Three GOP Reps. Introduce Gold Standard Bill to Stabilize the Dollar’s Value
An extensive copy/paste of the article so you can see just how far this bill would go towards full accountability of “Our” Gold Reserves and towards putting a stake in the heart of the Federal Reserve.
Which in my opinion, is why it has zero chances of passing.’
You can read the entire article HERE.
(Money Metals News Service) 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-W.Va., joined by Reps. Andy Biggs and Paul Gosar, both Arizona Republicans, 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,” he continued. “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, Mooney’s bill also would 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,” says the bill.
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.”
U.S. sound money groups and industry leaders are cheering Mooney’s actions.
Also, in my opinion, it’s far too late to save the Dollar at this point.
They have printed so much of it that the debt that automatically comes with it built in, can never be repaid.
This is why the ones behind The Fed want it to collapse and destroy everything, so they can take everything and then start over from scratch with the exact same scam except they will have absolute and total control over everyone’s finances with their Digital CBDC.
I’m not saying returning to the Gold Standard is a bad thing by any stretch, I’m just saying Good Luck With That.
If it’s a Good Idea – and it is – it stands a gnat’s fart in Hell of becoming law. It would expose the chicanery of all the money-grubbers cute little tricks since Tricky Dick’s time!
Not gonna happen short of a miracle.
We don’t have enough gold to back our existing debt.
From the rino side of the uniparty as if bidet would sign it in… oh look squirrel.
ps END THE FED, physically, spiritually and morally just like the Temple three times over.
Lotta squirrels flying around these days.
Yep – with the debt/dollars floating around, the US gold reserve would have to be priced at something like $50,000 an ounce (instead of the current world price of about $2,000).
Ain’t no one gonna buy at that price.
Saw one article calculated it at something like $123,000 per oz.
sat in on a lecture about money back at CGSC at FT. Leavenworth back in 1987
or so. the guy stated that over 60-70% of ALL hundred dollar bills where held outside of the country at that time. that was all of them ever printed that is.
then he talked about what would happen if that was to change and they all came back here. the 100 dollar bill is the new 20 dollar bill. you see them that often now.
we are well on our way to becoming Weimar republic number 2 now.
it is only a matter of time before they become worthless as the old German marks
became. I am not sure we have enough of anything to back the sheer amount of debt they have run up so far.
hell, even some of my friends are starting to realize how fucking bad it is now.
they all thought I was nuts because I pull out all of all my retirement accounts
and moved up here. and then spent what was left over on “stuff” like wood stoves and canned food , ammo and tools
this country is in for some really tough times here. there is no way to avoid that now. I not even sure we going to make it to have a “election’ in 2024.
the last 2 where fucked. what makes you think we going to have a fair one then ?
I think what is coming will make the 1930’s look like a walk in the park.
over 90% of the people have no idea how to grow food. they have no stock piles of anything really. if they have a weeks worth of food I be amazed.
this is not going to end well for a lot of people. plan according.
YOYO- you on your own.
Question:
At the present time, does the United States have sufficient gold (and/or other precious metals) to cover the number of dollars?
Yes; I know what the government (the present regime occupying the White House) says, but it has stated other things that have proven in t he short run not to be true, so – I’ll repeat the question …
The short answer would be NO.
There is a reason they have so desperately tried to avoid any audit of our Gold reserves and just like Don’t Mind Me said above, we certainly don’t have enough to cover the debt we have already acquired.
I doubt that much physically held gold exists actually.
Yeah. Not a chance.
It depends on what the price of gold is. The price couldn’t go back to the $35/oz it used to be without prices on everything going back to 1972 prices, too. Most people would be good with a burger for 50 cents, but don’t want their pay to go back to a couple of dollars an hour or their house to be worth $20,000.
That question can be asked backwards from that: how many ounces of gold could our money supply buy? The price of gold is set on an open market, so you can bet if everyone knew we were going to do that it would shoot up from the roughly $2000/oz price now.
If you divided the total number of dollars we have in circulation by the number of ounces of gold they say we have in Ft. Knox, you come up with gold at over $100,000/oz. That’s how much the Fed has devalued the dollar.
Federal Reserve printer go – Brrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr out of thin air.
