Money For Nothing

“The common denominator to all of history is that all governments almost universally act irresponsibly to debase their currency.” — Robert T. Lutts

“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.” — Alan Greenspan

 Ah, the coin of the Realm … t’was a time when our specie was fashioned of precious metals — silver, gold even — back before America’s elected larcenists decided to mint money from materials with the same intrinsic worth as a Tijuana bus token.  Debasing the currency, of course, is an ancient racket, engaged in by official chiselers from Nero to Nixon. The only thing that ever changes is the names of the thieves.  To wit:

H.R. 6162: Coin Modernization, Oversight, and Continuity Act of 2010

111th Congress 2009- 2010

To provide research and development authority for alternative coinage materials to the Secretary of the Treasury, increase congressional oversight over coin production, and ensure the continuity of certain numismatic items.  Status: Signed by the President

Even such a staunch Keynesian as Keynes himself said, “There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency.” Adulterating our mintage, however, is small potatoes compared to the abuse perpetrated upon the once sound dollar by the charlatans entrusted with its stewardship.  The venerable greenback has lost 96% of its value since the creation of the so-called Federal Reserve system (a consortium of banks which are not federal and have no reserves).  A wise saver would have been better served over the years by hoarding tuna fish.  The modern dollar, stripped of its convertibility, is nothing more than a political promissory note, one which we are ordered by law to accept, despite the fact that the promises of politicians are never worth even the cheap paper on which they’re printed.

Our “legal tender” has been a convenient illusion since 1971, a bit of showy legerdemain, like the mangy rabbit a carnival magician pulls from a previously empty hat.  The primary difference is that when times get tough, you can always eat the rabbit.


About Bob Mack

Retired since 2003. Military Service: U.S. Army, 36th Artillery Group, Babenhausen, Germany 1966-67; 1st Signal Brigade, Republic of Vietnam, 1967-68 Attended University of Miami, 1969-73
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7 Responses to Money For Nothing

  1. Pingback: Be Sure You’re Right Then Go Ahead | Grumpy Opinions

  2. Pingback: Monday Morning Grumpy Daily Headlines | Grumpy Opinions

  3. AFVET says:

    This link is pertinent to your post Bob.
    Watch out for your retirement savings Americans.

    There is a big nest egg out there that Obama wants to access.

  4. TexasFred says:

    Our retirement savings scare the crap out of me.. We did everything the advisers told us to do and them BOOM, Obama got elected, the market crashed, has never fully returned and I am too old and too sick to go back to work and try to provide a better way of life for me and the wife now…

  5. I never got to read the book, so thanks for putting up that video.

  6. Bob Mack says:

    The crooks are at it again …

    Congress Looks At Doing Away With The $1 Bill

    […] The Mint is preparing a report for Congress showing how changes in the metal content of coins could save money. The last time the government made major metallurgical changes in U.S. coins was nearly 50 years ago when Congress directed the Mint to remove silver from dimes and quarters and to reduce its content in half dollar coins. Now, Congress is looking at new changes in response to rising prices for copper and nickel. At a House subcommittee hearing Thursday, the focus was on two approaches:

    —Moving to less expensive combinations of metals like steel, aluminum and zinc.

    —Gradually taking dollar bills out the economy and replacing them with coins.

  7. Pingback: Taking America Back One Bit At A Time _ Part 3, The Taking Of America « Conservatives on Fire

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