Calls from Congress and state houses to the private sector for out-of-the-box thinking, such as repegging the currency to gold or declaring precious metals to be legal tender, are growing.
With inflation plaguing the economy as the U.S. dollar is increasingly being sidelined in international trade, potentially even at risk of losing its status as the global reserve currency, lawmakers in Washington and state capitals are touting gold and precious metals as the solution.
From congressional efforts that would once again back the U.S. dollar with gold to state-level initiatives to facilitate commerce in precious metals, proposals are proliferating. Some have already advanced.
Private-sector players are getting in on the action, too, arguing that gold can be a defense against economic calamity as foreign governments and central banks stockpile record amounts of precious metals.
In a series of interviews with The Epoch Times, state and federal lawmakers working to restore gold as money argued that this was the best way to defend the dollar, stabilize the economy, rein in government spending, and protect U.S. interests.
A bill introduced in Congress this year by U.S. Rep. Alex Mooney (R-W.Va.), dubbed the Gold Standard Restoration Act (H.R. 2435), would redefine the dollar in terms of a fixed weight in gold. The legislation would also require authorities to exchange paper currency for gold.
“How can you look at a country that’s 32 trillion in debt with out-of-control spending and think it’s the right standard to go by?” Mr. Mooney asked in a phone interview with The Epoch Times, warning of peril ahead for the dollar if its gold backing was not restored.
“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,” added Mr. Mooney, who has been sounding the alarm throughout his political career. “This would preserve the U.S. dollar’s global reserve status.”
Meanwhile, in Texas, lawmakers concerned about the stability of the dollar and the U.S. economy are working to facilitate commerce in gold through the Texas Gold Depository.
By Alex Newman
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