Showing posts with label Fiat Currency. Show all posts
Showing posts with label Fiat Currency. Show all posts
Friday, March 27, 2009
Tuesday, March 24, 2009
Constitutional Tender Act
Franklin Sanders in his daily commentary (or sometimes daily commentary) reports, "Susan & I took off for Atlanta last night, about 6 hours away on word from a friend with the Constitutional Tender Act www.constitutionaltender.com. Georgia Rep. Bobby Franklin entered the act which requires the state to perform its duty under US Constitution Art. I, Section 10 to make nothing but gold and silver coin a tender in payment of debt. Today the House Committee on Banks & Banking held a hearing,& the bill's supporters asked me to testify.
Needless to say, the banks will fight it tooth & toenail, because they don't understand it. If they did, they would support it as it offers the only chance for them to survive. Listening to the banking lobbyists specious objections,it dawned on me: Their time is past. A wave of revulsion against fiat money & uncontrolled fractional reserve banking will become a tidal wave as the economic crisis deepens. Within two decades at most, the fiat system will be dead, and with it, banking as we know it today.
The group behind the bill made stunningly adept & forceful presentations. It was an historic occasion, one I have longed to see for over 40 years, a state legislative body seriously listening to the requirements of constitution & common sense. Thank God I was privileged to witness it!
Mark this, and remember: we are witnessing the end of fiat. We will see silver & gold restored as money, & with them, lasting & stable prosperity. But first the old must die."
Needless to say, the banks will fight it tooth & toenail, because they don't understand it. If they did, they would support it as it offers the only chance for them to survive. Listening to the banking lobbyists specious objections,it dawned on me: Their time is past. A wave of revulsion against fiat money & uncontrolled fractional reserve banking will become a tidal wave as the economic crisis deepens. Within two decades at most, the fiat system will be dead, and with it, banking as we know it today.
The group behind the bill made stunningly adept & forceful presentations. It was an historic occasion, one I have longed to see for over 40 years, a state legislative body seriously listening to the requirements of constitution & common sense. Thank God I was privileged to witness it!
Mark this, and remember: we are witnessing the end of fiat. We will see silver & gold restored as money, & with them, lasting & stable prosperity. But first the old must die."
Tuesday, June 17, 2008
Right Issue, Wrong Commodity
High oil prices reflect a supply and demand problem in the market. The only problem is people pick on the wrong commodity. There don't seem to be shortages of oil.
The problem is that the dollar under the Bush Administration has fallen about 50 percent. There are an over supply of dollars in the market with no comparable demand for dollars.
To reduce the price of oil the dollar needs to be strengthened. That means Congress needs to stop deficit spending and the Federal Reserve needs to raise interest rates to at least 25%.
This would drive the economy into a deep recession and dry up easy credit as we know it. The only other plan of attack is to hyper-inflate the currency...which will drive prices to unbelievable levels. But this is the most likely exit that the Federal Reserve and Congress will take. "Inflate of Die!" is the unspoken motto of the Fed.
Remember the Fed has only two weapons in its arsenal: Inflation and Blarney. Every fiat currency system ends in hyper-inflation. The dollar won't be any different. What a joke our nation has become.
The problem is that the dollar under the Bush Administration has fallen about 50 percent. There are an over supply of dollars in the market with no comparable demand for dollars.
To reduce the price of oil the dollar needs to be strengthened. That means Congress needs to stop deficit spending and the Federal Reserve needs to raise interest rates to at least 25%.
This would drive the economy into a deep recession and dry up easy credit as we know it. The only other plan of attack is to hyper-inflate the currency...which will drive prices to unbelievable levels. But this is the most likely exit that the Federal Reserve and Congress will take. "Inflate of Die!" is the unspoken motto of the Fed.
Remember the Fed has only two weapons in its arsenal: Inflation and Blarney. Every fiat currency system ends in hyper-inflation. The dollar won't be any different. What a joke our nation has become.
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