Do you think we ought to go back to having our currency backed by gold and silver?
Topic: Legal writing and research courses
June 21, 2019 / By Annamaria Question:
Our Founding Fathers wrote in the constitution to have our currency backed by gold and silver. Do you think we ought to go back to this rather than have the current system in place where we have a private company (The Federal Reserve) print our money out of thin air, and run all their transactions in secret with no audit or transparency?
To Huh? In section 8 it states that the Federal Government is to coin money. (not a private company). The Federal Reserve IS indeed a private company who prints our money out of thin air. There has already been two attempts of private banking cartels in our history which were put out of business. They are now on their third attempt.
To Huh? The source that the Federal Reserve is a private company: End the Fed by Ron Pau for one (and you certaintly haven't heard the Fed disputing his claims) and.. well... just google it and research it since there are thousands of sites. As far as the coining of money..... this is from wikipedia:
The Constitution of the United States of America provides that the United States Congress shall have the power "To coin Money". As an exercise of that power, Congress enacted Section 5112 of Title 31 of the United States Code. Section 5112 provides that United States dollars shall be issued in two forms: (1) a coin made of a copper alloy and (2) a coin made of pure silver. Those coins are both designated in Section 5112 as "legal tender" in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar. The pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins, which have values
To Huh again: You might enjoy this FREE course on line:http://www.chrismartenson.com/crashcours...
Best Answers: Do you think we ought to go back to having our currency backed by gold and silver?
Woodrow | 2 days ago
Yes! Most of our problems can be traced to coming off the gold standard thus enabling Congress to spend money we don't have.
👍 192 | 👎 2
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Originally Answered: Should I invest in gold and silver?
Many people think that way but I don't know what they are protecting themselves from -- the apocalypse maybe, were nobody wants gold or silver, they want food and water. It can't be inflation either, because gold and silver have never been a good hedge against inflation. And I don't think U.S. currency is going out of style anytime soon.
I have to admit I own some gold U.S. coins as well as some silver bullion bars and U.S. Silver Eagles. But it's just because I think it's kind of cool to have it. It's beautiful to look at and wonderful to hold. I don't think they're protecting me in any way, or even that it's a good investment. In fact, prices are down right now for most of my "investment."
If you insist, use a reputable dealer such a APMEX to buy and sell. You can be assured you're paying a fair price based on market (spot) value. Check out the forum at www.cointalk.com for lots of discussion about coins and bullion.
Here is the problem my friend. Backing a Currency with Gold works perfectly if you don't have any trade outside your borders. Since all the gold exchange hands never leaves your economy. But in the era of Globalization and Trade Deficits, a currency based on Gold means your economy is likely to be depleted of all its Gold when you import goods from other nations. As such, a currency backed by Gold is an express train to economic ruin, as your nation imports widgets and exports gold. So as it stands now, Fiat Money is the best alternative to a currency backed by Gold or any other hard asset.
👍 80 | 👎 -4
Here is a copy of the Constitution. http://www.usconstitution.net/const.html
Please tell me where does it say that our money is to be backed by gold or silver; or are you just another conservative that loves to refer to the Constitution without a clue as to what it actually says?
The Federal Reserve was created by the Federal Reserve Act and the Chairman is appointed by the President. That is not a private company.
Ron and Rand Paul are idiots...stop listening to them.
The Congress doesn't have a minting machine set up in the house chambers! The Constitution gives the Congress the authority to do something, like coin money. Article 1 Section 8 also says that Congress has the power, "To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by this Constitution in the Government of the United States, or in any Department or Officer thereof." In other words the Congress has the authority to pass laws to fulfill their powers. They have authorized the Treasury Department to print/coin our money and the Federal Reserve to distribute that money through the Federal Reserve Banking system.
In a 1819 ruling, M'CULLOCH v MARYLAND the Supreme Court already ruled that the Congress has a right to incorporate a National Bank. This has been decided law for nearly 200 years.
You still haven't shown where in the Constitution that our currency must be backed by gold and silver. You've made that claim, now lets see you back it up with facts.
👍 79 | 👎 -10
Yes we have to because paper currency doesn't work. It's a matter of necessity, not subjective opinion. People just don't understand free market economics anymore. What we need to do is repeal legal tender laws. A stable currency would naturally come about if government didn't mandate the currency. Why? Because people want their money to retain its value, not lose it. Libertarians don't want the government involved at all. We don't want the government to set a gold standard, we want to let the free market work, and gold is what it has historically chosen.
edit: Huh?, what about the clause that says only gold and silver are to be legal repayment of debt?
No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; ---->make any Thing but gold and silver Coin a Tender in Payment of Debts<----; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
It seems ALL states use PAPER as repayment of debt, does it not?
👍 78 | 👎 -16
The Fed should be dissolved and put the responsibility for the printing of scrip in the hands of the Treasury Dept. There should be a standard of backing behind the currency or it is not worth the paper it is printed on. The standard in the 1960's was an ounce of gold was worth around $32.00. It is now worth around $1300.00 an ounce. The end result is that the dollar is now worth around $.025 based on the 60's value. For the government to pay with today's dollar is not much different than you passing a check with no money in the bank.
👍 77 | 👎 -22
Originally Answered: Where and how to buy Gold and Silver bars?
Don't listen to the others here that don't know what they're talking about. Ebay is the worst place possible, highest prices you can pay for gold and silver. They can't possibly get close to the current price, when the auction is a week away.
Moreover, gold could still easily double in price this year or next as easily as not; nobody knows, and nobody has the right to tell you it's going down like it's a fact. They simply have a faulty belief that they know something, when they don't.
I've been trading silver through Apmex for several years. They give the current quote on their website. And they deliver right to your front door.
I gave away 5 oz bars/coins of silver at Christmas two years ago to family members, and last Christmas they were almost double the price. The gift that keeps on giving.
Oh, another good site:
Incidentally, until the Flash Crash a couple of weeks ago, nobody realized that ETF's could freeze up and lock you out of trading or redeeming the underlying gold or silver. If one of the reasons you're buying gold is to protect against a crash in the system, then a paper ETF cannot protect you in the event of a crash or system failure.
Read this article how GLD/SLV ETF's may not be redeemable and a list of which ETF's got locked out: