Alex Deluce
Gold Telegraph
The US dollar hasn’t been backed by gold since 1971, but that might change soon.
Republican Congressman Alex Mooney is proposing that the US once again place value on the dollar by backing it with physical gold. The problem is, the Federal Reserve has been printing money with the abandon of a drunken copy machine, and the 147.3 million ounces of gold being held in Ft. Knox may not be enough to cover the out-of-control fiat currency currently in circulation.
According to Alex Mooney’s bill, the dollar has decreased 30 percent in purchasing power since 2000. It has lost 96 percent of its value since 1913. On an average, the US is devalued by 50 percent every generation.
If the gold standard were to be reinstated, control of the dollar would revert to free market forces instead of the whim of the Federal Reserve. It would mean that each dollar would have its equivalent in gold, as it did prior to 1913. At that time, the US economy grew at a robust annual rate of 4 percent compared to an average annual growth of 2 percent since 2000.
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Gold Telegraph
The US dollar hasn’t been backed by gold since 1971, but that might change soon.
Republican Congressman Alex Mooney is proposing that the US once again place value on the dollar by backing it with physical gold. The problem is, the Federal Reserve has been printing money with the abandon of a drunken copy machine, and the 147.3 million ounces of gold being held in Ft. Knox may not be enough to cover the out-of-control fiat currency currently in circulation.
According to Alex Mooney’s bill, the dollar has decreased 30 percent in purchasing power since 2000. It has lost 96 percent of its value since 1913. On an average, the US is devalued by 50 percent every generation.
If the gold standard were to be reinstated, control of the dollar would revert to free market forces instead of the whim of the Federal Reserve. It would mean that each dollar would have its equivalent in gold, as it did prior to 1913. At that time, the US economy grew at a robust annual rate of 4 percent compared to an average annual growth of 2 percent since 2000.
Read more
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