all the gold ever mined in human history isn’t enough to back the dollar.
This is going nowhere.
What gold? There’s no gold in Fort Knox.
The gold was stolen long ago.
Which is why it will go nowhere. But, if by some miracle it does pass, can they have Geraldo Rivera do a reprise of Al Capone's Vault?
It will have little impact
Thinking of adding gold to the portfolio making it about 7%, any thoughts.
Internationally, foreign governments could still redeem Dollars for Gold, and started doing so in the late 1960s, draining U.S. gold reserves.
That's when Nixon took the Dollar off the Gold Standard internationally.
Put us back on the Gold standard, and instantly all those Dollars floating around in Europe, Asia, and the Middle East will come flooding back home to be exchanged for Gold that doesn't exist.
The only solution would be to guarantee that the U.S. would exchange Dollars for gold at a ridiculously high rate, say $10,000/oz, instead of the roughly $35/oz exchange rate the U.S. previously tried to maintain.
In which case the "gold standard" would be meaningless anyway.
> “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. <
I guess we can give Rep. Mooney points for trying. But he’s wrong. A gold standard plus continued Congressional overspending would just drain our gold reserves down to zero.
Better that Rep. Mooney focus on a balanced budget amendment.
Better audit Ft. Knox first......I suspect its empty.
The economy has become fantastically complex. Any simplistic solution won’t work. One reason that it took so long for the industrial revolution to take place is because there was, by definition of the gold standard, only a small amount of currency in circulation. It wasn’t until fractional reserve banking and programmed-in inflation that enough money existed to build the worldwide infrastructure necessary for the growth surge our worldwide civilization has experienced under the American hegemony. To get where we are today took the entire world to be under one leader, the USA, with effectively one currency, the dollar. Unfortunately, the capitalism model depended on an ever-increasing population to provide the market for the goods produced and free access to the entire rest of the world as a market. The population of the developed world is in collapse due to several factors, among which are urbanization, a successful attack on technology by “the Greens” and the collapse of the West’s desire to spend their blood and treasure to maintain global peace. Anyone who thinks we are going to resolve these huge systemic problems by simply going back to the finance model of the fifteenth century is not seeing the larger picture.
DOA
Loses 3-432.
Very unpopular with the donor community.
It’s a great idea. I support it 100%.
Of course, all debts will have be written down or written off (which I also support) - think of it as a “great reset”.
The donor community will not like this - at all.
Even if it passes in the House and the Senate by some improbable series of miracles, Biden will veto it, as a gold-dollar standard would:
1. make the US a competitor for gold with China, and
2. would halt the carefully made plans to disassemble US piece by piece.
Since 2000? How about since 2020?
Perhaps the nation should have a balanced fiscal year amendment wherein elected federal constitutional officers would become ineligible for government-based employment after their existing terms end if a fiscal year during their current term of office ends in the red.
Inflation is the result of trying to play catch up.
Better money won’t stop the efforts of the economically critical such as nurses from trying to overcome inflation by getting their employers to pay more.
The people in the oil and gas industry are getting more for their fuel and other economic players need to accept that.
The key in stabilizing the value of the dollar is to stabilize the number in circulation.
Another possibility is to color and size code the dollar and have each year’s issue expire say ten years after issue (twelve years for payments to the IRS).
"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.