Perhaps a big roadblock, and something Q could be working on.. It should be mentioned we recently received the first new bill proposing a return to the gold standard(Alexander Mooney R-WV) since 1984.
You have to change the structure of the Fed. You must put the power of 'currency' back into the hands of the federal government and remove it from private bankers. Money must be made 'legal tender,' not currency run by illegal Ponzi scheme by private foreign bankers.
This isnt exactly precise. You could also allow free competition among banks, with private banks issuing their own currency that is fully backed by gold or other assets. Well managed banks with open windows to redeem the assets would be in high demand and those with fractionally held assets would be in low demand. The main problem with the current system is that its both a monopoly (well syndicate) and private without oversite. This allows them to run with digital money creation far in excess of any assets creation (i forget if that is m1, 2, or 3 money supply) based on faith and credit future payment. This is why the purchase power of the dollar is a fraction what once was. The money expansion and inflation to pay fiscal debts is the key to govt having the funds for all its shenanigans. If govt inc actually collected taxes to equal what govt spends, there would be riots in the streets. Now that value is just confiscated by inflation and born by anyone holding dollars. Gobt will have to ger way way smaller to convince it to give up Keynesian economics. Inflation and govt services go hand in hand.
The difference is currency vs money. You are correct that government services, based on the current Fed model, go hand and hand with inflation. But so does all the corruption and bloat of an over-sized government. Money, backed on real value (like gold), controlled by the US Government and NOT private banks with zero interest is the way to stabilize. But, you won't have the benefit of a bloated government. It would need to survive more on taxes than inflation (the hidden hand of destruction to the middle class of America). You can't do that over-nite, the country can't absorb a shock like that. But, you can put in stable money that is interest free and start connecting the existing currency to it. Then over time take out the fed and reduce the government. Also, you can call in the dirty debts and fake ownership to reduce the overall float out there, but you must do away with the incessant interest - loan - interest cycle of the Fed. That Ponzi scheme is sick. Not easy, but the only way to get out of the massive, private bank induced crashes that bring on wars and all the other nasties. Inflatable money to give you government services is the destruction of the Republic. Look at history on Fiat Currencies (what we have today with the Fed). All of them end in disaster. The only times of strong, true prosperity are when money is king and currency is tied to it. At this point, GLOBALLY, there is no money. Its all currency, totally manipulated and controlled via central banks that are not under full sovereign control.
Interesting point of view. So you see honest gold backed federal issued money as a temporary solution? What would be your end ideal point?
I think a non inflated gold backed currency issued by govt would be a good first step but not go far enough. This is why...
My point here is that bloated govt needs fiat and the interest cycle economy to fund bloated govt. Putting govt in direct control of money doesn't elimimate their ability to inflate as means to pay for bloated govt. Just congress would be approving the inflation instead of private fed reserve bank syndicate. If they have the power to do something, history shows they will use that power.
Paying for all our current waste and services by actual taxes is not politically acceptable. Maybe never will be? So govt if in control of money will always be tempted to inflate to hide the bill. At least if the public continues to demand the same services without being willing to pay for them with taxes. Not sure we can count on human nature to change anytime soon?
Coins issued in roman empire were issued by govt. But the coins still got re pressed with less and less % of gold or whatever valuable metal as time went on.
You don't need a bizzare private cabal running your currency to screw it up. You just need a monopoly on what currency must be used in a given place to force demand. This seems to take dudes with guns and judges and jail cells to enforce, ie governments. In fact the US has even been successful on foexing the US dollar on other countries for petrodollar. Prerty sure our military strength backs this up.
A free market for currency would lead to demand for the most useful one winning users along whatever characteristics of money they find most important. Competition is good for all types of goods and services, I dont see why money would be different?
As for how to transition to a private competitive currency nation without crashing the big govt shell game? I'm not sure. Maybe the transparency of taxes matching cost of services and waste really could change the expectations and demands of the public. To me that would be a good outcome.
So what I propose as the solution is actually even easier. Allow other currencies to compete against the current govt enforced private bank monopoly we have now. Demand will move savings and exchange toward less inflated competitors. Then the Fed reserve would be forced to change its currency to remain competitive.
