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.
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?
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!
YES!!!!!
And Congress will do anything to prevent it.
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.
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.
There isn’t enough gold to back a multi-trillion dollar economy.