US Congressman Pushes Bill To Reinstate Gold Standard

Authored by Lawrence Thomas via GoldTelegraph.com,

Recently, a new piece of legislation has been introduced by Republican Congressman from West Virginia Alex Mooneyto define the dollar as a fixed weight of gold.”

It is quite clear that bureaucrats are starting to take note of the war on the middle class as workers and savers are being squeezed thanks to inflation in this prolonged zero interest rate environment we have been living through.

In the bill, Mooney criticized monetary policy, in particular how purchasing power has eroded drastically ever since the gold standard was abolished.

The United States dollar has lost 30 percent of its purchasing power since 2000, and 96 percent of its purchasing power since the end of the gold standard in 1913. Under the Federal Reserve’s two percent inflation objective, the dollar loses half of its purchasing power every generation, or 35 years

Mooney goes on to describe the advantages of a link to gold:

The gold standard puts control of the money supply with the market instead of the Federal Reserve. The gold standard means legal tender defined by and convertible into a certain quantity of gold. Under the gold standard through 1913, the United States economy grew at an annual average of four percent, one-third larger than the growth rate since then and twice the level since 2000

The big question remains concerning the United States actually having its 8,1335.5 tons of physical gold as stated in its official reserves. There has been peculiar activity in the last few years with countries wanting to bring their gold holdings home, like Germany and Hungary.

The bottom line is, there has never been a very detailed audit on the US gold reserves which could be the reason why countries are starting to bring their gold home, and why this bill might never be passed.

Comments

wildbad RAT005 Mon, 04/09/2018 - 03:55 Permalink

to make this work there will need to be a reset first.

all of the offshore money will need to be repatriated, all of the fake accumulated intersovereign debt needs to be nullified, and as much illegally accumulated digital dollars and assets need to be rounded up.

THEN we can start a revaluation based on a blockchain currency backed by whatever asset or asset basket we want to.  US backed blockchain tied to US territorial land, a russian one backed by its territory. one based on multiple metals or metals plus fresh water...whatever.

first one..then the other

In reply to by RAT005

IH8OBAMA stacking12321 Sun, 04/08/2018 - 23:47 Permalink

"Mnuchin was accompanied on his Aug. 21, 2017, inspection tour of the gold reserves at Fort Knox by Senate Majority Leader Mitch McConnell, R-Ky.; U.S. Rep. Brett Guthrie, R-Ky.; and Kentucky’s Republican governor, Matt Bevin.

During Mnuchin’s visit, McConnell is reported to have held up one of the 27-pound gold bars that is among the more than 147 million troy ounces of gold held at Fort Knox."

In reply to by stacking12321

Baron von Bud snblitz Sun, 04/08/2018 - 22:31 Permalink

The constitution of the US specifically states what is legal money. No ambiguity by the founding fathers.

  1. The basic unit is the dollar, a silver coin containing 371.25 grains of pure silver.
  2. Only gold or silver coins, or currency backed by the same, are legal tender.
  3. No state may issue coins or currency.
  4. No one may counterfeit U.S-government-issued coins or currency.
  5. Fiat money is forbidden.

https://deanclancy.com/the-constitutions-seven-money-clauses/

 

In reply to by snblitz

Sean7k IH8OBAMA Mon, 04/09/2018 - 09:07 Permalink

Pieces of Eight is a reference to the Spanish 8 reales coin which was the most plentiful silver coin of the times. As the US did not have enough silver to create enough coins for commerce, the reale was used as money and the grain content became the standard for the dollar- 374 1/4 grains.

Remember, the Constitution forbade the use of any bill of attainer, paper money, so debts had to be settled in silver or gold.

It took decades of cases before the Supreme Court to get the decisions needed to bring back paper money (at the state level at first). This is the purpose of the Supreme Court: to create new interpretations, which can then be used to circumvent the Constitution.

So, Reales were never "legal tender", but they were accepted currency. See, "Pieces of Eight".

In reply to by IH8OBAMA

HRH of Aquitaine 2.0 snblitz Sun, 04/08/2018 - 22:33 Permalink

Yep. That is very plain and simple language. Gold and silver as the coin. This is the realm of Congress not a central banking cartel!

How hard is it to teach this to kids? One hour in kindergarten, two hours in first grade, etc, etc, until, in order to graduate from 12th grade a kid has to attend a specific course on the US Constitution in order to be able to graduate. From one hour to a few hours a week for three months. It isn't hard. It is a matter of will. What are kids being taught? Anal sex. How to be a faggot or a tranny or a rainbow-shitting unicorn. What a waste.

In reply to by snblitz

shamus001 HRH of Aquitaine 2.0 Mon, 04/09/2018 - 00:09 Permalink

THATS WHAT YOU GET.....when you put the fate of your childs intellect in the hands of a stranger, paid by the state.  My daughter just turned 6 2 days ago.  She knows the difference between currency and money!  Even in her own words (that of a 5 year old) she says "It's, it's.... it's just paper!"

But you cannot get her to part with her .999 Year of the Dragon Silver Round!

In reply to by HRH of Aquitaine 2.0

shamus001 dark pools of soros Mon, 04/09/2018 - 00:14 Permalink

Lining up to dump for what?  A failing currency?  How many silver rounds would you have liquidated for the Venezuelan Bolivar as it's in the middle of it's hyperinflationary spiral into the grave?

Perhaps JUST ENOUGH to purchase what you need, and HOLD ON TO THE REST OF YOUR SILVER!  Because next week it will fetch 20% more!

Secondly, who is "everyone" you speak of?  I can line up my entire block of residents and I guarantee I have 100X more silver than all of them COMBINED!

Dumping paper receipts that are insolvent will not be in the running.  10,000 would be for THE REAL DEAL (regardless of price) no one trusts anything but the real thing in their hand!

In reply to by dark pools of soros

HRClinton booboo Sun, 04/08/2018 - 22:12 Permalink

That's nice. As promised in recent weeks, my butt, my hard AU and my HODLed 2013 BTC are all in Switzerland.

Where I'm staying -- unless I have to flee to S. Am., to escape WW3 'shroom clouds.

If you like your MAGA cum MIGA, the Fed, IRS, DOD, FBI, MSM, illegals, Neocons, etc, etc, you can keep them and enjoy them.

In reply to by booboo