One problem with only gold and silver as money.Submitted by iehuvihs on Sat, 06/07/2008 - 12:40
One big problem.
Shouldn't I be able to pay taxes to the government in something other than what they establish as money? Consider this; the Constitution only allows payment of debt to the government to be made in gold, silver (or as it is interpreted today only in FRNs), but thinking carefully don’t crooked men hoard gold, silver (or FRNs)? This leads to a problem, since eventhough I am still able to produce, in an economic downturn without a market, it becomes imposible for me to acquire money and thereby prevents me from paying my taxes to the government, or for those in debt to a bank, their mortgage.
Currently this is being done with FRNs as Central Banks around the world are holding FRNs in reserve not allowing them to return for us to earn and pay our debt. If I don't pay my debt then the government can take away my property, eventhough I am still able to produce on my property! Then, once the government takes my property for back taxes, those hoarding the money (bankers/individuals) come in and buy my property at a discount. Seems that there should be a way for me to pay my debt without having to use money or legal tender, and instead pay in goods or services.
Returning to money backed by gold and silver sounds like a good idea, but the situation won’t change if banks or others hoard gold backed dollars, and how long will it take for China and other countries to have all the gold in their reserves.
Because of human nature, the restriction to use only gold, silver, FRNs or any monopoly controlable money as payment of debt doesn't seem fair, since not everyone always has access to markets or a gold mine. Unjust men have used many schemes to get property away from people throughout history, this is perhaps why the government, corporations and bankers own most of the property in our country. The government sets up regulations that prevent us from competing with corporations, which is of interest to bankers who benefit from having monopolies and controling the market. Without the right to pay our debt we lose our property and without the right to property, there is no freedom.