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Article 1, Section 10, Clause 1 of the Constitution of the United States of America states:
"No state shall enter into any treaty, alliance or confederation; grant letters of marque and reprisal; coin money; emit bills of credit; make anything but gold and silver coin a tender in payment of debts; pass any bill of attainder, ex post facto law, or law impairing the obligation of contracts, or grant any title of nobility."
No state shall make anything but gold and silver coin a tender in payment of debts....
Showing posts with label gold standard. Show all posts
Showing posts with label gold standard. Show all posts
Friday, October 3, 2008
Tuesday, September 16, 2008
What did the government do to our money...?
"The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit....
The Law of supply and demand is not to be conned. As the supply of money (of claims) increases relative to the supply of tangible assets in the economy, prices must eventually rise. Thus the earnings saved by the productive members of the society lose value in terms of goods. When the economy's books are finally balanced, one finds that this loss in value represents the goods purchased by the government for welfare or other purposes....
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold.... The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.
This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the "hidden" confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights."
- Alan Greenspan, "Gold and Economic Freedom", in Capitalism: The Unknown Ideal, ed. Ayn Rand (New York: Signet Books, 1967), p. 101
The Law of supply and demand is not to be conned. As the supply of money (of claims) increases relative to the supply of tangible assets in the economy, prices must eventually rise. Thus the earnings saved by the productive members of the society lose value in terms of goods. When the economy's books are finally balanced, one finds that this loss in value represents the goods purchased by the government for welfare or other purposes....
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold.... The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.
This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the "hidden" confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights."
- Alan Greenspan, "Gold and Economic Freedom", in Capitalism: The Unknown Ideal, ed. Ayn Rand (New York: Signet Books, 1967), p. 101
Sunday, August 31, 2008
Here's a question fo you all...
Currency can be exchanged for goods and services.
Those who print their own currency are classified as counterfeiters and are arrested.
The government prints its own currency.
How is what the government does legal?
Money that has actual, inherent value, and a scarce quantity, makes far more sense than our current system. Besides, I've always wanted to carry around a satchel of gold coins. That would be awesome.
Those who print their own currency are classified as counterfeiters and are arrested.
The government prints its own currency.
How is what the government does legal?
Money that has actual, inherent value, and a scarce quantity, makes far more sense than our current system. Besides, I've always wanted to carry around a satchel of gold coins. That would be awesome.
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