Wizard of Oz
1. Silver is good. (slippers)
2. Gold standard leads to fiat money. The yellow brick road leads to the emerald city.
3. Emerald City = Fiat money (very bad and a lie)
Possible Monetary Systems:
(a) Public/Private Central Bank (i.e. the FED) = Totalitarian; Merger of State and Corporate Power
(b) State Central Bank (i.e. Communist Countries) = Totalitarian; Centrally Planned Economy
(c) Government Prints Fiat Money w/o Central Bank (Lincoln, Hitler) = Totalitarian; National Socialism
(d) Money Emerges Naturally in Market (Anarchy or Limited Govt) = Individual Liberty; Free Market
Those who are asking for Greenbacks are asking to give a monopoly on money creation to Congress and in a collectivist fashion. This is totalitarian, national socialist economics that is completely against individual liberty, the free market, and private property.
At least allowing Congress to regulate the value of a dollar versus a hard commodity like gold put some restraint on them and protected private property because one could save gold and if the dollars inflated, it would not hurt them.
Greenbacks represent the exact place where the populists who support them do not agree with the libertarians who favor private money. If the populist-libertarian movement fails, it will be over issues of economics and money.
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