Sound Money Background

Sound Money Background Sound money is discovered, not invented. Through market processes, the “most marketable commodity,” as Austrian economist Ludwig von Mises described money, makes itself known. Gold and silver are money, not through government decree, but because they have proven themselves to be by surviving the test of time, while maintaining their value. However, over the last hundred years or so, the federal government and the Federal Reserve, a privately-owned bank cartel, have waged a war against sound money in America. They’ve ended the free circulation of gold (and, for a time, criminalized its ownership), while imposing taxes on those who own or use it. Paper money and credit have replaced what is sound money: gold and silver. The Constitution’s Framers were mindful of the catastrophe and hardships brought by continentals, the paper money issued by the Continental Congress to finance the Revolution. Founders including Thomas Jefferson, George Washington, James Madison, Thomas Paine, and almost the entire population suffered hardship. That’s why the Constitutional Convention overwhelmingly rejected paper money. Washington wrote that paper money was “wicked.” Madison wrote it was “unjust” and “unconstitutional.” Jefferson wrote “its [paper money’s] abuses also are inevitable and, by breaking up the measure of value, makes a lottery of all private property, cannot be denied.” While the debasement of the Federal Reserve Note – commonly known today as the dollar — is, in large part, the result of inflationary policies enacted by the Federal Reserve System, its effects are pervasive. Governments can fund enormous welfare-warfare states, while everyone using the currency can only watch as their wealth is sapped away. This problem is rooted in federal policy. Short of major reforms at the federal level, however, there are practical steps that can be taken at the state level to promote the use and acceptance of sound money. About the Author: Jp Cortez is a graduate of Auburn University and a resident of Charlotte, North Carolina. He is the Policy Director of the Sound Money Defense League, an organization working to bring back gold and silver as America’s constitutional money. Follow him on Twitter @JpCort YouTube : @SayanPoint Facebook Page : สายัณห์ รุจิรโมรา ฝากกดติดตาม กดไลค์ กดแชร์ ฝากคำถามได้ค่ะ