H.R. 5404: Return to Gold-Backed U.S. Dollar
UPDATE: September 12, 2020 - On Thursday, 1 October 2020, the Quantum Financial System and asset-backed USN (new rainbow currency of the United States) would be fully online for the start of the Restored Republic federal government fiscal year. Source: Restored Republic via GCR, Operation Disclosure.
UPDATE: November 9, 2019 - U.S. President Trump signed the Gold Treaty on Friday, November 1, 2019. The Gold Standard became effective worldwide (fully implemented in 209 countries) on Monday, November 4, 2019 at 6:55 p.m. The Quantum Financial System has also been implemented worldwide. Source: Restored Republic via GCR, Operation Disclosure.
UPDATE: February 14, 2019 - West Virginia Committee Approves Bill to Start Treating Gold and Silver as Money - A West Virginia Senate committee passed a bill that would repeal the sales and use tax on gold and silver bullion. Final passage would eliminate one barrier to using gold and silver in everyday transactions, a foundational step for people to undermine the Federal Reserve’s monopoly on money. Source: Tenth Amendment Center
UPDATE: Wednesday, August 1, 2018, a source close to the Trump administration reported to an alternative news source that President Trump signed - behind closed doors - HR 5404 to return the U.S. to a gold-backed dollar. This is the first report that the bill has been signed by the President. Lets pray this source is 100% correct. Source: Intel
Click here for PDF version – Free Download
IN THE U.S. HOUSE OF REPRESENTATIVES - March 22, 2018
Representative Alex Mooney of West Virginia (Republican) introduced the following bill; which was referred to the Committee on Financial Services.
A BILL: To define the dollar as a fixed weight of gold.
1. Findings: Congress finds the following:
(1) 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 (the year the non-governmental, privately-owned Federal Reserve was created in the U.S., and given free reign over America’s money supply. In 1971, U.S. President Richard “Tricky Dick” Nixon took America completely off the gold-standard, thus enabeling the Fed’s fiat-currency to become widespread, unchecked, and menacing).
(2) Under the Federal Reserve’s 2 percent inflation objective, the dollar loses half of its purchasing power every generation, or every 35 years.
(3) American families need long-term price stability to meet their household spending needs, save money, and plan for retirement.
(4) 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.
(5) Between 2000 and 2010, United States manufacturing employment shrunk by one-third after holding steady for 30 years at nearly 20,000,000 jobs.
(6) The American economy needs a stable dollar, fixed exchange rates, and money supply controlled by the market not the government.
(7) The gold standard puts control of the money supply with the market instead of the Federal Reserve.
(8) The gold standard means legal tender defined by and convertible into a certain quantity of gold.
(9) Under the gold standard through 1913 the United States economy grew at an annual average of four percent, one-third larger than the growth rate since then and twice the level since 2000.
(10) 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.
(11) 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.
(12) Restoring American middle-class prosperity requires change in monetary policy authorized to Congress in Article I, Section 8, Clause 5 of the Constitution.
2. Define the dollar in terms of gold: Effective 30 months after the date of enactment of this Act —
(1) The Secretary of the U.S. Treasury (in this Act referred to as the Secretary) shall define the dollar in terms of a fixed weight of gold, based on that day’s closing market price of gold; and . . .
(2) Federal Reserve Banks shall make Federal Reserve notes (dollars with a new design) exchangeable with gold at the statutory gold definition of the dollar.
3. Disclosure of Holding:
During the 30-month period following the date of enactment of this Act, the United States Government shall take timely and reasonable steps to disclose all of its holdings of gold, together with a contemporaneous report of any United States governmental purchases or sales, thus enhancing the ability of the market and of market participants to arrive at the fixed dollar-gold parity in an orderly fashion.
Click here to Follow the progress of HR 5404
Summary of articles written by Alex Newman, Correspondent for The New American Magazine
April 5, 2018 - HR 5404 would legally return the U.S. back to the gold-standard, and define the U.S. dollar as a fixed amount of gold (monetary value), a move that supporters say would help stabilize the monetary system while protecting savers, workers, and investors from the ravages of inflation. If signed into law, the bill would also restrict the ability of the controversial Federal Reserve System to confiscate the American people's wealth and manipulate the economy by expanding the money supply. President Donald Trump has publicly supported the idea of returning to a gold-backed dollar.
According to Congressman Mooney who introduced Bill HR 5404, employment in manufacturing shrank by a third between 2000 and 2010 after holding steady for more than 30 years. And, the Fed’s inflationary policies priced out U.S. manufacturers from global trade. Since 2000, their prices have risen nearly 50%, compared with about 25% for German competitors — mirroring the domestic inflation rates in each country. As a result, manufacturers fled the U.S., much the way American families have fled high-tax states.
But the fix is not complicated, Mooney says. “The solution is to take control of the money supply away from the Fed and give it back to the American people — in other words, to return to the gold standard. Gold gets a bad rap in some history books because of its misuse during the 20th century. This ignores its peacetime record of high growth and almost zero inflation between 1834 and 1913.”
Since the link between the dollar and gold was completely severed in 1971, the American economy has “see-sawed” between having too much and too little currency in circulation. That is because the Fed has been given the “impossible task” of trying to guess the market's demand, in real time, Mooney said. The problem has only gotten worse since the 2000s came around, because now the Fed is grading itself on how its money creation is boosting financial markets. All of this has led to growing disillusionment with the dollar, to the point that now many have even embraced “ cryptocurrencies” such as bitcoin.
