Comment: Standard of Value

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Standard of Value

Our Constitution prohibits fiat currency ("Bills of Credit") and specifically cites gold and silver as being the only legitimate tender in the united States. We needn't get over-exercised about the fluctuating relationship between prescious metals, nor should we presume to peg the value of silver in terms of gold or vice versa, but we can DEFiNE the rehabilitated dollar in terms of gold, silver, or some combination of both. I lean toward a new bimetallism, with the dollar tethered between metals rather than resting on one or the other. Until such time as the Feds return to obeying their oaths of office, we can short cut them by regularly offering gold and silver specie in commerce. It's no less convenient than offering a credit card that you're not sure a vendor will take. Just offer, and be prepared to fall back to Federal Reserve Account Units of Debt. And smile, and assure the cashier that she knows best. It won't happen until we do it.
Viva Agora

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