US Dollar History and HR 5404

in money •  last year  (edited)

US Dollar History and HR 5404

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US Dollar History and HR 5404

US Dollar History and HR 5404

HR 5404 is a bill introduced to the US Congress House of Representatives on 22 Mar 2018. If passed into law, it will “define the dollar as a fixed weight of gold.”

The US Dollar was backed by gold in some manner since its inception in 1789 until 1971. This reflects common practice for most major stable national currencies for the past 500 years. There was an unsuccessful attempt in 1984 to relink the US dollar to gold. The text of the bill points out that the US dollar has lost 96 percent of its purchasing power.

The historical record is clear. This dynamic occurs repeatedly in many great nations in their "decline and fall" phase. The 1971 event referred to as the “Nixon Shock” removed the US dollar from the gold standard, thus making the US dollar a fiat currency. Since that time, our currency has been the petrodollar.

Wealth is your freedom, your life energy and your time, as I wrote in Money as an Idea-6-Wealth defined. On that page, I also delineate currency vs money vs wealth. I build on those ideas in Money as an Idea-7-Wealth Storage to develop the ideas of wealth storage and your mind and your relationship with money.

All fiat currencies throughout history have failed. The value of every fiat currency has fallen to the value of the paper on which it was printed, effectively zero. The longest that any fiat currency has ever survived is 50 years. In 2018, the US dollar has been a fiat currency for 47 years.

If this bill is signed into law, there will be many implications. One of the most important effects will be to help stabilize the monetary system while protecting savers, workers, and investors from the ravages of inflation and hyperfinflation. If this bill passes and becomes law, it would also restrict the ability of the Federal Reserve to confiscate the wealth of the people of USA and to manipulate the economy by expanding the currency supply. Is it possible that this dynamic of stealing the wealth of the 99% and transferring it to the 1% is the biggest crime in history? If so, then legislation like this could be part of an unfolding revolution which also included cryptocurrencies, blockchain technology and transparency.

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