Under Joe Biden, inflation has surged as high as 9.1% and energy prices have gone through the roof. Banks are failing and America's allies frantically are trying to move their assets to a reserve currency other than the dollar.
In short, the nation's economy is in tatters.
Now a report from Yahoo explains that three members of Congress want to restore some stability.
Reps. Alex Mooney of West Virginia, and Andy Biggs and Paul Gosar of Arizona have introduced H.R. 2435, the "Gold Standard Restoration Act," a plan to re-link the Federal Reserve notes to a fixed weight of gold.
The plan is that the Treasury and the Federal Reserve would be allowed two years to disclose gold holdings and transactions, and then the printed "dollar" note would be linked to a fixed weight of gold at the 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," the report said.
Mooney said, "A gold standard would protected against Washington's irresponsible spending habits and the creation of money out of thin air."
Monetary experts have expressed the opinion that such a standard would cut back on inflation, runaway federal debt and insecurity in the system.
Mooney continued, "Prices would be shaped by economics rather than the instincts of bureaucrats. No longer would American families, businesses, and the economy as a whole be at the mercy of the Federal Reserve and reckless Washington spenders."
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It was back in the early 1970s that then-President Richard Nixon "temporarily suspended" gold backing of America's money.
The members of Congress pointed out the problems Americans have faced.
"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," their bill states.
Without a link to gold, the report said, "central bankers and federal government officials" have been freed from accountability "for vastly expanding the money supply, funding government deficits though trillion-dollar bond purchases, or otherwise manipulate the economy."
They noted the Federal Reserve during 2021 and 2022 helped create inflation of more than 8%, threatening jobs, wages and savings.
Lawrence W. Reed, president emeritus of the Foundation for Economic Education, pointed out, "Government cannot continue to spend and print on a massive scale without producing existential threats to the currency and our economy.The gold standard never failed America, bad ideas and bad politicians did. If we do nothing, disaster awaits us just as it drowned earlier civilizations that spent and inflated their way to ruin."
According to the Mises Institute, the plan requires "full disclosure" of all central bank and U.S. government gold holdings and gold-related financial transactions over the last six decades.
The report said before Nixon's "panicked" action, "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."
The explained, "U.S. sound money groups and industry leaders are cheering Mooney's actions."
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