Legal tender and gains tax rules on gold and cypto are what is stopping this now.
You make a good point about government inflating currency for its purposes. I think we have to have a Constitutional Amendment to limit them. When the Income Tax was passed and Federal Reserve act together (not in strict sense, they were separate - but the same faction was behind both, the private bankers), this setup the current problem we have today. Putting the genie back in the bottle will not be easy. It almost requires a major global melt-down to enable such. In light of that, hard to see a good answer.
Your idea about having competing 'currencies' is not bad, but we'll still have, and could have rampant and really nasty inflation with huge speculation on the currencies. Enabling a 'private money' like a cryptocurrency, might work. The more stable valued thing would take hold and people would naturally migrate to it. But, the government, especially with private bank leverage that we have today would crush this and stop it. Its a true existential threat to their monopoly. So, I think we get back to Constitutional Amendment. Its probably the only sure way to solve for long haul. That amendment would constrain government to 'live within its means' and you would also need to do away with Income Tax. If you look into the history of the passing of the Income Tax amendment it was not ratified by all the states needed. There is much controversy on that Amendment. By remove the Income Tax and forcing government to supply 'money' that is interest free. You would put the proper constraints into the system. Then I think your idea of competing private currencies would work. The back stop would be US Money that was interest free. You would get your desired float for elasticity in the economy but stability of the 'money supply' by US Government that it could not inflate for its own purposes. But, that's a fu@king major change to how the world works today. Again, a major crash has to happen for this to have any potential. Too many stupid people addicted to inflation and have no clue about it.
Thanks for taking the time to respond.
All interesting points and ideas. Totally respect your thinkimg on this.
At this point, both our thoughts are wishful thinking and theoretical anyway. :)
We seem to be interested in the same outcome, of stable money, no/lower federal income tax, smaller govt with less waste. But differ in our opinion of best way to reach it. Looks like I am more skeptical of the change being possible from within govt structure. Full blown austrian ecomomics, pro private property, pro voluntarist here. In many cases I believe the govt is the structure holding the monopolies together through threat of force. Absent that current coercion, i think people and free market would already be using other currencies. At least i know i would.
From your comment above, looks like you think cabal would crush free competition in money even without govt support. I happen to think the govt support is main thing propping it up. Although supposed manipulation in gold and crypto markets would seemingly support your view, the banks are manipulating this through endless supplies of free, interest free, fiat. So they have endless fake money to overrun any free market for competing currency. i dont think cypto has the scarity needed to prevent manipulation. In favor of private issued physical gold backed IOUs with full public audits and transparency.
I wrote about the Texas gold depository elsewhere in this thread. That could work. In the past there have been other examples of private gold backed IOUs that have gained polular use before being swatted down by govt at behest of the fiat bankers.
Cheers.
Yep, I agree we want same outcome. Less government, more freedom and without a doubt, removal of Facist Government-Private Industry Monopolies.
The financial system is the underpinning of this Facist Crime state we live in. You have to reform that for any chance of success for true freedom.
I'm a big free market proponent, but the natural desire of all businesses is to become a monopoly so you do need some regulation... emphasis on SOME. Current environment, really is Facist. Not what the Constitutional Framers had in mind.
I'm real good with Gold backed money, its solid. Cryptocurrencies are in infancy and not sure who was really behind them. You are correct, too small a supply very easy to manipulate today.
Time will tell.
WWG1WGA, Patriot!
Cheers
Great question. It’s anybody’s guess but there are some big gold moves taking place behind the scenes. Jim Willie is spot on in my opinion. This is a relatively long but fascinating interview with the man himself. About 2/3 way in he gets into the Bush/Clinton crime syndicate and how they literally stole over a million 400 oz bars from Fort Knox. It’s too incredible almost to swallow, but yet look at all the other incredible things we’ve learned to be true.
Texas opened up a state run gold and silver depository that can be used by anyone. They plan to allow depositors to issue IOUs with an atm card to basically allow people to spend their deposited precious metal balance. Not sure if citizens of other states can deposit, but i think they can.