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How To Save Our Economy - Take A Vacation =D

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May 16, 2009 – Comments (12)

I'm off for vacation for a few weeks, so this might be my last post until later this summer. In the meantime, I appreciate all the support I've received here. I really am very grateful. For my intellectual opponents, please know that I do enjoy your company as well. If we were sitting around in a bar, talking politics, sports, and economics, I'd rather talk to people who don't agree with me than those who do. It's way more entertaining. So believe me it was never ever personal, even if it appeared so. We deprecate each other from time to time, but so did G.K. Chesterton and George Bernard Shaw and they remained friends for many years:

On another occasion he remarked to his friend George Bernard Shaw, 'To look at you, anyone would think there was a famine in England.' Shaw retorted, 'To look at you, anyone would think you caused it." - pulled from Wikipedia

I leave you guys with a gem from Rothbard:

"To save our economy from destruction and from the eventual holocaust of run away inflation, we the people must take the money-supply function back from the government. Money is far too important to be left in the hands of bankers and of Establishment economists and financiers. To accomplish this goal, money must be returned to the market economy, with all monetary functions performed within the structure of the rights of private property and of the free-market economy.

It might be thought that the mix of government and money is too far gone, too pervasive in the economic system, too inextricably bound up in the economy, to be eliminated without economic destruction. Conservatives are accustomed to denouncing the "terrible simplifiers" who wreck everything by imposing simplistic and unworkable schemes. Our major problem, however, is precisely the opposite: mystification by the ruling elite of technocrats and intellectuals, who, whenever some public spokesman arises to call for large-scale tax cuts or deregulation, intone sarcastically about the dimwit masses who "seek simple solutions for complex problems." Well, in most cases, the solutions are indeed clear-cut and simple, but are deliberately obfuscated by people whom we might call "terrible complicators." In truth, taking back our money would be relatively simple and straightforward, much less difficult than the daunting task of denationalizing and decommunizing the Communist countries of Eastern Europe and the former Soviet Union.

Our goal may be summed up simply as the privatization of our monetary system, the separation of government from money and banking. The central means to accomplish this task is also straightforward: the abolition, the liquidation of the Federal Reserve System – the abolition of central banking. How could the Federal Reserve System possibly be abolished? Elementary: simply repeal its federal charter, the Federal Reserve Act of 1913. Moreover, Federal Reserve obligations (its notes and deposits) were originally redeemable in gold on demand. Since Franklin Roosevelt's monstrous actions in 1933, "dollars" issued by the Federal Reserve, and deposits by the Fed and its member banks, have no longer been redeemable in gold. Bank deposits are redeemable in Federal Reserve Notes, while Federal Reserve Notes are redeemable in nothing, or alternatively in other Federal Reserve Notes. Yet, these Notes are our money, our monetary "standard," and all creditors are obliged to accept payment in these fiat notes, no matter how depreciated they might be.

In addition to cancelling the redemption of dollars into gold, Roosevelt in 1933 committed another criminal act: literally confiscating all gold and bullion held by Americans, exchanging them for arbitrarily valued "dollars." It is curious that, even though the Fed and the government establishment continually proclaim the obsolescence and worthlessness of gold as a monetary metal, the Fed (as well as all other central banks) clings to its gold for dear life. Our confiscated gold is still owned by the Federal Reserve, which keeps it on deposit with the Treasury at Fort Knox and other gold depositaries. Indeed, from 1933 until the 1970s, it continued to be illegal for any Americans to own monetary gold of any kind, whether coin or bullion or even in safe deposit boxes at home or abroad. All these measures, supposedly drafted for the Depression emergency, have continued as part of the great heritage of the New Deal ever since. For four decades, any gold flowing into private American hands had to be deposited in the banks, which in turn had to deposit it at the Fed. Gold for "legitimate" non-monetary purposes, such as dental fillings, industrial drills, or jewelry, was carefully rationed for such purposes by the Treasury Department.

Fortunately, due to the heroic efforts of Congressman Ron Paul it is now legal for Americans to own gold, whether coin or bullion. But the ill-gotten gold confiscated and sequestered by the Fed remains in Federal Reserve hands. How to get the gold out from the Fed? How privatize the Fed's stock of gold?

Full Article

For those curious, I'll be "campaigning" throughout America: Sacramento, Napa Valley, San Diego, Chicago, DC, and NY.  I'll say hi to Pelosi for you while I'm in the Capital =D

David in Qatar

12 Comments – Post Your Own

#1) On May 16, 2009 at 9:08 AM, devoish (97.60) wrote:

I was under the impression that Franklin Roosevelt exchanged "dollars" for gold because gold failed as a medium of exchange when it was hoarded during the depression. Dollars were still backed and redeemable for Fort Knox gold outside the USA and gold was used to balance accounts between Nations.

