Skip to comments.Sound Money Bill in Congress Would Define Dollar as Unit of Gold
Posted on 04/05/2018 9:08:42 PM PDT by WisconsinRep
Legislation introduced in Congress recently would define the U.S. dollar as a fixed amount of gold, a move that supporters say would help stabilize the monetary system while protecting savers, workers, and investors from the ravages of inflation. If signed into law, the bill would also restrict the ability of the controversial Federal Reserve System to confiscate the American people's wealth and manipulate the economy by expanding the currency supply. President Donald Trump has publicly supported the idea of returning to a gold-backed dollar, but the prospects for the new legislation remain uncertain.
The legislation, H.R. 5404, would define the dollar as a fixed weight of gold, according to a summary posted at govtrack.us. Sponsored by Representative Alex Mooney (R-W.V.), the bill would order the Secretary of the Treasury to define the U.S. dollar as an amount of gold, based on that day's closing market price, two and a half years after the measure is enacted. It would also order all Federal Reserve Banks to make Federal Reserve notes (dollars) exchangeable for gold at the statutory gold definition of the dollar. In short, you could trade the pieces of paper in your wallet for real money.
(Excerpt) Read more at thenewamerican.com ...
I am all for the dollar to be tied/backed by gold as it should be. Inflated prices and burger flippers getting 10-15 an hour is absurd.....I doubt we will see it pass though.
This would also end most of our problems in the middle east.
Im no expert but I afraid it is way too late for this move. The Fed continuously depreciates the dollar by simply printing more dollars that the U.S. gobbles up. Making the dollar equal in value to a fixed amount of gold would end that practice. Not going to happen.
Or something like that.
For all the Mexican and South American drug dealers with WAREHOUSES full of cash- imagine how many tons of treasury gold they could walk away with!!
My gut feeling is this a really bad ides. I read some of the bill and I see nothing in it that’s convincing.
What does William Devane say?
I am not sure its a good idea. Currencies need to have the right amount in circulation to match the needs of the economy. A currency that is too rare can cause disaster just as a currency that is too common can.
“A false balance is abomination to the LORD: but a just weight is his delight.” Proverbs 11:1, AKJV
Unlinking the dollar from gold and then silver has driven our inflation instability.
Could they use a basket of physical assets that are Gold, silver, coal,oil, natural gas .... I dont think they can link the trillions to gold. Microgram coated commemorative coins would be about it for dollars to gold.
The US people via their government owns huge reserves of commodities and licenses for access to commodities including lots of land but our land cannot be converted.
The other thought is to,fix the dollars to be redeemed in explosive force via nuclear weapons, like to see China revive their trillion worth via 45 minute on time delivery
Your first clue that the Fed isn’t the problem is the fact that the Fed operated for years under the gold standard and there was no inflation.
The culprit behind the depreciation of the dollar is good old Congress continually raising the debt limit, which became very easy to do once Nixon abandoned Bretton Woods and the dollar’s last link to gold. The debt is composed of T-Bills, which are the largest portion of the money supply.
Another driving force in the decline of the dollar that would have to be addressed is its use as the world’s reserve currency. This led to a problem known as the Triffin Dilemma, which is why we ended up abandoning the gold standard under Nixon. We would need to cease using the dollar as the reserve currency.
It would destroy the progressive-left nanny state, which is based on massive government spending, debt and printed money. A law backing the dollar with gold will never pass.
So a Dollar would be how many picograms of gold?
For the folks in Rio Linda...
Picogram is a weight measurement unit.
Picogram (pg) is a derived metric measurement unit of mass. The picogram is equal to **one trillionth of a gram** (10-12g)ORT? 1 picogram = 0.001 nanogram. 1 pg = 0.001 ng.
28.3495 grams to one oz.
The dollar as reserve currency is what broke the link with gold and silver and led to the inflation that began in the 70s. The ‘Triffin Dilemma’ is the culprit.
Okay, spot gold today was $1,328. So one dollar would get you 0.00075 ounces of gold, or 0.02 grams... about what a housefly’s wing weighs... WHA??? Are they planning on pegging the dollar at substantially more? It’d cause a run on gold like they’ve never seen before! Everybody would be cashing in their dollars to get and hoard gold. Or am I not understanding something? Which I could totally believe; happens all the time.
Would you be able to see this unit of gold with the naked eye?
Money wouldn’t be rare. Under the gold standard a very large portion of the money supply was “bank money”, “credit money”, money that wasn’t backed by gold. No one has ever used a 100% gold backed money supply.
The distinction between money backed by “specie” and money that was “credit” had a meaning under the gold standard, but wasn’t noticeable in daily affairs.
Von Mises book on money is “The Theory of Money and Credit” because it was written when there was such a distinction.
One of the main reasons Gadaffi was killed. He was getting ready to go on the gold standard - and had other African countries that were going to join him.
That was a grave danger to the Fed reserve/Rothschild/Soros, etc.
Putin kicked out Rothschild also - and the NWO and Soros - but the gang that took out Gadaffi could hardly go after Putin, physically, so they are making him the big bad boogie man. Iceland has also kicked out Rothschild/Soros/NWO - as some others have, I forget which at the moment.
They WILL double down on trying to take out DJT - however, they can. If we go to the gold standard too...the two
Super Powers - NWO and gang is going to take a fatal blow.
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