Paper Bad / Metal good
Date: Sunday, January 29 2006
Paper Bad - Metal Good
Edgar J. Steele
"There is a large class of people who believe that paper can be, and ought to be, made into money without any promise or hope of redemption; that a note should be printed: 'This is a dollar,' and be made a legal tender. I regard this as a mild form of lunacy, and have no disposition to debate with men who indulge in such delusions, which have prevailed to some extent, at different times, in all countries, but whose life has been brief, and which have shared the fate of other popular delusions. The Supreme Court only maintained the constitutionality of the legal tender promise to pay a dollar by a divided court, and on the ground that it was issued in the nature of a forced loan, to be redeemed upon the payment of a real dollar; that is, so many grains of silver or gold. I therefore dismiss such wild theories, and speak only to those who are willing to assume, as an axiom, that gold and silver or coined money, have been proven by all human experience to be the best possible standards of value, and that paper money is simply a promise to pay such coined money, and should be made and kept equal to coined money, by being convertible on demand."
--- Secretary of Treasury John Sherman, 1877.
(Thirty-seven years later, President Woodrow Wilson sold his soul to international banking by helping to establish the Federal Reserve System. Since that day in 1913, the purchasing power of the American dollar has been eroded from 100 cents to precisely 2 of those 1913 cents. The missing 98 cents went into the pockets of those same international bankers, mostly foreigners, all of whom still own and run the US Federal Reserve System.)
Today's missive began as a rant and hit piece on George W. Bush and, particularly, his latest Supreme Court appointee, Judge Alito. As I outlined my list of talking points, it began to rival the laundry list contained within "It Wasn't Arabs." Besides, every time I begin to write about Bush lately, I become nearly apoplectic. Today was no exception, so I took a break before having to call 911 for a defibrillator. Perhaps I should take a Valium before I finish the Bush rant that I started today. In fact, some wags have suggested that I be medicated nonstop. Sigh. Perhaps they are correct. Please increase my thorazine drip, nurse, as I am beginning to see things all too clearly. During the break, I began writing what was to be merely a footnote today in response to an email received from a list member, following up on the investment advice contained within "Peak Silver" and "Whirly Ben, the Globo and the Great American Gold Grab" That footnote quickly evolved into this column-length piece, well beyond even my preferred rant length. Lots of other people are doing a pretty good job of cutting up the Alito appointment this week, but I reserve the right yet to do so, myself. Here's a preview:
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[Proofreader's note: this article was edited for spelling and typos on January 30, 2006]