Crossville, TN asked in Constitutional Law for Tennessee

Q: Is HJR-192 still active today? Since America has been bankrupt since 1933, at which time they confiscated all gold

And silver. And never gave us anything but legal tender or promissary notes to pay a debt. Nothing of real value like gold or silver.

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James L. Arrasmith
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A: House Joint Resolution 192 (HJR-192) of 1933, which effectively suspended the gold standard in the United States and discharged gold-clause contracts, is no longer active in its original form. The resolution was part of the broader response to the financial crises of the Great Depression.

Since then, numerous legislative changes have occurred. The U.S. moved away from the gold standard entirely in the subsequent decades. Legal tender laws now recognize Federal Reserve notes and coins as the official currency for settling debts. The notion that the U.S. is bankrupt or that its currency lacks real value is not supported by mainstream economic or legal theory.

Currency value is determined by a variety of factors, including government backing and economic stability. For detailed insights into the current legal status of HJR-192 and related monetary policies, consulting legal texts or financial history resources can be beneficial.

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