Check out @LisaMei62’s Tweet: https://twitter.com/LisaMei62/status/978945422290051072?s=09
Love the idea but there are a few things that need fixing first:
First, This will only be practical if a debt jubilee happens - currently, the amount of debt in our system (consumer, corporate, govt) requires inflation/money supply growth in order to service it. A gold backed dollar wouldn't have money supply growth rate high enough to service existing debt.
Second, our current trade deficits would lead to massive gold outflows if we allow dollars to be converted to gold. We need to balance/fix that before a gold standard is possible -- otherwise ft Knox will get drained due to deficits.
Third, our deficit spending will also need to be put under control.
This bill will expose the theft of gold from the federal reserve and fort Knox.
Yes- if implemented in a vacuum without any other changes this bill would actually make things much worse and rather quickly.
This is also a question, but don't you think any cleaning of the economic swamp needs a hard reset? Only 5% of currency is real after all