THREE CONGRESSMEN INTRODUCE GOLD STANDARD BILL TO STABILIZE THE DOLLAR'S VALUE

As America faces the twin threats of inflation and bank failures, three U.S. congressmen introduced a pivotal sound money bill that would enable the Federal Reserve note “dollar” to regain stable footing for the first time in more than half a century.

Rep. Alex Mooney (R-WV) - joined by Reps. Andy Biggs (R-AZ) and Paul Gosar (R-AZ) - introduced H.R. 2435, the “Gold Standard Restoration Act,” to facilitate the repegging of the volatile Federal Reserve note to a fixed weight of gold bullion.

Upon passage of H.R. 2435, the U.S. Treasury and the Federal Reserve are given 24 months to publicly disclose all gold holdings and gold transactions, after which time the Federal Reserve note “dollar” would be formally repegged 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 price, with the U.S. Treasury and its gold reserves backstopping Federal Reserve Banks as guarantor.

Monetary experts have noted a return to a gold standard would substantially curtail the economic damage caused by inflation, runaway federal debt, and monetary system instability.

“A 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 American families, businesses, and the economy as a whole 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. 2435 points out: “The Federal Reserve note has lost more than 40 percent of its purchasing power since 2000, and 97 percent of its purchasing power since the passage of the Federal Reserve Act in 1913.”

Historians have observed that the elimination of gold redeemability from the monetary system freed central bankers and federal government officials from accountability when they expand the money supply, fund government deficits though trillion-dollar bond purchases, or otherwise manipulate the economy.

“At times, including 2021 and 2022, Federal Reserve actions helped create inflation rates of 8 percent or higher, increasing the cost of living for many Americans to untenable levels…enrich[ing] the owners of financial assets while… endanger[ing] the jobs, wages, and savings of blue-collar workers,” H.R. 2435 states.

Notably, Rep. Mooney's bill would also require full disclosure of all central bank and U.S. government gold holdings and gold-related financial transactions over the last 6 decades - a seemingly taboo subject surrounded by mystery and deception.

“To enable the market and market participants to arrive at the fixed Federal Reserve note dollar-gold parity in an orderly fashion... the Secretary and the Federal Reserve shall each make publicly available… all holdings of gold, with a report of any purchases, sales, swaps, leases, and any other financial transactions involving gold, since the temporary suspension in August 15th, 1971, of gold redeemability obligations under the Bretton Woods Agreement of 1944.”

In the years leading up to Nixon's panicked “temporary suspension” of gold redeemability, abusive U.S. deficit spending and currency debasement had prompted many foreign central banks to turn in their Federal Reserve notes for gold.

However, this disgorgement of America's gold holdings was largely conducted in secret.

That's why H.R. 2435 also requires the Fed and the Treasury to disclose “all records pertaining to redemptions and transfers of United States gold in the 10 years preceding the temporary suspension in August 15, 1971, of gold redeemability obligations.”

"Government cannot continue to spend and print on a massive scale without producing existential threats to the currency and our economy," said Lawrence W. Reed, president emeritus of the Foundation for Economic Education.

"The gold standard never failed America, bad ideas and bad politicians did. If we do nothing, disaster awaits us just as it drowned earlier civilizations that spent and inflated their way to ruin," Reed continued.

“Today's debt-based fiat-money system serves primarily to support big government and wealthy financial insiders - while the Federal Reserve's serial policy of currency debasement punishes savers and wage earners,” explained Stefan Gleason, President of the Sound Money Defense League and Money Metals Exchange.

“A return to gold redeemability would arrest the problem of inflation, restrain the growth of wasteful and inefficient government, and kick off an exciting new era of American prosperity,” Gleason concluded.

The full text of Rep. Mooney's gold standard bill can be found here. It was introduced on March 30, 2023, and referred to the House Committee on Financial Services.

Thank you for referencing that article Red Badger.

"THREE CONGRESSMEN INTRODUCE GOLD STANDARD BILL TO STABILIZE THE DOLLAR'S VALUE"

This is another gold standard article that doesn't mention constitutional clauses that directly address this issue.

"Article I, Section 8, Clause 5: To coin Money [emphasis added], regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;"
"Article I, Section 10, Clause 1: No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts [emphases added]; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility."

The problem is that seemingly constitutionally clueless authors of articles relating to gold standard are writing about legislation being made by seemingly Constitution-ignoring lawmakers.

Note that Justice Joseph Story had indicated that drafters of Constitution were aware of post-American Revolution problems with regulating value of paper money which is why drafters limited currency to gold and silver coin.

More specifically, paper money effectively nullifies the fed's power to regulate value of money.

