Jake Towne: The Imminent Failure of Funny Money

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“Is there no danger to our liberty and independence in a bank that in its nature has so little to bind it to our country?… [Is there not] cause to tremble for the purity of our elections in peace and for the independence of our country in war?… Controlling our currency, receiving our public monies, and holding thousands of our citizens in dependence, it would be more formidable and dangerous than a naval and military power of the enemy.”

- President Andrew Jackson, a sound money Democrat president, on central banking. His 1832 re-election campaign was primarily focused on one issue – his successful abolition of the nation’s central bank.

One of the key reasons I resigned my engineering job abroad and returned home to begin this campaign is my belief that the Republocrats – left unchecked – will create a dollar collapse brought on by the endless debt and reckless deficit spending by the federal government.

Beyond the tide of resentment created most significantly by the TARP Banker Bailout in 2008, the media has failed to warn the people of simple truths:

The dollar is an unbacked piece of paper debt, an I.O.U.
The dollar was loosely linked to gold up until 1971.
Over the past century, the dollar has been devalued against gold by 98-99%.
The dollar has depreciated against gold for the past 9 years at a steady 16% annual rate.
The price of gold has more than quadrupled this decade, setting an all-time monthly close on August 31.
China stopped purchasing US Treasuries well over a year ago.
$107 trillion in unfunded liabilities from the Social Security and Medicare programs is unsustainable.
Gold is a major financial market, trading well over $20 billion per day on the London exchange alone.

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