The War on Gold Ensures the Dollar’s Downfall
The comments below are an edited and abridged synopsis of an article by Matthew Cortez
Last month was the 89th anniversary of one of America’s biggest blunders on the descent from honest, sound money into weaponized political money: Executive Order 6102.
Signed on April 5, 1933, the Order required all persons holding more than five ounces of gold to deliver it to a Federal Reserve Bank, branch or agency, or to any member bank of the Federal Reserve System, in exchange for Federal Reserve Notes at the exchange rate of $20 per ounce.
Cortez discusses the downfall of the US dollar and how the once-mighty greenback is coming undone.
Public support for reform is increasing, Cortez notes, particularly at the state level where legislation has been knocking down barriers to getting out of the moribund Federal Reserve Note and into gold and silver.
For the past 100 years, Americans were assured that those in charge had the necessary tools to keep inflation from becoming a problem. All the while, the dollar’s purchasing power has fallen by more than 98%. Today, inflation sits at a 40-year high of 8.3%. The true inflation rate is likely much higher.
Meanwhile, Bloomberg recently published an article encouraging Americans to eat more lentils while foregoing veterinary attention for their pets as a way to combat the ravages of inflation.
In 2020, in classic ‘the cure becomes worse than the disease’ fashion, the Fed created $4 trillion in new currency units.
Since then, the Fed has continued to create money out of thin air to help finance the deficit, including part of President Biden’s latest budget proposal (estimated to cost around $5.8 trillion).
All told, 40% of the dollars currently in circulation were created in the past two years.
As Russia and countries worldwide continue to stockpile gold and devise alternatives to trading in US dollars, America should re-examine sound money principles.