The Most-Needed Gold Bill That Will Never Pass Congress

What We Need is GOLD and SILVER as our money, not a Gold or Silver "standard".

This following post gives you a good idea what is wrong with the system without getting right down to the actual problem. The idea behind it is in my mind a step forward but it IS NOT what the Founding Fathers intended. They did NOT want a gold and silver standard. They WANTED Gold and Silver to BE the money. Articles 1 Sections 8 and 10 make that pretty black and white clear. Read Blood Running in the Streets as well as A Caveat Against Injustice to get a real understanding of what is going on and why apples cost as much per pound as rib eye steak did a few years ago. Judge Roger Sherman who was instrumental in the monetary clauses in the Constitution was ADAMANT about using gold and silver as money NOT backing anything with it. He explains it in detail in A Caveat Against Injustice. While you’re at it, if you really want to see what The Reason is They Don’t Listen To Us Anymore , click on that link C.L.

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Back when he was Alan "Goldspan" — in 1962, long before he got on the government's payroll and became Federal Reserve chairman — Alan Greenspan said this:

"The abandonment of the gold standard made it possible...to use the banking system as a means to an unlimited expansion of credit. They have created paper reserves in the form of government bonds which — through a complex series of steps — the banks accept in place of tangible assets and treat as if they were an actual deposit....The holder of a government bond or of a bank deposit created by paper reserves believes that he has a valid claim on a real asset. But the fact is that there are now more claims outstanding than real assets.

"The law of supply and demand is not to be conned....In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold....The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.

"This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the ‘hidden' confiscation of wealth..."

What was true in 1962 is true now on order of magnitude billions of times over. Where the dollar was once backed by gold and redeemable by gold, now the world is drowning in fiat (unbacked) "money." The money creators have unleashed the presses and, as a result, in the progression of time the U.S. currency has depreciated toward zero. The public understands this as rising prices, but it is more specifically depreciating paper money.

Occasionally a politician comes along who understands this cause and effect. Representative Ron Paul was one. His son, Senator Rand Paul is another, though son is not like father in most respects. Rand is more a politician and less a statesman.

Ron Paul regularly championed a gold standard and challenged the banksters about their insidious work to debase the currency and steal the wealth of the American people. Now comes along a new gold standard champion,.

In 2023, Republican Representative Alex Moony of West Virginia introduced The Gold Standard Restoration Act (H.R.2435), which has gained new momentum in Congress, promising a dollar pegged to a daily market price for gold.

It is interesting to look at the text from his original bill back in 2018, where Mooney noted the deleterious effects of fiat currency as found in Congressional research (which have only gotten worse since 2021)

• The United States dollar has lost 30 percent of its purchasing power since 2000, and 96 percent of its purchasing power since the end of the gold standard in 1913.

• Under the Federal Reserve's 2 percent inflation objective, the dollar loses half of its purchasing power every generation, or 35 years.

• American families need long-term price stability to meet their household spending needs, save money and plan for retirement.

• The Federal Reserve policy of long-term inflation has made American manufacturing uncompetitive, raising the cost of United States manufactured goods by more than 40 percent since 2000, compared to less than 20 percent in Germany and France.

• Between 2000 and 2010, United States manufacturing employment shrunk by one-third after holding steady for 30 years at nearly 20,000,000 jobs.

• The American economy needs a stable dollar, fixed exchange rates, and money supply controlled by the market not the government.

• The gold standard puts control of the money supply with the market instead of the Federal Reserve.

• The gold standard means legal tender defined by and convertible into a certain quantity of gold.

• Under the gold standard through 1913 the United States economy grew at an annual average of 4 percent, one-third larger than the growth rate since then and twice the level since 2000.

• The international gold exchange standard from 1914 to 1971 did not provide for a United States dollar convertible into gold, and therefore helped cause the Great Depression and stagflation.

• The Federal Reserve's trickle down policy of expanding the money supply with no demand for it has enriched the owners of financial assets but endangered the jobs, wages, and savings of blue collar workers.

• Restoring American middle-class prosperity requires change in monetary policy authorized to Congress in Article I, Section 8, Clause 5 of the Constitution.

In an interview with GQ, Trump once said, "Bringing back the gold standard would be very hard to do, but boy, would it be wonderful. We'd have a standard on which to base our money."

