Tag Archives: 6a.) Gold Standard

Rep. Alex Mooney (R-WV) joined Fox Business in support of H.R. 9157, the Gold Standard Restoration Act. “The Federal Reserve note has lost more than 30 percent of its purchasing power since 2000, and 97 percent of its purchasing power since 1913,” the Congressman from West Virginia told host Kennedy. Economists have observed that the elimination of gold redeemability from the monetary system freed central bankers and federal government officials from accountability...

Early this month, Congressman Alex Mooney of West Virginia introduced the Gold Standard Restoration Act (H.R. 9157). If enacted into law, it would require public disclosure of the federal government’s gold holdings and eventually define the dollar as a weight of gold. For the moment, the bill’s chances of passage are as nil as nil gets. Sound money, whether it’s gold or silver or paper that is “backed” by one or both metals, may not acquire a sizable constituency...

Federal Reserve chairman Jerome Powell is talking tough and warning of more interest rate pain to come. At the same time, Fed officials are now admitting that their sized-up rate hikes won’t even be sufficient to tame the price inflation they have helped create. That’s because fiscal policy under the Joe Biden administration has gone off the rails. Over the weekend, the Federal Reserve Bank of Kansas City released to the public a white paper titled “Inflation as a...

Precious metals markets continued rallying this week. Investors weighed new inflation data showing price pressures in the economy are finally slowing. Wednesday’s Consumer Price Index report came in slightly lower than expected for a change. The CPI rose 8.5% on an annualized basis in July. Normally such a reading would be nothing to cheer about. But the fact that the inflation rate finally came down a tad after months and months of relentless increases gave Joe...

With last week’s second 75 basis-point rate hike, the Federal Reserve now claims it has achieved a “neutral” monetary policy stance. That would mean, in theory, that interest rates are neither stimulating nor restraining the economy. “Now that we’re at neutral, as the process goes on, at some point, it will be appropriate to slow down,” Fed Chairman Jerome Powell said. Powell was effectively telling markets he intends to pivot away from inflation fighting. Yet...

It’s campaign season, and that means non-stop media coverage of candidate polls, quips, gaffes, tweets, emails, controversies, lies, and scandals. It all makes for a good soap opera. Unfortunately, it’s almost all irrelevant in the big picture. The media prefer to focus on the sideshow rather than the 800-pound gorilla in the room: the looming debt crisis. Nothing that comes out of a pundit’s mouth or a Hillary Clinton email will close the $210 trillion long-term...

Last month was the 89th anniversary of one of America’s biggest blunders on her descent from honest, sound money into weaponized political money: Executive Order 6102. Signed on April 5, 1933, U.S. President Franklin Delano Roosevelt required all persons holding more than five ounces of gold to deliver their “gold coin, gold bullion, and gold certificates, now owned by them to a Federal Reserve Bank, branch or agency, or to any member bank of the Federal...

The Russian central bank recently announced that it will stop buying gold at a fixed rate and will instead buy them at the negotiated rate from banks. Following the numerous sanctions which were imposed on Russia. The Ruble had fallen tremendously against the US dollar, to get out of such a situation it had announced that it would buy gold at a fixed price of 5,000 rubles a gram until June 30. Since that announcement, the ruble has strengthened sharply against the...

(Montgomery, Alabama – April 14, 2022) – With Governor Kay Ivey’s signature on sound money legislation today, Alabama has become the second state this year to expand its sales tax exemption involving gold and silver. Alabama Senate Bill 13, championed by Sen. Tim Melson and Rep. Jamie Kiel, passed with unanimous support out of the Alabama Senate and then passed unanimously through the Alabama House before making it to the Governor’s desk. In 2019, Alabama originally...

(Richmond, Virginia – April 12, 2022) – By signing sound money legislation last night, Virginia Governor Glenn Youngkin has ended Virginia’s discriminatory practice of assessing sales taxes on smaller purchases of gold, silver, platinum, and palladium bullion and coins. Virginia’s House Bill 936, originally introduced by Del. Amanda Batten, was considered by multiple House and Senate committees before passing overwhelmingly out of both chambers and reaching the...