NoRuler.net

No Government, No Force

Homeland Security calls Competing Currency an “Emerging Threat”

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:
On the Founders

and on TheFed

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”!

share save 120 16 Homeland Security calls Competing Currency an Emerging Threat
Share
  • I completely agree, it’s not counterfeiting.

    BUT the Constitution handing GOVERNment total control of “money”, which established a Treasury to tend to “money” and which power Congress handed over to TheFed in 1913. Being Congress’ partner-in-crime, we the people are stuck with that whole mess. Congress will never change it, as we’ve seen the efforts of Ron Paul, and surely numberous others over the past century, duly ignored.

    Further, TheFed’s 100-year charter in 2013 went past what must be it’s renewal date, but I just ran a google search which brought only one return. There were ZERO ‘news’ articles!

    and only one return of value appeared there–
    “Re: Will the Federal Reserve 100 year charter be renewed?
    The McFadden Act of 1927 gives the Federal Reserve 20 year perpetual charters. In short, every 20 years the FED gets a new charter by default. If you want to end the FED, you have to have Congress vote to repeal the McFadden Act, and then you can revoke their next 20 year charter.”

    Thus WE are stuck with only a Constitutional Amendment seeming the only change of fixing this. The odds of being struck by lightning are far better!

  • James

    A competing currency is ,in my opinion , not counterfeiting. If you have a currency of your own , you use in a bartering system within your community , you need a means of proving it up. Print or coin a hundred thousand dollars , then you need that much in silver and gold to prove it up. That is not counterfeiting. That is competition that the fed can’t allow. That is a money that the fed can’t tax as long as you don’t cross state jurisdictions. Too bad the fed doesn’t do the same thing. This printing of paper willy nilly only shows how stupid our elected officials have become.

    • I completely agree, it’s not counterfeiting. BUT the Constitution handing GOVERNment total control of “money”, which established a Treasury to tend to “money” and which power Congress handed over to TheFed in 1913. Being Congress’ partner-in-crime, we the people are stuck with that whole mess. Congress will never change it, as we’ve seen the efforts of Ron Paul, and surely numberous others over the past century, duly ignored. Further, TheFed’s 100-year charter in 2013 went past what must be it’s renewal date, but I just ran a google search which brought only one return. There were ZERO ‘news’ articles! and only one return of value appeared there– “Re: Will the Federal Reserve 100 year charter be renewed? The McFadden Act of 1927 gives the Federal Reserve 20 year perpetual charters. In short, every 20 years the FED gets a new charter by default. If you want to end the FED, you have to have Congress vote to repeal the McFadden Act, and then you can revoke their next 20 year charter.” Thus WE are stuck with only a Constitutional Amendment seeming the only change of fixing this. The odds of being struck by lightning are far better!

NoRuler.net © 2017 Sharing and Reposting are welcome; we expect due credit to Author and NoRuler.net Frontier Theme