While the bill would not abolish the Fed — something constitutionalists such as former Congressman Ron Paul have long advocated — it would significantly rein in its massive powers over the economy. “Instead the market would be in charge, the supply and demand for money would match up, and prices would be shaped by economics rather than the instincts of bureaucrats,” Mooney said. Source: Sound Money Bill in Congress Would Define Dollar as Unit of Gold, The New American Magazine.
Manipulation of the Market for Money
The Fed can artificially boost segments of the economy, such as housing, for a period of time (even many years) by creating lots of fiat-money and flooding the market with it by offering it at very low interest rates — prompting lots of people to take out low-interest loans to build houses (and causing a market bubble).
In a free market, on the other hand, the price of money would be determined by the amount of savings (supply) and the amount of currency sought by borrowers (demand). Interest rates would be set where the supply and demand curves meet, with the relative risk of a loan raising or lowering the interest rate demanded by a bank — higher risk earns banks higher rates.
But instead, a shadowy, unelected cabal at the Fed arbitrarily sets interest rate “targets” and creates or destroys money to achieve its aims. The problems that result from this central economic planning cannot be overstated and include malinvestment, inflation, destruction and redistribution of wealth (from the poor and middle class to the super rich), and much more.
Fed Fighting Back
Of course, the Fed and its allies — the former Obama administration and a powerful coalition of big banks including Bank of America, Citigroup, Deutsche Bank, and JP Morgan Chase through the Clearing House Association — are desperately attempting to beat back the myriad attacks on the central bank’s market manipulations and secrecy. The cartel has been waging an intense public-relations battle, and it even hired a lobbyist to pressure Congress to protect its interests. Unbelievably, the Senate has sought to increase the Fed’s powers through passage of the financial reform legislation. This bill has not yet been passed as law because the Senate bill must be reconciled with the House bill.
It is to be hoped that as investors, legislators, and taxpayers continue to demand answers, the truth will finally come out and, if warranted, the prosecutions can begin. The issue of Fed transparency transcends politics — the American people are growing tired of an unaccountable, unconstitutional institution impoverishing them and enriching the banks without even so much as an audit. Politicians who side with the banking cartel should be booted out of office.
U.S. States Passing Laws to By-Pass the Fed
A growing number of American states are taking action to restore sound money policies. Utah kicked off the trend in 2011, when it declared gold and silver to be legal tender in the state. Alabama enacted a new law that removed taxes on gold and silver. Before that, Texas passed a law creating a state depository for gold bullion and other precious metals to help sideline the Federal Reserve in commerce. Oklahoma also affirmed gold and silver as legal tender. But for the American people to truly prosper, it is important for Congress to take action. After all, Congress created the problem by unleashing the Fed and its awesome powers over the lives of every American. It is time for lawmakers to do the right thing.
Texas Launches Gold-backed Bank, Challenging Federal Reserve
June 19, 2015 - Texas Governor Gregg Abbott signed the Texas Bullion Depository Bill, HB 483, that will hold precious metal deposits owned by multiple entities: individuals, businesses, financial institutions and foreign countries. Nearly two years later, on June 12, 2017, the Texas Comptroller announced Tom Smelker, directory of Treasury Operations for the State of Texas, as administrator of the Texas Bullion Depository.
Two days later, Lone Star Tangible Assets (LSTA) was named as the operator of the depository. LSTA is the parent company of the United States Gold Bureau and Wholesale Coins Direct, which offer precious metals investment education, dealer services and secure storage to investors across the country and around the globe.
Nov. 3, 2017 - Texas Comptroller announced the bullion depository would be located in Leander, Texas, with construction on a multi-acre site to begin in early 2018.
The implications are as big as Texas. Among the benefits, the institution will provide more options to consumers weary of the increasingly troubled traditional banking and monetary system, which is viewed by the public with growing suspicion. And experts say the effect of making it easier to use sound money policies in commerce could be far-reaching.
Among other immediate effects, the law creating the first state-level gold-backed bank in the nation, will involve recovery of about $1 billion of Texas gold from New York. Conflicting news reports and official statements say the state’s precious metals stockpile is being held either by HSBC in New York, or by the powerful New York Federal Reserve Bank, a privately owned outfit cloaked in secrecy with immense power over the U.S. economy. Source: The New American Magazine.
The World Returning to Gold-Precious-Metals-Backed Currency
At the time of this writing, Intel reports indicate that the currencies of Russia, China, Iran, Turkey and Zimbabwe are now gold-backed currencies. Eventually, all 206 sovereign nations of the world – that signed the Paris Agreement and GESARA – will return to a gold-precious-metals-backed currency standard.
HR 5404 is a step forward for the U.S. to come into alignment with GESARA, the Global Economic Stabilization and Recovery Act (some call it the Global Economic Security and Reformation Act). GESARA is part of the Paris Agreement signed off by all 206 sovereign nations of the world, including the U.S. It is the most ground breaking reformation act to sweep the planet to restore worldwide prosperity and peace.
GESARA creates a new U.S. Treasury rainbow currency backed by gold-silver-precious-metals. It eliminates the Federal Reserve System. During the transition period the Federal Reserve will be allowed to operate side-by-side with the U.S. Treasury for one-year in order to remove all Federal Reserve notes from the money supply. GESARA initiates a new U.S. Treasury system in alignment with Constitutional Law. Related Article: Click here to read more about GESARA.
PLEASE SHARE THIS