Demanding Accountability
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Debt, The Federal Reserve, The Gold Standard, and Free Markets
“Now it’s interesting to note, that the American Revolution was fought by and large over the principle of self government. The colonial legislature wanted to govern themselves on matters of their own affairs without the undue interference of the British government. So after Independence, and when the Constitution was being drafted, many Americans insisted not simply on a Bill of Rights in general, but specifically on a provision that would make clear that the federal government possesses only those powers that have been expressly delegated to it.”
--Thomas E. Woods Jr.Thomas E. Woods Jr. co-authored the book “Who Killed the Constitution”. I haven’t read the book yet, but it is a very interesting question. It’s remarkable to me that congresspersons (I think I’m politically correct), with the exception of at least one - Ron Paul - don’t sit and consider if the bill they are looking at passing has any provisions in it that are contrary to the Constitution for the United States. There is also very little debate on whether the nation can even afford to fund the bills. The United States is running, at the time of this writing, a $2,000,000,000,000 (2 trillion) deficit. The unfunded liabilities are $63,000,000,000,000 and growing by $5,000,000,000,000 a year. The tax revenues of the United States are approximately $2,000,000,000,000. There are also other debts the United States has that amount to close to $10,000,000,000,000. All together there is $75,000,000,000,000 of debt. My reasoning is that if the United States completely stopped passing bills that can’t be funded, it would take 35 years to pay off the insane debt the nation already has. Why is this important? Who is going to pay this debt and how? In reality this debt will never be paid. The empire of the United States would collapse if it tried. Not to say the nation itself would collapse, but the empire it has created would not be sustainable. It’s not sustainable now.
But, would that be a bad thing? Not in my opinion. I’m not a congressman or a senator though. The current goal of the legislative branch is, not to uphold liberty and freedom, but to sustain the empire. You might get a dog park and some bicycle paths out of the deal. Big deal! I want my paycheck to be enough to maintain a comfortable lifestyle and save for retirement. I make a decent living, but it seems every year inflation of the money supply makes every dollar I earn go down in value. I make close to $21,000 a year after taxes. I bring home around $1800 a month. I pay 33% in taxes. I don’t do anything excessive. I went to the coast for a day trip this summer. Otherwise I stay home and do nothing except stare at four walls (actually I read a lot). My mortgage is only $678 a month. I pay electric, car insurance, food, fuel, and for vices such as cigarettes. I might rent a movie every now and again because I don’t watch TV or have cable, and I don’t have the Internet at home. I don’t have a credit card. If I don’t have the money for it I don’t buy it. I struggle every month to just survive. Is that Freedom? Is that Liberty? It’s definitely not my employer’s problem. My employer goes above and beyond any other employer I have ever had. I have excellent health insurance and perks that most people would be envious of. I have a great job!
The point is, why can’t I do with what I have, what I want to? It’s not my wages or my employer that is dragging me down. It is Government fiscal policy. I am very frugal. I have a garden. I watch my finances like a hawk. I don’t spend excessively. Inflation of the money supply by the Federal Reserve is the real culprit. The value of the dollar has been degraded by 95% since its inception. The dollar is devalued every year. Is the Federal Reserve constitutional? Not according to the Constitution for the United States. In Article 1 section 8 of the Constitution for the United States it states: To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures; to provide punishment of counterfeiting the securities and current coin of the United States. All these powers are the responsibilities of Congress. Not a Central bank such as the Federal Reserve. The Federal Reserve and the elimination of the Gold Standard made it possible for the Federal Government to usurp power through monetary policy to make slaves of us all. There is only so much gold in the world and being on the Gold Standard regulated how much money the Federal Government could spend. In our current fiat money system that we have now, which is not backed by any tangible asset, (they print money out of thin air) the Federal government can spend like there is no tomorrow, and it does.
Is there a way out of this insanity? Yes, but it will be very painful, and unpleasant. President Warren Harding did it. He was facing a worse economic situation than we are. He allowed the Free Market to correct itself (No stimulus and no monetization. No Government interference). The Reagan Administration did it by lowering taxes and cutting spending. Will the citizens or the Government of the United States take that path of true recovery? I doubt it very much. The citizens of this great country have been educated and programmed to live in this system. The Federal Government is addicted to this system. Very few have taken the time to “un-educate” themselves. When the fiat economy that we have now finally collapses - which it will, as all fiat economies have - will the Constitution for the United States be resurrected? For all of our sakes I truly hope so.
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