Free Capitalist Network - Community Archive
Mises Community Archive
An online community for fans of Austrian economics and libertarianism, featuring forums, user blogs, and more.

Executive Order 11,110?

rated by 0 users
This post has 8 Replies | 7 Followers

Top 500 Contributor
Posts 157
Points 2,710
Luis Buenaventura Posted: Thu, Jan 1 2009 3:26 PM

I read on Wikipedia that Kennedy used the executive order power of the President ( ) to fight against the FEDs monopoly on printing money-hence the, as the conspiracy theorists say, FED assassinated him. Any comments?

  • | Post Points: 65
Top 75 Contributor
Posts 1,511
Points 31,955

One the more far-out and irrational conspiracy theories that rests on a single extremly flimsey piece of evidence that falls to pieces the minute its put into perspective. The Fed has a lot more to loose by doing so than it has to gain, the executive order doesn't even attack the fed per se and without a strong anti-Fed ideology behind it wouldn't even strongly effect the Fed's power. This conspiracy theory is definatly guilty of constructing the evidence as it sees fit.

Abstract liberty, like other mere abstractions, is not to be found.

          - Edmund Burke

  • | Post Points: 20
Top 50 Contributor
Posts 2,209
Points 35,645
Merlin replied on Wed, Nov 18 2009 6:13 AM

Luis Buenaventura:

I read on Wikipedia that Kennedy used the executive order power of the President ( ) to fight against the FEDs monopoly on printing money-hence the, as the conspiracy theorists say, FED assassinated him. Any comments?

I can't say (and don't want to know) why JFK was shot. But him fightin inflation?! Come on!

One must understand that, at the time, the US was still suposedly on a gold standard, strictly speaking on a gold exchnage standard, which required the redemption of dollars held by foreign central banks with gold. The ideal would have been an entirely fiat currency regime. And as JFK was very eager to spend his way into everything, he realy thought hard about overcoming the last remnants of the gold standard, without paying much in international prestige. Perhaps than, the order was a step aimed to slowly start redeeming dollars for silver, and not gold, since silver was (and still is) way cheaper. I suspect hat once gold redeemabilyty would have been replaced with silver redeembility, going enirely fiat would have been easier. Time proved that just doing away with redeemability righ away was sufficient a decade later.

So, no one would have gained anything from the EO, and the president wasn't acting against the Fed, rather in concert with it.

The Regression theorem is a memetic equivalent of the Theory of Evolution. To say that the former precludes the free emergence of fiat currencies makes no more sense that to hold that the latter precludes the natural emergence of multicellular organisms.
  • | Post Points: 20
Top 200 Contributor
Posts 414
Points 5,255
Saan replied on Wed, Nov 18 2009 11:38 AM

I heard of this a while ago.  I don't think this was his death warrant Wink

 Criminals, there ought to be a law.

Criminals there ought to be a whole lot more.   Bon Scott.


  • | Post Points: 20
Not Ranked
Posts 18
Points 290

What is that "single extremly flimsey piece of evidence," laminustacitus?

Read "JFK vs. the Fed." It makes sense to me.

  • | Post Points: 5
Not Ranked
Posts 18
Points 290

Money explains every war, Saan.

  • | Post Points: 5
Top 75 Contributor
Posts 1,133
Points 20,435
Jargon replied on Mon, Jan 2 2012 10:21 PM

As an aside: how did the currency work before nixon took us off the gold standard? I don't really understand how central banks work with gold standard, or how there is inflation whilst still on gold?

Land & Liberty

The Anarch is to the Anarchist what the Monarch is to the Monarchist. -Ernst Jünger

  • | Post Points: 20
Top 10 Contributor
Posts 6,953
Points 118,135
Top 100 Contributor
Posts 814
Points 16,290

JFK could've dissolved the Fed via an executive order if he wanted to. This conspiracy theory is almost as baseless as the theory that JWB was a Rothschild Agent.

Anyway, a central bank with a gold standard doesn't work because the central bank prints more certificates than it has gold. Basically, the central holds the gold and regulates the reserve ratio for all commercial banks if I'm not mistaken.

Congress can devalue it at any time as they did several times during WWI, and as FDR later did.

If you have a government, then the only desirable gold standard would be for the government to just collect its revenues in actual gold by weight (but a minimal amount), store it in/disperse it out of a common treasury, and for the States to make embezzlement illegal. Gary North writes about the gold standard under a central bank in "Counterfeit Gold Standards".

It's interesting to note that Jefferson destroyed the last remnants of the FBUS phony silver standard (which was started by Washington) just as Nixon did with the Fed's fake gold standard (which was started by Wilson and kept getting devalued).

  • | Post Points: 5
Page 1 of 1 (9 items) | RSS