Posted on 10/10/2022 8:56:15 AM PDT by bitt
Rep. Alex Mooney proposes the United States adopt a new gold standard after U.S. government officials first disclose all gold holdings and secret gold transactions, allowing the gold price to adjust to its fair market value.
WASHINGTON, DC / ACCESSWIRE / October 9, 2022 / America's currency would regain stable footing for the first time in half a century if a bill just introduced by U.S. Representative Alex Mooney (R-WV) becomes law.
Referred to as the "Gold Standard Restoration Act" by sound money activists, H.R. 9157 calls for the repegging of the Federal Reserve note to gold in order to address the ongoing problems of inflation, runaway federal debt, and monetary system instability.
Upon passage of H.R. 9157, the U.S. Treasury and the Federal Reserve would have 30 months to publicly disclose all gold holdings and gold transactions, after which time the Federal Reserve note "dollar" would be pegged to a fixed weight of gold at its then-market price.
Federal Reserve notes would become fully redeemable for and exchangeable with gold at the new fixed price, with the U.S. Treasury and its gold reserves backstopping Federal Reserve Banks as guarantor.
"The gold standard would protect against Washington's irresponsible spending habits and the creation of money out of thin air," said Rep. Mooney in a statement.
"Prices would be shaped by economics rather than the instincts of bureaucrats. No longer would our economy be at the mercy of the Federal Reserve and reckless Washington spenders."
The Gold Standard Restoration Act also makes several findings as to the harm the Federal Reserve System has inflicted on everyday Americans - particularly since President Richard Nixon "temporarily suspended" gold backing of America's monetary system in 1971.
H.R. 9157 points out the following: "The Federal Reserve note has lost more than 30 percent of its purchasing power since 2000, and 97 percent of its purchasing power since the passage of the Federal Reserve Act in 1913."
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What physical gold?
this has about as much chance of passing as does term limits or limit on pay raises for congress critters.
Fair market value as determined by who?
Unfortunately it would do nothing to protect against irresponsible spending habits. That's on Congress.
Best I can figure is we have around half a trillion dollars worth at 1700.00 an ounce. How will that cover circulation and debt level?
Wouldn’t oil, coal and gas reserves be more than our gold reserves? I’m hard pressed to understand how our half trillion in gold would be a boost given circulation. I’m certainly outside my wheel house and just looking to better understand.
“We had huge deflationary depressions every 20 years when we were on the gold standard.”
By why let facts get in the way of some good old nostalgia?
It's not as easy as that. Currently the U.S., by law, establishes a set value per ounce on our gold reserves. That is $42.22 per ounce and it's basically for accounting purposes. So every ounce in Fort Knox or West Point, or Denver would not be valued at $1700 or whatever the current spot price is on the international markets but far less.
There isn’t enough gold to back a multi-trillion dollar economy.
The odds of passing are asymptotic to zero.
>>LAST thing the Democrat Marxists will tolerate is to have the ability to PRINT money taken away from them.<<
You get an A.
A full accounting of all gold holdings by the US govt... then an annual accounting of the assets to verify the golds existence going forward
So $1.00 would be worth half of this ( . ) much gold. Probably less.
Spirals Out of Control!
SPIRALS!!!
The gold standard actually serves to limit instability by curtailing excess credit.
Greenspan explains this more succinctly that I think I could, but if there is something yet unclear after you read it ask and I'll try to better explain:
Given the declining value of the US dollar, the amount of gold backing each dollar would barely cover a pinhead.
Gold Standard people are never able to answer the question as to why the Gold Standard was abandoned in the first place
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It’s very easy to answer.
Anyone with a brain can.
Because the government wanted to print more money.
Unfortunately it would do nothing to protect against irresponsible spending habits. That’s on Congress.
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If the government can’t print money it can’t spend as much. A gold standard reeuces the power of the government to print money.
It’s very easy to answer. Anyone with a brain can. Because the government wanted to print more money.
That's not an answer. There was massive public support to end the gold standard. The middle-class in particular was hurt badly every time there was a swing in the price of gold due to volatility. Twice in the 18th century a sharp drop in the price of gold triggered a depression. As bad as the Federal Reserve is the Gold Standard is even worse. Replacing a broken system with a system that is far more broken is madness.
Those who are ignorant of history are doomed to repeat it and apparently you want to repeat the failures of the Gold Standard...
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