Wednesday, September 10, 2008

Hard Money Congressman Legislates a Golden Dollar

Take a moment to read this very interesting column by Congressman Ted Poe:
On July 31, I introduced H.R. 6690, the “Sound Dollar and Economic Stimulus Act of 2008”. It is vital that this bill become law.

The U.S. dollar affects every American citizen and every American business. Our economy is totally dependent upon the dollar. To have a stable economy, we must have a stable dollar.

Unfortunately, for many years we have not had a stable dollar. Today, people are angry and afraid. The crumbling, gyrating dollar has created an economic crisis.

...My bill directs the Federal Reserve to bring the price of gold down to $500/oz and then to keep it there. The Fed would do this by announcing that its Open Market Desk was prepared to sell government bonds and contract the monetary base until the price of gold falls to $500/oz.

Continue reading.