Our mission is to educate the public about the benefits of honest and constitutional money, and the danger of legal tender irredeemable paper-ticket-electronic fake money. This is necessary to ensure that promises of future payment will be honored in fact and in spirit, such as pensions, annuities, insurance, rents, and so on.
Our money is unstable, dishonest and unconstitutional. It puts all future payments, and our entire country at unacceptable existential risk.
Every country, including our own, has it as official policy to plunder savings and promises of future payments, such as pensions, by reducing the buying power of money. The euphemism for this thievery is “inflation targeting,” under the color of law, of course.
We see the results of these policies in countries like Venezuela, Iran and Zimbabwe. The state fails. Suffering is unfathomable.
The last time our currency collapsed was after the Revolution. Paper money, allowed by the Continental Congress’ Articles of Confederation, called Continentals, became worthless.
Virginia’s legal tender paper money also became worthless, making Thomas Jefferson in effect bankrupt. All gentry in Virginia took a hit, including James Madison and George Washington.
That’s why, when they wrote the Constitution, the Founders did not allow for paper money.
The Constitution’s monetary rules have been usurped.
There is no constitutional authorization for:
- Depreciating the buying power of savings and future payments, such as pensions, annuities and insurance;
- Manipulating interest rates;
- Bailing out banks and myriad other “policies” put forth by the General Government; and,
- “Managing” the economy.
Contrary to spin in the mainstream media, these “policies” are not for the benefit of ordinary people.
They transfer the wealth of society from people who earn it, mostly ordinary working people, to a small financial sector cartel, especially money-center banks.
We came close to a monetary collapse during the Civil War, which was financed in part with paper money called Greenbacks. Compared to gold they lost more than half their buying power.
Greenbacks were forced into circulation by declaring them to be “legal tender,” another power not granted to Congress. The legal tender status conferred on fiat money was, and remains, unconstitutional.
Tragically, the Supreme Court allowed it (Knox v. Lee, 1871).
Salmon Chase, former Secretary of the Treasury in President Lincoln’s cabinet, then Chief Justice, wrote in his dissent: “The legal tender quality [of money] is only valuable for the purposes of dishonesty.”
The decision became almost moot with the Resumption Act, passed in 1875 to take effect in 1879, to resume gold and silver as money.
To protect creditors going forward, just in case paper money was reissued, every contract had a “gold clause.” It required payment to be in the same amount of gold one was entitled to at the onset of a contract.
In my view, in the most egregious decision ever, in 1935 the Supreme Court sustained Congress’ abolition of gold clauses “as against public policy.”
But what about the Government’s own contractual promises to pay interest and principal in gold on its Liberty Bonds of 1918?
The Supreme Court made it lawful for the Government to default!
Speaking from the bench, Associate Justice James McReynolds, in his stunning dissent, declared: “The Constitution is gone.” Contract rights and property rights are destroyed.
In 1977 Congress revived gold clauses in black-letter law. However, there remain barriers to using them. For example, capital gains taxes and sales taxes on gold and silver thwart people from using gold clauses to protect themselves from further pillaging.
Our “dollars,” which are different from the dollars mentioned in the Constitution, are fake money.
You can be certain that “dollars” are fake money, because real money has no counterparty risk.
But, by insisting that lawmakers along with the Supreme Court remain true to their Oath of Office, “. . . to uphold and defend the Constitution”, we can compel either a judicial or a legislative remedy to our presently corrupt system.