"Gold Standard Restoration Act" Would Peg Dollar to Gold at Fixed Price
"Gold Standard Restoration Act" Would Peg Dollar To Gold At Fixed Price
Smart Silver Stacker: 10-12-2022
US Representative Alex Mooney has proposed a piece of legislation in Congress referred to as the "Gold Standard Restoration Act"
This law calls for nothing less than the full disclosure by the US treasury and the Federal Reserve of all gold holdings, followed by the subsequent peg of the dollar to gold at a fixed price. The purpose of this legislation is tight the forces of inflation, but it doesn't seem very likely to me that this law is going to go anywhere soon.
Still, it is interesting to speculate as to what price gold would be pegged to the dollar at, and because of the massive amount of fiat currency that has been created since the end of Breton Woods in 1971, that peg price would likely need to be very high.
In this video we take a look at existing reported gold holdings of the US government, along with the M2 money supply to arrive at the price needed to back up the dollar with gold today in 2022.
Video Breakdown:
00:00 The Dollar Has Been Backed By Nothing Since 1971
01:24 The God Standard Restoration Act
03:53 What Gold Price Would Be Needed To Back Up All The Dollars Existence WIth The US Gold Reserves?