H.R. 5404: To define the dollar as a fixed weight of gold.

Discussion in 'Current Affairs' started by shinymetal, Mar 30, 2018.

  1. shinymetal

    shinymetal Well-Known Member

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    I haven't been coming here much lately.
    But I came across this, and see that it hasn't been mentioned here yet.


    "Introduced on Mar 22, 2018

    This bill is in the first stage of the legislative process. It was introduced into Congress on March 22, 2018. It will typically be considered by committee next before it is possibly sent on to the House or Senate as a whole."




    https://www.congress.gov/bill/115th-congress/house-bill/5404

    Has anyone heard about this?
    Can't say I'm not a little bit excited.
     
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  2. dragafem

    dragafem Well-Known Member Silver Stacker

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    I could not find a link on the site to read more what is this really about-more details I mean
     
  3. shinymetal

    shinymetal Well-Known Member

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    The text of the document isn't released yet. It's still at the committee stage.
    From what I understand the texts generally don't get put out until they get to the floor of the house..
    This is still in the very first stage.
     
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  4. shinymetal

    shinymetal Well-Known Member

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  5. dragafem

    dragafem Well-Known Member Silver Stacker

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    if this would go ahead it would put gold in the right place :)
     
  6. reaver

    reaver Active Member

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    Reads like it was written by a fedora wearing aspy who listens to Ron Paul speeches on repeat.
    That's not to say it's wrong. But it doesn't provide any real basis on how it fixes anything nor does it demonstrate any hard correlation between gold and prosperity for the USA
    It's basically a manifesto of all the 'sovereign citizen' pain points. "The dollar should be pegged to my gold" "Hurr durr, where's all the gold in the vaults in Kentucky?! ITS NEVER BEEN AUDITED, REEEE!" "Uhmurica had the longest period of growth when we used gold" (and bombed the shit out of half the world to send in US company's to rebuild it and gain foothold)
    And so on..

    Watch this shit fall flat on its ass
     
  7. tolly_67

    tolly_67 Well-Known Member

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    Hello.....if you define the dollar as a fixed weight of gold you actually don't need the dollar anymore. It is self defeating. It is like saying an aussie dollar is worth 1 litre of water. Why not just trade in litres?
    Perhaps you should think hard about how bad this is. 20 trillion in debt then you fix the currency to a metal. 100% reserves on your currency will mean your economy will start deflating due to lack of currency. Those that are owed the 20 trillion would love to have it paid back in gold. The gold reserves would disappear in the blink of an eye. Due to the deflation, foreigners would come in with their new gold dollars and buy freakin everything.
     
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  8. aleks

    aleks Well-Known Member Silver Stacker

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    With Larry Kudlow around the US dollar is more likely to be defined as a fixed weight of cocaine.
     
  9. bordsilver

    bordsilver Well-Known Member Silver Stacker

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    Exchange rate would appreciate noticeably compared to everyone else which offsets possible concerns about deflation.
     
  10. shinymetal

    shinymetal Well-Known Member

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    This was introduced a few days ago by the same guy as HR5404
    somewhat related.
    So I thought I'd update this thread with this.

    https://www.congress.gov/bill/115th-congress/house-bill/6790

    H.R.6790 - To amend the Internal Revenue Code of 1986 to clarify that gain or loss on the sale or exchange of certain coins or bullion is exempt from recognition.
     
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  11. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    Have been watching the progress of the March bill but not sure where that will go but interesting none the less.

    Also saw the bill re capital gains. If JP Morgan holds as much silver as reported, then maybe it should be called the "Jamie Dimon Bill"
     
  12. pmbug

    pmbug Active Member

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  13. leo25

    leo25 Well-Known Member Silver Stacker

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    Maloney talked about it.

     
  14. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Making legal tender like ASE capital gains tax free actually should be done long ago.
     
  15. alor

    alor Well-Known Member Silver Stacker

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    it makes you wonder , why should people be paying capital gain tax for such items in the first place
     
  16. pmbug

    pmbug Active Member

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    I suppose it is worth noting that a separate bill was introduced to index capital gains to inflation. It's not quite the same thing as eliminating it altogether, but perhaps it can help move the needle.

    HR 6444:

    https://www.congress.gov/bill/115th-congress/house-bill/6444

    A companion bill was introduced in the Senate. S. 2688:

    https://www.congress.gov/bill/115th-congress/senate-bill/2688

    Rep. Nunes page tracking status of the bill:

    https://nunes.house.gov/legislation/h-r-6444.htm
     
  17. shinymetal

    shinymetal Well-Known Member

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    Q just posted.

    bandicam 2018-12-13 11-54-07-097.jpg
     
  18. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    Big Q day for posts.
     
  19. alor

    alor Well-Known Member Silver Stacker

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    sorry you are under a different tax regime, we over here does not have capital gain tax
     
  20. shinymetal

    shinymetal Well-Known Member

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