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."
...more
https://www.congress.gov/bill/117th-congress/house-bill/9157
https://www.govtrack.us/congress/bills/117/hr9157
It will get pushed to the side to collect dust or get shot down as what was proposed by Jim DeMint, Mike Lee and Rand Paul in 2011-2012 - S.1287 - Sound Money Promotion Act.
https://www.congress.gov/bill/112th-congress/senate-bill/1287/cosponsors?s=1&r=71&overview=closed
Uh-oh. If this goes through the truth about all that physical gold being stored will come out.
Yep, there ain’t no gold in the treasury to back up a gold standard.
Going straight to gold standard will be very disruptive. I propose a “half-step”.
GEOs - Gold Equivalent Ounce
The concept is to provide a valuation of the assets that the US government owns. This is done by estimating the current market value of real property if sold on market, convert that dollar amount to gold oz. Sum total off all gold oz forms the “backing” of the dollar.
Each decade, Congress sets the ratio of dollars in circulation based on a defined exchange rate.
Going straight to gold standard will be very disruptive. I propose a “half-step”.
GEOs - Gold Equivalent Ounce
The concept is to provide a valuation of the assets that the US government owns. This is done by estimating the current market value of real property if sold on market, convert that dollar amount to gold oz. Sum total off all gold oz forms the “backing” of the dollar.
Each decade, Congress sets the ratio of dollars in circulation based on a defined exchange rate.
Gold Standard people are never able to answer the question as to why the Gold Standard was abandoned in the first place, because of the economic instability it introduced, which lead to the creation of the Federal Reserve. Why should we return to something that was considered very broken? Why should we return to the Gold Standard, when in the 19th century the volatility in the price of Gold, caused two serious depressions?
The truth shall set you free...
Learn History...
We had huge deflationary depressions every 20 years when we were on the gold standard.
Congress also devalue the dollar everytime there was a major crisis, despite being on a gold standard.
And Congress used to borrow on the gold standard too. So there is nothing to stop them from promising your children will repay debts in gold, even if it’s more gold than exists.
Step 2. Find enough gold.
Lol, the LAST thing the Democrat Marxists will tolerate is to have the ability to PRINT money taken away from them.
The Democratic Party Communists that are in control of the Party and are backed by Chinese money and operatives on the Federal Payroll do not want “stability” in the U.S. Alinsky’s playbook is all about creating and fomenting instability.
Not going to happen. The gov implements inflation because it’s all advantage to the gov, and no disadvantage.
Inflation makes savings worthless, turning hard-working people into paupers.
Inflation doesn’t bother politicians, who get cost of living adjustments in their pay and pensions.
Inflation turns debt owed by government into trivia.
Inflation pushes you into higher income tax brackets, so that your raises aren’t raises.
They are not going back to the gold standard. The statists will fight this like they fought the partial privatization of social security proposed by Bush.
FED: uh, there isn’t any gold. We “misplaced” it.
THIS!
The Gold — most of it — might remain physically be inside Fort Knox. It’s more a matter as to who is the owner-of-record. Hint: probably not ‘us’.
YES!!!!!
And Congress will do anything to prevent it.
Agree. While they should have probably never gone off a backed currency, jumping all the way back to one in one step would be WAY too traumatic.
Your idea is definitely interesting.
Seems like if the suspension was “temporary” and by EO then it can be reversed by the same means.... never mind.
Add one small stipulation;
No gold leaves the country. Plus find out what Hitlery and her brothers did with the gold they got out of Haiti and Libya.
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