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house Bill H.R. 5404

Should the Dollar’s Value be Linked to Gold?

Argument in favor

By going back on the gold standard through linking the dollar’s value to gold the U.S. economy would experience strong growth without the risk of inflation or bubbles that are caused by the Fed’s mismanagement of the money supply.

Scott's Opinion
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05/05/2018
Linking to gold will curb the governments out of control spending because they won’t be able to print money out of thin air anymore. Also, other countries are stocking up on gold and if we don’t follow suit, the dollar will no longer be the reserve currency of the world.
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Karan's Opinion
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05/05/2018
Yes! This logical approach stops countries from artificially increasing or depreciating the value of their currency. Because the global gold supply grows slowly, being on the gold standard would hold government overspending and inflation in check. We stopped the gold standard in 1971 and around 1973, the bottom 90% of earners stopped income growth.
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Next's Opinion
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05/05/2018
When the United States went off the Gold Standard it caused major inflation. Things cost more because the dollar is not worth as much as it once was. Currency has to be backed by something valuable to be worth something. Go back on the Gold Standard!!!
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Argument opposed

Linking the value of the dollar to gold wouldn’t guarantee financial or economic stability for the country as the price of gold would still fluctuate. The Fed’s alterations to the money supply help stabilize interest rates and inflation.

Gregg's Opinion
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05/05/2018
No. Linking the value of the dollar to gold will lead to greater volatility. Been there, done that. Any other ideas from the 1800’s that congress wants to pursue? Maybe a flat earth view? Instead of stupid economic policies, maybe congress should consider the long term effects of a poor tax plan
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Jadon's Opinion
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05/05/2018
This is a ridiculous idea. We have billions of dollar notes circulating the globe, so how do they expect for all of that to just suddenly change? Not only is it stupid, it’s impractical! Just vote Nay.
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Heather's Opinion
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05/05/2018
You know we used to do that and moved away from it, right? Because it’s a stupid idea
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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      Committee on Financial Services
    IntroducedMarch 22nd, 2018
    Linking to gold will curb the governments out of control spending because they won’t be able to print money out of thin air anymore. Also, other countries are stocking up on gold and if we don’t follow suit, the dollar will no longer be the reserve currency of the world.
    Like (90)
    Follow
    Share
    No. Linking the value of the dollar to gold will lead to greater volatility. Been there, done that. Any other ideas from the 1800’s that congress wants to pursue? Maybe a flat earth view? Instead of stupid economic policies, maybe congress should consider the long term effects of a poor tax plan
    Like (215)
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    Share
    This is a ridiculous idea. We have billions of dollar notes circulating the globe, so how do they expect for all of that to just suddenly change? Not only is it stupid, it’s impractical! Just vote Nay.
    Like (59)
    Follow
    Share
    Yes! This logical approach stops countries from artificially increasing or depreciating the value of their currency. Because the global gold supply grows slowly, being on the gold standard would hold government overspending and inflation in check. We stopped the gold standard in 1971 and around 1973, the bottom 90% of earners stopped income growth.
    Like (38)
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    When the United States went off the Gold Standard it caused major inflation. Things cost more because the dollar is not worth as much as it once was. Currency has to be backed by something valuable to be worth something. Go back on the Gold Standard!!!
    Like (33)
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    You know we used to do that and moved away from it, right? Because it’s a stupid idea
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    Just because a practice is old [and probably outdated] doesn’t make it a good practice. While revering the past has its place, that absolutely is not appropriate for our financial dealings today. The Constitution includes separation of church and state for a reason. Religion is the excuse used by dictatorships that lulls the people into giving away their freedom. Bible quotations are the worst possible “reasons” for destroying the financial sector yet again. Somehow government manufactured Depressions destroy the lives of the middle class and poor but never the wealthy, especially Republicans.
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    Everything started to go sideways when we stopped using the gold standard
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    No! That only leaves the economy vulnerable to fluctuations in the price of gold! The gold standard was of questionable value before trading in commodities was driven by software at computer speeds; now, a foreign party driving a prolonged run on gold could do damage that even the gold reserve can’t smooth out! Regardless of some populist screeching, there’s no returning to some previous, and nonexistent, golden age. Besides, do they want the same federal government they hate to control this again? There was rather a lot of complaining about the gold standard and government control back when we did base our currency on gold!
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    That’s how it was supposed to be.
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    No, in my view, as it was a bad idea then and even worse idea now. I’m my view it’s an enduring myth that this was better - my great grandfather used to tell me this stuff when I was 8. I thought it was a wacky idea then and I still do.
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    Fixing the dollar’s value to the gold standard assumes gold isn’t currently riding a bubble. Just because gold hasn’t bubbled before doesn’t mean it isn’t bubbling now. Any commodity that people are using for speculation is vulnerable to a bubble, and gold is currently right in the crosshairs. Putting us on gold right now would be buying in at the top of the market. That would be great for gold speculators, but if the bubble pops we would be in a full blown depression. People have stopped buying gold jewelry. That tells me gold has gone above its intrinsic value. If I were a holder of investment gold, I would sell.
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    Yes, our currency should return to being backed by gold. Furthermore the Federal Reserve should be de privatized and returned to “We the People”
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    The value of the dollar should be linked to the effort exerted to earn one. It’s called work. Every dollar paid to someone for filling a paper or selling an intangible scheme diminishes the value of the money that I earn by making useful things or returning useful things to working condition. I’m a fixer and a maker. And my actions have greater value than the actions of breakers and takers.
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    You don't simply abandon a fiat currency. Use multiple currencies and shift over time if you want. Just switching a currency is hugely disruptive.
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    Yes I would like to see our Dollars value tied to gold once again. We haven’t been on the gold standard since President Nixon’s time in office, and precious metals are a much safer way to save and invest as there value only increases and rarely drops much and your returns are greater over time.
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    Sure, why not. That would make it 0.021477272727273 grams per dollar. Not even enough gold to electroplated a small watch. I remember when gold was $40.00/oz (28.35 grams). How times have changed.
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    Linking the value of the dollar to gold wouldn’t guarantee financial or economic stability for the country as the price of gold fluctuates and gold is in limited supply. There's a reason we got off the gold standard in the first place.
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    The dollar should be worth something again. Fiat currencies always fail. That way the government cannot just print money. Vote Yes!
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    The historical record shows that the gold standard doesn’t work. A big way FDR got us out of the Great Depression is by taking the dollar off the gold standard. The gold standard is not flexible enough to deal with recessions, when we need deficit spending to fix the economy.
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