You know, like it used to be. Before we had ’70s inflation. Twice.
“The Federal Reserve note has lost more than 30 percent of its purchasing power since 2000,” Mooney’s bill says. “And 97 percent of its purchasing power since the passage of the Federal Reserve Act in 1913.”
Should this gold standard act become law, the Fed would have 30 months to “publicly disclose all gold holdings and gold transactions,” according to MoneyMetals. What gold reserves there are and where they’ve gone have been subjects of mystery and speculation ever since President Richard Nixon “temporarily” took us off the gold standard 50 years ago.
At the end of the 30-month disclosure period, the dollar would be pegged to gold at that day’s market price.
Why would a return to the gold standard be such a big deal?
As Mooney’s bill notes, a dollar pegged to gold “puts control of the money supply with the market instead of the Federal Reserve, discourages excessive deficit spending, and encourages the balancing of Federal budgets.”
“The Federal Reserve note has lost more than 30 percent of its purchasing power since 2000,” Mooney’s bill says. “And 97 percent of its purchasing power since the passage of the Federal Reserve Act in 1913.”
Should this gold standard act become law, the Fed would have 30 months to “publicly disclose all gold holdings and gold transactions,” according to MoneyMetals. What gold reserves there are and where they’ve gone have been subjects of mystery and speculation ever since President Richard Nixon “temporarily” took us off the gold standard 50 years ago.
At the end of the 30-month disclosure period, the dollar would be pegged to gold at that day’s market price.
Why would a return to the gold standard be such a big deal?
As Mooney’s bill notes, a dollar pegged to gold “puts control of the money supply with the market instead of the Federal Reserve, discourages excessive deficit spending, and encourages the balancing of Federal budgets.”
