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Why do people who say they love the constitution have no problem with fiat money?

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SilentXtarian posted on Sat, Dec 5 2009 12:14 AM



Section 10. No state shall enter into any treaty, alliance, or confederation; grant letters of marque and reprisal; coin money; emit bills of credit; make anything 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.


http://www.law.cornell.edu/constitution/constitution.articlei.html

States cannot use paper money to pay off debt or emit bills of credit.  Therefore their current transactions are all illegal.  Our nations money was meant to based off of gold, silver, and copper.  It wasn't mean to be this inflationary.  Our founding fathers saw the problem with perpetual debt.  Every state uses paper money now to pay off their debt as opposed to using metal currencies.  Their whole operations are illegitimate.  

The coinage act of 1792- which is still authorized- permits only gold, silver and copper to be used as money.  Nothing else can be used in financial transactions (http://www.constitution.org/uslaw/coinage1792.txt).  So the actions of the fed are illegitimate.  So not only is the system of money that states are using is illegal... but also we're not supposed to have paper money based on nothing as our national currency anyways.  It's unconstitutional and illegal.

I don't see why people who claim to love the constitution can be okay with fiat currency and what's going on today.  The nation was meant to have gold and silver as its national currency.  So... I don't know how the whole constitutional argument got overlooked.

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Saan2 replied on Sun, Dec 6 2009 11:23 AM

Wanderer:

Congress was supposta do this directly, without a central bank acting as a middleman.

No, congress was supposed to say that if you stamp $20 dollars on your coin, it has to weight x amount.  That is all.  Anyone can mint coins, congress says what a dollar is worth and that is the end of it.  States can also issue their own currencies according to that act.  Those currencies need only be gold and silver.  The denomination only serves to make arithmetic easier.

I think the whole constitution is illegal though.  I'm just saying if you follow it that is what it says.

 

I am Saan

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"Section 10. No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit...."

 

so is the act you speak of counter to this section??

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Sage replied on Sun, Dec 6 2009 8:53 PM

SilentXtarian:
I don't see why people who claim to love the constitution can be okay with fiat currency and what's going on today.

They're just being consistent: they love one piece of paper (the constitution) and they also love other pieces of paper (fiat money).

AnalyticalAnarchism.net - The Positive Political Economy of Anarchism

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the constitution is online now too.

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