"It has been justly remarked, that the power "to coin money" would, doubtless, include that of regulating its value [emphasis added], had the latter power not been expressly inserted. But the constitution abounds with pleonasms and repetitions of this nature."—Joseph Story, Article 1, Section 3, Clauses 4 and 5, Commentaries on the Constitution 2:§§ 732--33, 735--39
"It is further to be observed, that the states cannot issue bills of credit; not that they cannot make them a legal tender; but that they cannot issue them at all. This is a clear indication of the intent of the constitution to restrain the states, as well from establishing a paper circulation, as from interfering with the metallic circulation [emphases added]."—Joseph Story, Article 1, Section 3, Clauses 4 and 5, Commentaries on the Constitution 2:§§ 732--33, 735--39

FDR's gold confiscation is one of several examples of his official actions that ignored Constitution imo.

Executive Order 6102

It's as if Democrats and RINOs were studying the ideas that constitutional lawmakers had rejected and are now implementing them to try destroy the constitutional republic.

Patriots, the bottom line is this imo. What is your threshold of “pain” for peacefully stopping unconstitutionally big state and federal governments controlled by bully, constitutionally undefined political parties, from oppressing the people under their boots?

The inevitable remedy for ongoing, post-17A ratification, corrupt political party treason (imo)...

All MAGA patriots need to wake up their RINO federal and state lawmakers by making the following clear to them.

If they don’t publicly support either a resolution, or a Constitutional Convention, to effectively "secede" ALL the states from the unconstitutionally big federal government by amending the Constitution to repeal the 16th (direct taxes) and 17th (popular voting for federal senators) Amendments (16&17A), doing so before the primary elections in 2024, that YOU will primary them.

If the proposed amendment was limited strictly to repealing 16&17A, relatively little or ideally no discussion would be needed before ratification of the amendment imo.

With 16&17A out of the way, my hope is that Trump 47 becomes the FIRST president of a truly constitutionally limited power federal government.

In fact, unconstitutional Social Security, based on FDR era stolen state powers imo, is projected to run out of money by 2033 as a consequence of alleged Democratic and RINO criminal mismanagement of SS funds, unconstitutional, unaccountable federal spending a major concern.

Social Security trust fund on track to run out in 2033: analysis (3.31.23)
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." —Justice John Marshall, Gibbons v. Ogden, 1824.
“If the tax be not proposed for the common defence, or general welfare, but for other objects, wholly extraneous, (as for instance, for propagating Mahometanism among the Turks, or giving aids and subsidies to a foreign nation, to build palaces for its kings, or erect monuments to its heroes,) it would be wholly indefensible upon constitutional principles [emphases added].” — Justice Joseph Story, Commentaries on the Constitution 2 (1833).

So the sooner that 16&17A are repealed, putting a stop to unconstitutional federal taxes, the sooner that the states will find new revenues to establish their own SS programs, depending on what state social spending programs the legal majority citizen voters of a given state want.

”Simply this, that the care of the property, the liberty, and the life of the citizen, under the solemn sanction of an oath imposed by your Constitution, is in the States and not in the federal government [emphases added]. I have sought to effect no change in that respect in the Constitution of the country.” —John Bingham, Congressional. Globe. 1866, page 1292 (see top half of third column)
"[...] a single courageous State may, if its citizens choose, serve as a laboratory; and try novel social and economic experiments without risk to the rest of the country." —Justice Louis Brandeis, Laboratories of Democracy.

Finally, hasn't it been about 100 days since so-called "MAGA Republicans" took control of the House? Have they done anything to brag about so far?

Primarying RINOs in 2022 was just for practice. Trump will hopefully do another round of primarying for 2024 elections.

“You make good posts. Those about economics never make sense. I might start saving your predictions and remind you when one can prove they were wrong.”

Thanks. I had a good laugh. I went back to see if I’d made predictions, which I understand can be dangerous. I was just trying to explain how we got to where we are and why I don’t think the Yuan can replace the dollar. Maybe that’s a prediction. While lots of countries would like to dethrone the dollar, especially places like Saudi Aribia whose leader has been personally insulted by Biden who said he called bin Salman essentially, a murderer. (see link) Is it any surprise that bin Salman has gone out of his way to do anything he can to hurt the US? (Or, more likely just hurt Biden.)

Countries are afraid they’ll suffer the same sanctions as Russia. But they can spend their dollars anywhere even if the US won’t take them. Others will. And, they can use SWIFT to convert them instantly. The Yuan, though, is a different story. Let’s say Brazil wants to pay some third party for cement in Yuan. That party would then have to convert the Yuan without any prior agreement with China into something else. I can see a percentage on both sides of the transaction, say ten percent more than face value on both sides paying and converting. That would be a twenty percent premium. And, still there would be risk that someone will not want to go through the effort of converting.

https://news.yahoo.com/biden-said-told-mohammed-bin-202415054.html

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