New bill introduced to bring the U.S. back to the gold standard to control gov't spending and inflation -

10.13.22 - The Never-Ending State of Excessive Gov't

Gold last traded at $1,666 an ounce. Silver at $18.89 an ounce.

NEWS SUMMARY: Precious metal prices eased slightly Thursday amid rising U.S. Treasury yields. U.S. stocks ended higher as traders shook off another hot inflation report.

Kitco--"One American politician proposes bringing stability back to the U.S. economy and its currency by introducing a new gold standard.

Last week, U.S. House Representative Alex Mooney (R-WV) introduced the Gold Standard Restoration Act. The bill looks to peg the U.S. dollar to gold to address the growing inflation threat, massive deficit spending and instability within the U.S. monetary system.

'The 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. No longer would our economy be at the mercy of the Federal Reserve and reckless Washington spenders,' Mooney added.

The bill noted that the dollar, referred to as the Federal Reserve note, has lost more than 30% of its purchasing power since 2000. At the same time, the U.S. has lost 97% of its purchasing power since the Federal Reserve Act was passed by congress in 1913.

The proposed legislation would require the Federal Reserve and the U.S. Treasury to disclose all records pertaining to the government's gold reserves and gold-related transactions over the last 60 years....

'Today's debt-based fiat-money system serves primarily to support big government and wealthy financial insiders - while the Federal Reserve's serial policy of currency debasement punishes savers and wage earners as it undermines the economy,' explained Stefan Gleason, President of the Sound Money Defense League, in a statement.

'A return to gold redeemability would arrest the problem of inflation, restrain the growth of wasteful and inefficient government, and kick off an exciting new era of American prosperity,' Gleason added.

Although the proposed legislation has some grassroots support, some political analysts see it as a long shot. Federal Reserve Chair Jerome Powell has actively opposed the idea of a gold standard."