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Front Page » November 4, 2003 » Opinion » Letter to the Editor: Monetary terrorism
Published 3,820 days ago

Letter to the Editor: Monetary terrorism


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By JAMES FRANKLIN RINEHART
Price

Editor:

According to Webster's New 20th Century Unabridged Dictionary of the English Language, 1957: Inflation: An increase in the amount of currency in circulation, resulting in a relatively sharp and sudden fall in its value and rise in prices.

Suppose you are at an auction with a pre determined amount of money to bid on a certain item. Multiply your intent by many others with the same desire. Suddenly the auctioneer failed to obtain sufficient bids. In walks a fed drunk with a basket full of currency, he throws it in the air-it comes down like mana from Heaven into the hands of bidders. Would this sudden infusion of fiat currency affect the bidding? It certainly would, until the inflation bubble bursts.

Following the World War I period in Germany, it took a wheel barrow full of fiat currency to buy a loaf of bread.

The damage by inflation is not caused by merchants who raise there prices, or the working man who seeks higher wages. The crime of inflation is committed by whatever government agency increases the amount of fiat currency.

When the amount of currency is increased, the value of currency already in circulation is cheapened.

All business is conducted in what amounts to an auction. If everyone at the auction is suddenly given additional dollars, the bids for goods will rise. The fiat dollars have become less valuable while the intrinsic value of the goods remains the same. One may handle more dollars, but its units to measure wealth have been polluted.

Money and wealth are not the same. Wealth is intrinsic; money, like a yard-stick is to measure wealth. For honest measurement, money must be backed by intrinsic wealth-such as Gold and Silver. By law: making money as honest in measurement as fixed standard of weights and measures.

To stabilize our economy we must first stabilize our medium of measurement or eventually, like the Germans, we'll all need a wheel barrow.

According to section eight, paragraph five of the Constitution of the United States, Congress has the power to coin money, regulate the value thereof and fix the standard of weights and measures.

In the year 1913 congress yielded to the pressures of the Federal Reserve slickers and turned their power over to this private banking organization we have been in the boom or bust-war and peace- monetary terrorism ever since.


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