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Bill Still Says Ron Paul Is Wrong On The Gold Standard

So who's right? I'm confuse right now http://www.youtube.com/watch?v=drBQ48XtjPA Fast Foward to 16:00 minute mark. Thanks guys.



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Ron also supports competing currencies

Bill believes gold is too easily manipulated from what I have read. I tend to agree on that part. The problem is that I don't see any currency that prevents the printers from unrestricted inflation. Honesty is the key to any currency. I like the idea of a grain backed currency. Then you could trade your paper for food or vise versa. Then again a drought could cause deflation.
In summary, Ron is right in theory that a gold standard would be a good standard.

What matters

are legal tender laws.

Read the Constitution. The States are to make no thing but gold or silver coin a tender in the payment of debt.

Whatever currency is enforced by courts as valid for payment of debt has automatic value, regardless to what free markets would say.

That's why the Constitution stipulates that.

If the States make nothing but gold/silver legal tender it sets the standard. Then people can use whatever else they want (including Bitcoins, dollars, or tree leaves, for example) but it would only have value the people gave it, not automatic value for payment of debt.

Great system of honest money, but with one flaw.

The Coinage Act of 1792 defined the dollar in both silver and gold causing massive outflows/inflows of each as the world Au/Ag ratio changed. A more stable system that I recommend is the dollar defined in silver only and all Federal transactions required in such form. The Feds and states could coin either metal using silver for dollars and gold for eagles with no fixed ratio. States could then decide which form of payment to require. Private contracts could be made in any form.

Ok the

Coinage Act of 1792 established the U.S. Mint and regulated the coinage of the United States.

I'm not commenting on what a stable system would be, but only legality.

The Coinage Act is legal because the Constitution gives the Congress the power to coin money and regulate the value thereof.

The States can't coin money. Only the Congress can. The States, however, are to make nothing except gold/silver legal tender. That means if Congress coins money that's not gold/silver the States can't make it legal tender.

Last, people are free to use whatever they want (at least they should be). However, the only "official" money would be gold/silver, because of legal tender laws. Hopefully all that make sense :)

Bill Still is a greenbacker.

He believes that the US treasury should have the power to print up endless paper as money.

Ron Paul believes in free market competition, he believes that people should be allowed to use gold and silver as currency or whatever they choose as currency.

Bill Still is dead wrong on the issue of money.

Markets create money through voluntary human interaction, the State creates money by decree and enforces it's monopoly at the end of a gun.

Check out the Laissez-Faire Journal at LFJournal.com


"The State is a gang of thieves writ large." - Murray Rothbard

What do you mean when you say

What do you mean when you say markets create money? Are you saying money is anything we want it to be? Is that really true? If you were starting your own country, what currency would you use? Like I've thought about things like this! Lol. If it were me I would model our constitution after America's constitution. The only thing I don't get is why the founding fathers created boarders? Isn't that force! Because who pays boarder security salary? So many questions I have, I know!

juan maldonado

I got answers!

Markets can create money in the same way markets can create cell phones.

It doesn't mean that anything can be a cell phone, it means that experimentation through the work of many entrepreneurs finally brought about the best combination of resources, creating the thing people find most practical for personal communication.

Like a cell phone, money is a tool with specific properties/requirements: It has to be hard to duplicate, easy to carry, durable, and mainly it has to store value, in society, over a period of time....that is, it has to be generally agreed to have consistent value among a pretty broad group of people who are engaged in trade.

Entrepreneurs can bear those criteria in mind and offer a thousand different things under a thousand different models to serve the purpose. Especially in the digital age.

Regarding borders, markets and governments are forever at odds, because they are two competing, basically opposite, systems of organization. So you can't really resolve issues like government borders and border patrol from a freedom standpoint. From a freedom standpoint, (in a pure market setting, that is) borders and border patrol would arise from private property. Borders would be defined and protected according to who was actively using what land for what purpose, not officials drawing lines on maps, and enforcing those lines by way of tax-supported thugs.

Yeah I remember watching The

Yeah I remember watching The Secrets of Oz and bill kinda talked up Abraham Lincoln!

juan maldonado

So did the founding fathers

So did the founding fathers want us on a gold standard? And if they did, why is that?

juan maldonado

Some U.S. History ;

Why did they insist on a Gold standard?

Answer: To keep Americans as honest as possible, when trading with each other.

Roger Sherman, a U.S. Congressman was short changed before he became a Congressman, when the value of the paper money from his colony was not equal to the value of the paper money from the next colony. He wrote this:

http://www.scribd.com/doc/44754604/Roger-Sherman-A-Caveat-Ag...

The original U.S. money was Gold, Silver, Copper,Coins, I have a coin book to prove this fact. English bankers wanted control of the U.S. monetary system so England could benefit from what the U.S. produced.

Since the "Value" of these coins was mandated to remain stable, they were used extensively in everyday trade, by all who were allowed to trade with each other. {Originally slaves had no money.}

The coinage act of 1792 was passed by congress into law, making current paper money un law full:

http://www.constitution.org/uslaw/coinage1792.txt

beesting

The founding founders wanted

The founding founders wanted US dollars (greenbacks) to be backed by gold, 100% with no fractioning allowed. They didn't much care what other banks used.

Plan for eliminating the national debt in 10-20 years:

Overview: http://rolexian.wordpress.com/2010/09/12/my-plan-for-reducin...

Specific cuts; defense spending: http://rolexian.wordpress.com/2011/01/03/more-detailed-look-a