I was also under the impression that it was Nixon in 1971 that broke the link between the price of gold and dollars.

Have a nice vacation. Believe me, I won't miss this Austrian foolishness. :->

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#2) On May 16, 2009 at 9:17 AM, whereaminow (30.29) wrote:

Ah yes, that foolishness that is always right. How silly of us!  Being right all the time really is boring.

You have obviously been misled, as usual.

America's Great Depression (pdf)

The Great Gold Robbery of 1933

The Losing Battle to Fix Gold at $35, Part One

The Losing Battle to Fix Gold at $35, Part Two

Oh that silliness!  Look at all the silly truth staring you in the face. How crazy!!!!?

Nixon closed the gold window. That was the final break. The break was put in motion many years before.

As far as the charge of hoarding, if you believe that, well, to borrow from Tom Woods, you're hopeless with an exponent beside it.

David in Qatar

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#3) On May 16, 2009 at 9:39 AM, MikeMark (29.47) wrote:

Hi David,

Hope you have a great trip. May it be as eventful as you hope. Wave if you fly over Wyoming.

Just a thought: hoarding is the charge that governments always seem to lay against those who recognize a need to save for the future. There is no hoarding. There is only more savings or less.

-mikemark

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#4) On May 16, 2009 at 9:46 AM, 100ozRound (29.42) wrote:

Let me know if you need help finding something to do while your in San Diego!

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#5) On May 16, 2009 at 9:52 AM, alstry (35.88) wrote:

And you didn't send an invitation to the Institute???....we love to throw parties.

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#6) On May 16, 2009 at 10:53 AM, whereaminow (30.29) wrote:

MikeMark,

Thanks! Will definitely give you a wave on the flyover. Never been to Wyoming but I bet it's awesome. 

Btw, Hans Herman-Hoppe has done some great work on hoarding theory recently - or should we say "saving theory." It's no match for devoish's rigorous economic analysis, but it's pretty good.

100ozRound,

If you live in San Diego, I am definitely jealous. I love that city. I was stationed there for a while at Miramar (we actually were among the last units to leave El Toro - another great place - and move that way).  Anyway, as soon as I left the service I made it my goal to retire there.  Now I'm torn b/t SD and Cape Town, but either one would be nice. 

alstry,

Where do I send the invitation?  And should I address it to the Dean of Alstrynomics?

And finally, my man devoish, I have an offer for you.  How would you like a government job?  I can make that happen ya know. I wouldn't want you to miss out on your life long calling of serving the State.  If you are currenly enslaved by a capitalist pig exploiter as we speak, let me know, and I can have the chains removed. I'm serious. Blood is thicker than water. You'd be surprised how many of my compadres work in the DOJ, DOS, DOD, etc.  I love em like brothers and sisters, but I don't want to trade places. Maybe you do? I can arrange it.

David in Qatar

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#7) On May 16, 2009 at 10:59 AM, whereaminow (30.29) wrote:

Ah, one more thing. I'm also on Facebook if any of you want to keep in touch. Look up David in Ad Dawhah, Qatar.  Shoot me a friend request with your TMF screen name in the message so I know who you are.  Enemies are welcome too :)  I'm one of the last people I know to get on this stupid thing, but I have to admit it's pretty damn cool.

David in Qatar

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#8) On May 16, 2009 at 12:03 PM, whereaminow (30.29) wrote:

This is fun

David in Qatar

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#9) On May 17, 2009 at 5:55 AM, ralphmachio (26.34) wrote:

the government confiscated the people's gold as a more direct form of government theft than is par for the course, I fail to see how, in any way, that is a reflection on gold's value as currency! Hmm... Why do people want gold now? to protect themselves from a fate that those who don't know better are doomed to suffer. why did they want it then? Same reason. Why did the government steal the gold? They don't like the little guy profiting off their scheme. It's about stealing your money, that's all folks! 

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#10) On May 17, 2009 at 8:36 PM, DaretothREdux (41.21) wrote:

David,

I was looking for you on Facebook...but there are way too many David's even in Qatar. I searched specifically for "David in Ad Dawhah, Qatar" and it returned no results.

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#11) On May 18, 2009 at 4:41 AM, whereaminow (30.29) wrote:

Well I could be retarded, so email me and we'll hook it up.

David in Qatar

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#12) On May 18, 2009 at 6:30 AM, LawfordCap (99.85) wrote:

Hope you have a really  great vacation.

Luke

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