracy theories.

Carleton University Assistant Professor Michael Christensen and Ashli Au of McGill University published an academic paper at the International Journal of Communication in 2023 that studied the spread of false claims about the term “The Great Reset.”

The paper concluded that the “clear and consistent communication that works to build credibility rather than assuming legitimate authority” are required when introducing terms during crises like a pandemic.

Gold standard system: The gold standard is a monetary system where a country’s currency is dependent on a fixed quantity of gold.

Currently, no country uses the gold standard. The financial system started to shift to the fiat monetary system in the 1930s. In 1971, the US under the Nixon administration decided that the value of the US dollar would no longer be tied to gold. 

Unverified claims: False claims about the gold standard have been spreading across social media. Rappler has previously debunked such claims: 

• Marcos ringing NYSE closing bell does not signal return of gold standard
• FALSE: Nixon declared in 1973 that the US dollar will no longer be backed by gold
• FACT CHECK: ‘Ang Bagong Lipunan’ currency series not backed by gold

– Miguel Batallones/Rappler.com

Miguel Batallones is a graduate of Rappler’s fact-checking mentorship program. This fact check was reviewed by a member of Rappler’s research team and a senior editor. Learn more about Rappler’s fact-checking mentorship program here.

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