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IPFS News Link • Gold and Silver

Is A New Gold Standard Possible?

•, by Jeffrey Tucker

What John Maynard Keynes decried as the "barbarous relic" just keeps coming back. The worse government policies become, and the more deranged and dysfunctional the Federal Reserve is revealed to be, the more people are turning to time-tested monetary truth.

In a sense, the price of gold can often work as a barometer of confidence in the central managers. The higher it goes, the less trust in the system there truly is. For a century, the elites have wanted gold to disappear from the subject of money. But it keeps not happening.

Like clockwork, there is renewed interest even in the old gold standard. According to Yahoo finance:

"Rep. Alex Mooney (R-WV)—joined by Reps. Andy Biggs (R-AZ) and Paul Gosar (R-AZ)—introduced H.R. 2435, the Gold Standard Restoration Act, to facilitate the repegging of the volatile Federal Reserve note to a fixed weight of gold bullion.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."

The timing is more brilliant than it appears. The dollar as the international reserve currency—which it has been since 1944—is newly under threat. China, Russia, India, Saudi Arabia, and Brazil, with other nations joining, have all agreed to work toward independence from the dollar. This is because the Biden administration has so heavily politicized its use as a reserve currency, even going so far as outright confiscation of assets owned by Russians. U.S. policy is using the dollar as a weapon, and it should come as no surprise that many nations don't like that.