Member of House Monetary Policy Committee Questions U.S. Treasury and Fed on Gold Activities Reply

Washington, DC (April 25th, 2018) – A U.S. Representative posed several pointed questions to the Federal Reserve and the U.S. Treasury this week as to their activities involving America’s gold, including, apparently, efforts to “drive gold out of the world financial systems in favor of the Federal Reserve Note or Special Drawing Rights issued by the International Monetary Fund.”

In a letter dated April 24, Representative Alex Mooney (R-WV) wrote to Jerome Powell, Chairman of the Federal Reserve, and Steven Mnuchin, Secretary of the U.S. Treasury, raising concerns about their policy to devalue the Federal Reserve Note, via “inflation targeting,” and requesting information about the United States’ use of, and position on, gold.

“The purchasing power of our currency has fallen some 97% since Congress passed the Federal Reserve Act in 1913, with an acceleration in the rate of decline occurring since the early 1970s when the final link to gold was severed,” wrote Mooney.

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