Our GCR, as an alternative currency system, is gaining public awareness.
Amidst mounting concerns over inflation and the waning influence of the U.S. dollar in international trade, lawmakers on both the federal and state levels are championing gold and precious metals as a remedy.
With growing discussions about the potential loss of the dollar’s status as the global reserve currency, proponents of a gold-backed U.S. dollar are making a compelling case for returning to the economic stability of the past.
Key Takeaways from this Article
- Amount of new debt added under the current administration: $5 trillion.
- Growing concerns over escalating debt, inflation, and global efforts to displace the dollar.
- Fitch’s downgrade of U.S. debt and declining purchasing power underscore need for monetary reform. A weakening U.S. dollar prompt discussions on returning to a gold-backed dollar.
- Lawmakers advocate for gold and precious metals to stabilize the economy and protect U.S. interests. The Gold Standard Restoration Act (H.R. 2435) proposes redefining the dollar with fixed gold weight, exchanging paper currency for gold.
- Texas Gold Depository promotes intrastate gold trade for economic stability. Increasing states recognize gold and silver as legal tender, facilitating trade and eliminating barriers.
- Non-Western central banks buying gold in record quantities.
- China and other nations challenge dollar’s dominance, prompting reconsideration of precious metals’ role.
The call for a return to the gold standard is gaining traction through diverse initiatives, ranging from congressional bills advocating for the dollar’s connection to gold to state-level efforts facilitating the use of precious metals in commerce. The implications are far-reaching, and even private-sector players are advocating for a return to the gold standard as protection against looming economic crises.
Lawmakers at both state and federal levels underscored the urgency of reestablishing gold as a foundation for the U.S. dollar. U.S. Rep. Alex Mooney’s (R-W.Va.) Gold Standard Restoration Act (H.R. 2435) is a notable example, proposing a redefinition of the dollar based on a fixed gold weight and mandating the exchange of paper currency for gold. Mooney argues that the U.S.’s staggering $32 trillion debt and unrestrained spending necessitate a return to a tangible standard.
While the path forward remains uncertain, the growing momentum behind the call for a gold-backed dollar is hard to ignore.
Mr. Mooney emphasized, “Returning to the gold standard would bolster domestic and international confidence in the U.S. dollar because its value would be tied to something of actual worth, not just the ‘full faith and credit’ of the U.S. government.” He added that this move would preserve the dollar’s global reserve status.
Texas Representative Mark Dorazio, a Republican, is advocating for intrastate trade in gold through the Texas Gold Depository. Dorazio contends that history’s endurance of gold’s value over millennia positions it as a reliable standard. He stated, “It is the go-to in economic crisis and instability—everyone knows you go to gold.” Dorazio’s proposal not only offers economic stability but also presents an opportunity for the state to generate revenue.
Ron Paul, a prominent advocate for the gold standard and sound money, concurs. Paul highlights the stability and inherent value of gold, which digital currencies lack. He asserts, “Gold and silver became money spontaneously thousands of years ago, and metals have worked well.” Paul’s perspective aligns with a growing number of states that are legally recognizing gold and silver as tender, facilitating trade by eliminating sales taxes and other obstacles.
As the U.S. faces escalating debt, inflation, and global efforts to replace the dollar, interest in precious metals is surging. Fitch’s recent downgrade of U.S. debt and the erosion of purchasing power worldwide underscore the urgency for monetary reform. With China and other countries actively challenging the dollar’s dominance, the return to a gold-backed dollar emerges as a potential solution.
Economists point out that for thousands of years, gold and precious metals have served as reliable mediums of exchange due to their durability, portability, scarcity, and intrinsic value. Until 1971, the U.S. dollar was officially backed by gold. However, policy shifts over the years led to the dollar’s detachment from gold. Now, lawmakers are acknowledging the critical need for a stable foundation in the face of economic and monetary turmoil.
Efforts to return to the gold standard are fueled by concerns over the dollar’s stability, the loss of trust in the government, and the potential displacement of the dollar in international trade. The urgency of legislation like the Gold Standard Restoration Act highlights the catastrophic effects of severing the dollar’s link to gold, including extreme spending and inflation.
Mr. Mooney underscores that restoring the gold standard is not merely an economic necessity but also a safeguard against geopolitical challenges. He emphasizes the vulnerability of the dollar to international competition due to its unstable value resulting from borrowing and money printing.
While the path forward remains uncertain, the growing momentum behind the call for a gold-backed dollar is hard to ignore. As experts and lawmakers reevaluate the role of precious metals in securing economic stability, the idea of returning to a gold standard gains traction as a safeguard against inflation, economic instability, and the potential loss of the dollar’s global reserve status.
Supporting Article: Epoch Times – Efforts to Protect US Intensify Amid Global Shift From Dollar
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