HR 9157, also known as the Gold Standard Restoration Act, was introduced by Rep. Alex Mooney (R-WV). It would restore the purchasing power of the American currency by re-pegging the Federal Reserve note to gold. The bill sought to address ongoing record-high inflation and problems with runaway federal debt and monetary system instability.
"The gold standard would protect against Washington's irresponsible spending habits and the creation of money out of thin air," Mooney said in a statement. "Prices would be shaped by economics rather than the instincts of bureaucrats. No longer would our economy be at the mercy of the Federal Reserve and reckless Washington spenders."
HR 9157 would require the Federal Reserve and U.S. Treasury to disclose their gold holdings and transactions within 30 months. The act would peg the dollar to a fixed rate of gold at its current market price. It would then become exchangeable into gold again for the first time in many decades, after former President Richard Nixon "temporarily suspended" gold backing of America's monetary system in 1971.
Tyler Durden of ZeroHedge pointed out that Mooney's bill also uncovered "several findings as to the harm the Federal Reserve System has inflicted on everyday Americans."
"The Federal Reserve note has lost more than 30 percent of its purchasing power since 2000, and 97 percent of its purchasing power since the passage of the Federal Reserve Act in 1913," the bill stated.
According to economists, the Fed officials and the federal government were freed from accountability for "irresponsibly" printing money to expand currency supply and fund government deficits through trillion-dollar bond purchases when the gold redeemability was eliminated from the monetary system. Analysts say they were authorized to "manipulate" the U.S. economy.
Bill's passage necessary before globalist-controlled central banks implement centralized digital currency
The passing of HR 9157 is necessary, especially now that the globalist-controlled central banks are pushing a centralized digital currency. This will inadvertently end anonymity in market transactions and pave the way to a cashless society.
Jerome Powell, chairman of the Federal Reserve, justified a digital currency as key to potentially helping "maintain the dollar's international standing."
But renowned German economist Ernst Wolff warned that the globalists are now working double time to "evolve" the financial system to implement a social and yet digital banking system under the guise of a "humanitarian act." (Related: The cashless life won't be worth living.)
During an interview with German alternative TV station AUF1, Wolff said that WEF's motto this fall is a "frontal attack on the middle class" and that the global elite plans to make giant corporations and states swallow the current price increases. Citizens will suffer, with the middle class bearing most of the burden – leading to escalation and panic.
"Because in the end, citizens are supposed to beg for a new monetary system and a digital basic income, digital central bank money with a social credit system," Wolff said. "They will even want to sell this to us as a humanitarian act in the end."
Wolff went on to cite possible situations in the near future, such as how portable electronic devices like cell phones or computers will allow globalists to implement their digital money, social credit and universal surveillance schemes.
He added that people would be unemployed and the government will issue wallets under the guise of humanitarian efforts. Although these wallets will be money on your cell phone, "it is nothing more than an app that serves as your own account," Wolff noted.
The central bank will have the power to apply individually adapted taxation, individual interest rates and instant penalization charges.
"Money will also have an expiration date. At some point, it will be possible to add to this money a social credit system adapted from the Chinese model," he said. This could apply communist-like management of personal monetary status.
Visit GoldReport.news for more stories about plans to restore the dollar's gold-backed standard.
Watch this video about Rep. Alex Mooney's HR 9157.
This video is from the Andrew Zebrun III channel on Brighteon.com.
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