IPFS News Link • Economic Theory
Prosperity Requires Real Money, Not Fiat, CBDC, or Crypto…nor the Federal Reserve Bank!
• https://www.lewrockwell.com, By Andrew WallaceOur Constitution requires that we use real money, which is Gold and Silver. These have the required characteristics for real money: 1…medium of exchange,2…measure of value, and 3…store of value.
Our Fiat Dollars don't comply with the Constitution money" is decreed by authority, with no physical backing.) Which is why we have suffered inflation and the decline in relative value of fiat dollars for almost 100 years. It certainly is no store of value Congress just passed the Genius Act that authorized the issue of Fiat. Stablecoins which is another form of the Fiat dollar and redeemable on a one to one basis with the Fiat dollar. It is a plan to extend the life of the Fiat dollar. I think it will have an opposite effect and reduce value of Stablecoins and the Fiat Dollar.
To grow an economy, you must spend less than you produce, and new money can't exceed production of goods and services. During my lifetime and for thousands of years, the value of gold has been relatively stable. But the price of gold in fiat dollars has increased from $35 to $3,400 an ounce in 90 years.
Our corrupt Congress refuses to use Constitutional real money, gold and silver, because they can't print it to finance wars for profit and Foreign Aid, nor use it to impoverish the people with various schemes. The primary beneficiaries of corruption are the Parasitic Super-Rich Ruling Class and bureaucrats of the Administrative State functioning as a Criminal Enterprise within government.
Central Bank Digital Currency (CBDC) is in the planning stages by the unconstitutional Federal Reserve Bank, and, if enacted, is a valid reason for revolution. In simple terms, CBDC would exist in digital form only; there would be no pocket cash, government would know where you spent money, government could control how you spent money, and could cut off your ability to spend money at any time. It would control your every move. Freedom would be a memory and impossible. CBDC represents total tyranny with absolute control of the people. CBDC could only be terminated by revolution. So stop it now.
Crypto Currencies like Bitcoin, Cardano and countless others remind me of The Dutch Tulip Mania in 1657. Prices rose precipitously. The best Tulip Bulbs sold for up to $750,000 at today's prices. The bottom shortly dropped out, and many people were ruined. Tulips, like Crypto Currencies, don't have the required characteristics of money, and due to its format, are subject to all kinds of unknown problems.
1 Comments in Response to Prosperity Requires Real Money, Not Fiat, CBDC, or Crypto…nor the Federal Reserve Bank!
The Fed has had amazing profit over the past 112 years. $37 TRILLION. The bogus legislation of 31 USC §462 identifies FRNs as a Legal Tender. That made the citizens responsible for their private debt. If you understand the Fed, they buy T securities with fiat book-entry credit and used to identify the private FRNs [distributed by Treasury as inflation] as Redeemable in Gold or in Lawful Money. [it never redeemed any]. The FRBNY then auctions the purchased [sic] T securities off with their redeeming securities and pockets the cash. Ref. 31 CFR §375.3. All $37 Trillion profit of the Fed legally belongs to the govt. Fraud voids any contract from inception. The auction accounts have never been audited.