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 Lisa "Kennedy" Montgomery.
Economists have observed that the elimination of gold redeemability from the monetary system freed central bankers and federal government officials from accountability when they irresponsibly expand the money supply, robbing savers of the purchasing power of their money.
The "impotent overlords of fiat currency," as Kennedy so eloquently put it, created today's runaway inflation by increasing the money supply by over 40% since 2020.
To make matters worse, the Federal Reserve and the Biden administration are not only responsible for rapidly devaluing the currency, but they're also responsible for creating the impending recession, harming Americans of all stripes both coming and going.
“At times, including 2021 and 2022, Federal Reserve actions helped create inflation rates of 8 percent or higher, increasing the cost of living for many Americans to untenable levels…enrich[ing] the owners of financial assets while… endanger[ing] the jobs, wages, and savings of blue-collar workers,” H.R. 9157 states.
In the process of relinking Federal Reserve note to gold at a new, likely much higher, price than it trades today, Rep. Mooney’s bill would require full disclosure of all central bank and U.S. government gold holdings and gold-related financial transactions over the last 6 decades – a seemingly taboo subject surrounded by mystery and deception.
“To enable the market and market participants to arrive at the fixed Federal Reserve Note dollar-gold parity in an orderly fashion... the Treasury Secretary and the Board of Governors of the Federal Reserve shall each make publicly available… all holdings of gold, with a report of any purchases, sales, leases, and any other financial transactions involving gold, since the temporary suspension on August 15th, 1971, of gold redeemability obligations under the Bretton Woods Agreement of 1944.”
Furthermore, H.R. 9157 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 on August 15, 1971, of gold redeemability obligations.”
In the 1960s, gold had streamed out of the Treasury to nations across the globe (including some unusual places), as foreign central banks realized the U.S. was undermining its currency.
“Today’s debt-based fiat-money system serves primarily to support big government and wealthy financial insiders – while the Federal Reserve’s serial policy of currency debasement punishes savers and wage earners as it undermines the economy,” explained Stefan Gleason, President of the Sound Money Defense League and Money Metals Exchange.
For more information on the Gold Standard Restoration Act, click here.