Upon passage of H.R. 2435, the U.S. Treasury and the Federal Reserve are given 24 months to publicly disclose all gold holdings and gold transactions, after which time the Federal Reserve note "Dollar" would be formally repegged to a fixed weight of gold at its then-market price.
Federal Reserve notes would become fully redeemable for and exchangeable with gold at the new price, with the U.S. Treasury and its gold reserves backstopping Federal Reserve Banks as guarantor.
Monetary experts have noted a return to a gold standard would substantially curtail the economic damage caused by inflation, runaway federal debt, and monetary system instability.
The Gold Standard Restoration Act also makes several findings as to the harm the Federal Reserve System has inflicted on everyday Americans - particularly since President Richard Nixon "Temporarily suspended" gold backing of America's monetary system in 1971.
"To enable the market and market participants to arrive at the fixed Federal Reserve note dollar-gold parity in an orderly fashion... the Secretary and the Federal Reserve shall each make publicly available all holdings of gold, with a report of any purchases, sales, swaps, leases, and any other financial transactions involving gold, since the temporary suspension in August 15th, 1971, of gold redeemability obligations under the Bretton Woods Agreement of 1944.".
In the years leading up to Nixon's panicked "Temporary suspension" of gold redeemability, abusive U.S. deficit spending and currency debasement had prompted many foreign central banks to turn in their Federal Reserve notes for gold.
That's why H.R. 2435 also requires the Fed and the Treasury to disclose "All records pertaining to redemptions and transfers of United States gold in the 10 years preceding the temporary suspension in August 15, 1971, of gold redeemability obligations."
https://mises.org/power-market/arkansas-passes-legal-tender-act-removes-taxes-gold-and-silver
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