Priority Gold points out that "Trump could use the Treasury's Exchange Stabilization Fund, authorized under Title 31, Section 5302(b) of the U.S. Code, to buy and sell gold, potentially stabilizing the dollar in relation to a gold benchmark. While a full, legally-binding gold standard would require Congressional approval, Trump could set a ‘gold target' for the dollar, creating a soft link to gold without committing to a formal gold standard.

"However, a full reimplementation of the gold standard would be legally challenging. A 1976 amendment to the IMF's articles prohibits member countries from pegging their currencies directly to gold, making a binding gold standard difficult without changes to international agreements."

Also, we have no idea how much gold there is. The Federal Reserve and bankster-owned politicians have refused to assent to an audit of the Federal Reserve and Fort Knox, the purported location of America's gold.

Why should the U.S. be on a gold standard, as the Founding Fathers intended? Gold is essential to personal liberty. On the other hand, paper money, personal freedom and privacy are incompatible. Paper money centralizes power to the state and diminishes the individual. This is the first cause of all you see happening.

The only way for true economic growth is by the transfer of services, goods or wealth between people (or businesses) who actually produce something. In other words, if someone provides a service and gets gold or silver (actual wealth) or widgets for compensation, both the service provider and widget maker have benefited and each has something that has bettered his standard of living.

If the one who performed the service uses the widgets to acquire trinkets that help him perform his service, then the service performer has benefited. The trinket maker has also benefited, and he can put the widgets to use. This sort of transfer has worked from the beginning of time, when the farmer took his produce to market, where it was sold or bartered in exchange for wealth, tools, supplies and seeds so he could begin producing food for next year.

Gold prices have historically indicated the confidence in or the failure of fiat currencies. An ounce of gold can still be exchanged for the same items an ounce of gold could be exchanged for 100 years ago. That's not the case of a dollar, which now is worth only pennies compared to what it was in 1913, or even 1971 when Richard Nixon completely disconnected the U.S. dollar from gold.

In 1936, you could buy a very nice suit for $34. At the time, gold was $34 per ounce. Today, you can buy an extremely nice hand-tailored suit for $2,000 to $3,000. An ounce of gold can be had for about $2,900.

In 1933, the Consumer Price Index (CPI) — the price of a basket of common goods purchased by the average consumer — was 12.8. The current CPI is 317. In other words, that same basket of goods has increased from just less than $13 to almost $320.

The rise in gold's price from $34 to $3,000 does not reflect an increase in the value of an ounce of gold. It reflects an increasing loss of confidence in the U.S. dollar and the devaluation.

What should an ounce of gold be priced at in dollars? In 1937, the Dow was 37 and the price of gold was $36. In 1980, the Dow stood at 800 and the price of an ounce of gold was $800. Today the Dow is at 44,000...

If gold still backed the dollar, a fair value based on actual metal supposedly stored in central bank vaults would be something like $11,000 per ounce. If it backed the all world's debt today, many credible experts believe it would indeed need to be worth $44,000 an ounce.

Unfortunately, Mooney's bill looks like another pie in the sky. Not a word from Trump, as yet. We don't expect it to happen. The banksters wouldn't stand for such a thing. But that doesn't mean the price of gold won't continue rising, as it is obviously mispriced (suppressed) in terms of the dollar.

Yours for the truth,

Bob Livingston
Editor, The Bob Livingston Letter^®

Bob’s Note: If you are looking to acquire physical gold and silver, your best bet, I believe, is to find a local dealer who is well established, has been in the community a long time and has a good reputation with both the Better Business Bureau and his customers. For private purchases of gold and silver coins, we recommend getting our exclusive A Directory of Dealers Specializing in Gold and Silver Coins and Bullion for a complete list. Please remember, prices change rapidly — so if price checking, please do so at the same time if possible and don't delay with your purchase to get the quoted price.

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Realize this folks…in 1964 a gallon of gas could have been bought with one quarter dollar of silver. Today you can buy more than one gallon of gas for a .10 cent silver coin if you trade it in for Fed Notes. Think I’m kidding? Current 2/22/2025 from ATX Coins OBTAINING physical gold and silver is the only way to go.