Monday, May 16, 2011

Short History of Monetary Debasement

Ron Paul has been speaking of corruption of monetary policy and the Federal Reserve for decades.

Here is a great article on the Cara Community about monetary policy, debased money, and the Coinage Act of 1792. It describes how Treasury employees were required to post a bond equivalent to ten years of salary, and misdeeds could be punished by death.
Here you have employees who had to put a bond to cover 5-10 years of their service (pay) in advance and if that was not enough they faced this …

“… falsification of weight, debasing currency and or embezzlement of metals under said officer’s charge … every such officer or person who shall commit any or either of the said offences shall be deemed guilty of felony, and shall suffer death.” Chap 16, Section 19

There has been no attempt whatsoever to restore sound money to our Nation in the past 40 years. By allowing debt to increase by using a monetary system based on increasing debt we have rubber stamped the misery of global Wars and poverty. We now have 1 in 7 Americans who can no longer afford to feed themselves.

America defaulted on the gold standard in order to continue the Vietnam War and to assume the mantle of World Police. Mr. Geithner you are wrong. America did default and America defaulted when you were alive. In 1971 America could no longer fulfill our monetary and trade obligations to foreign creditors under the gold standard. Since that default the “store of value” of a US Dollar has been radically debased.

Any way you slice it the US Treasury is mismanaged, which is just a reflection of our entire government … its all been mismanaged, not by just the Democrats or the Republicans, but by the American people who continue to fail in their voting responsibilities. America is run by two gigantic rampaging monopolies … one political and one monetary.