Not really, its just a few clicks these days to add zero’s to the member bank accounts.
Game of thrones IMHO. Just more machinations from TPTB. Politicians playing to the crowd. Fuckers.
There isn’t enough gold on the planet to address the debt that the US is on the hook for. Realistically the only likely solution is to let the dollar collapse, renege on the debt and start over. A very ugly solution. The other option is to keep doing what they have been doing… Printing money and kicking the debt can down the road. Which will lead to the inevitable collapse of the dollar and default on our debt. It’s just a question of time…and how much bigger we can inflate the debt.
Legally a country can refuse to pay its debt by claiming it is ‘odius’ and that the government that took on that debt was ‘contracted against the interests of the people’.
Doing that would shift the repayment of the debt off the peoples shoulders and onto those who took on the debt to enrich themselves… the bankers and politicians.
” the ones behind The Fed” That would be the KENITES. Satans kids.
Very soon now I expect to hear the Schumer-Shiff-Fetterman unholy trio declare that this bill is “a threat to democracy.”
One of the things that is never discussed when talking about “the U.S. debt” is that “the debt”, i.e. total debt is not just the published $33T number. There’s also unfunded liabilities, i.e. Social Security and Medicare/Medicaid among others that make the total debt owed to The People and the blood sucking illegals, BY LAW, is something like ten times the official debt number.
So, not only can the official debt number never be repaid, neither can the real total debt number. In other words, we’re effed and have been for a long time.
This whole scam has been funded up to now by selling t-bills to our “trading partners” which they use to buy dollars to trade with, among other things. Ask yourself what happens when a t-bill auction goes unsubscribed or minimally subscribed or .gov defaults on a maturity or the usual subscribers take the proceeds from a maturity and use them to buy China’s or any other country’s debt.
China is already also way over leveraged. They just lie about it and manipulate the value of the Renminbi. Other than “rare earth” metals, China has next to no natural resources, other than their people. They pay them shit wages, thus providing a market for their excess labor pool. If the USA’s Chamber of Commerce and .gov hadn’t colluded with .gov in exporting our manufacturing base to China, we wouldn’t be in this fix right now. Not to mention, that we, through this manufacturing base export, have financed the build up of their military, which they are now threatening us and other countries with.
Now with other countries trading in whatever currency they feel like, the $ is a dead man walking. We’re not Weimar, we’re Zimbabwe.
People should be prepping like “there is no tomorrow.”
The collapse isn’t going to be 10 years down the road, it might be 10 hours or 10 days.
There will be no tomorrow like today. “It is different this time”
80% of all dollars in existence have been printed since 2020.
Read that again …….. slowly.
https://techstartups.com/2021/12/18/80-us-dollars-existence-printed-january-2020-october-2021/
Yep, gotta stake the Fed, take the head, embalm, cremate and bury (take no chances) for it to work.
The “Debt” owed to the (((federal reserve bank))) a Private Corporation, is in essence a Fraud against the People. Every ‘dollar’ is a Debt. This Debt can be Cancelled, and the Treasury issue Dollars, as the Constitution specifies. This is what Germany did in the 1930’s. Look Up “Treasury Labor Certificates” and what that did to Rebuild that Nation after having been Invaded and Looted.
But of Course, this would cost (((certain people))) all their “money”.
Remember the Twelfth Commandment – “yahweh Forbid that a j*w should Lose his Money”.
we don’t have any gold left
the politians all stole it, sold it or gave it away.
On the bright side: long term, there is still a sh!t ton of recoverable gold and silver in the USA. And rare earth metals, the new precious. EPA and BLM (no, not the Amish) have it locked up at present.
Just waiting now for the Brandon Crime Syndicate to sell the rare earth mining rights to – oh, I don’t know- CHINA perhaps?
(I do so miss hearing how Trump pronounced the name of that nation through clenched teeth)
Clinton facilitated selling our last processor to china years ago.
There have been a few small reports that Trump had a plan to retire the federal debt with 100-yr bonds backed by gold. It seems that his overall plan was to improve the economic output and domestic production (check), rebuild the military (check), get control of the border (check), then balance spending, and then retire the debt, but they threw covid at him to kill the economy, and here we are. What a shame.