by Bill Sardi
Stop debasing our money. This is a trick that has been played upon the masses for centuries now. Mining interests in Arizona, however, want to push on the American populace a flimsy copper-zinc-manganese-nickel Susan B Anthony dollar-coin, actually only worth a few pennies, and Congress is listening if for no other reason than political donations. You can read the USA Today story here.
The false argument is that coins last virtually forever while paper money lasts on average 42 months and the cost savings are estimated at $5.6 billion over 30 years. This would trim $186 million a year off the annual Federal debt of $1.5 trillion (or 1/100th of 1% of the national debt). Here is real cost cutting at work my friend! The Joint Committee on Deficit Reduction will hear arguments for greater use of this pseudo-coin in an effort to reduce the national debt.
So it’s a war between lobbyists for ink and paper versus the miners. Special interests have formed two camps, Americans For George (headed up by the former chief at the Bureau of Engraving & Printing) pitted against The Dollar Coin Alliance.
Of course none of these interests see anything wrong with pawning off a coin that costs 6-cents in metals as a dollar coin. Let’s just call it a nickel and be done with the debate. But when one group of counterfeiters appeals to another group of counterfeiters it probably depends upon which side has the most….(ha,ha)…uh, money. This is almost laughable.
Tell all those older women in the church I have attended who recently took a church-bus tour of the Richard Nixon library and would never ever link counterfeiting with "dirty tricks" Nixon who took the US off the gold standard in 1971 as the last semblance of hard money. Poor Richard Nixon is still robbing money from these church-going women’s banks accounts from his grave. This shows you that you can fool all of the people at least some of the time. America will wake up some day, hopefully soon.
Of course, now is the time to get wise and realize the medium of exchange we use in our daily lives had better be of limited supply or the money makers can print or coin endlessly, beyond the rate of growth in the economy, until they dilute the value of existing money and creates a temporary spending spree that will end up increasing demand for goods and services which then results in inflation (remember supply and demand you learned in school?).
Oh, when did that happen, you ask?
Well it is kind of difficult to confront someone with the obvious. Just how much has the US dollar been debased? Let’s try 1600%. That is the current value of a US minted 1-ounce silver eagle gold coin ($1600).
You: You mean to tell me that the paper dollar in my wallet should be able to buy $1600 worth of goods or services?
Me: Yes, that is right. What did you think this means? It means you’ve been fleeced by that amount.
For the nation to get back to hard money based on precious metals we all need to undergo reality therapy. We are living in la-la land. When we elect to pull our heads out of the sand we might realize we are being, well, short changed.
When monarchs in Europe debased coinage by removing silver and gold from their coins a few centuries back the serfs rebelled and the monarchs lost their heads – literally. If you want to keep being a victim of theft, then don’t report the crime and keep using the bogus money. You are an unwitting co-party to the crime.
Fortunately, for other reasons (the coins are bulky), Americans have refused to use the Susan B Anthony dollar-coins and the US Mint has over 1 billion of them stored in the closet. So government has literally coined useless money. Another billion-dollar government boondoggle. By the way, the melt-down value of those 1 billion Susan B Anthony coins is $60 million. Want to save the government money? Cut your losses and melt down the coins.
Link:
http://lewrockwell.com/sardi/sardi193.html
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