|Among the mistakes of the Founders was putting Government in total control of “money” by forbidding competition. Article 1, Section 8, of the Constitution provides that Congress shall have the power to “To coin Money, regulate the Value thereof… and to provide for the Punishment of counterfeiting the Securities and current Coin of the United States”.|
There are many articles on this, and it’s not exactly “new news”, The “competing currency” is BitCoin but I’ll cite this article from the JBS last November. I looked at the structure of BitCoin back when it first came out, and in my opinion we definitely must have competition in currency, but we already have unsecured (FIAT) currency, and my view is that BitCoin is also fiat. That’s little different from the unsecured fiat Federal Reserve Note, is it?
I’ve written articles on this before, here are a couple which certainly relate:
The entire point here is not so much about BitCoin or any other like that, but that our Founders gave GOVERNment total and absolute control of “money”, which began and continued with gold/silver standards even beyond the establishment of TheFed in 1913. The elimination phases began afterward until we have nothing now but the fiat Federal Reserve Note, still declared to be our “legal tender, and nothing could be more wrong nor more unconstitutional.
With privately issued currency, it could never be viable unless fully secured. That security could be precious metals, or any other “real thing” which would appears to be valuable to people. By “secured” by most any known asset or commodity, such currency would be readily exchangeable for the actual asset, end of story.
That would be the quick “End the Fed”, which could not possibly compete with Real Money. There is then no call for such as BitCoin or such, which must walk the tightrope of “the law”!