Coinage Act of 1792

Presented by http://www.RunToGold.com

Lew Rockwell interviews Ron Paul and they discuss Section 19 of the Coinage Act of 1792 which provides the death penalty for counterfeiting.

Category:

News & Politics

Tags:

• ron paul
• lew rockwell
• federal reserve
• coinage act of 1792

[Earlykhyler]

The coinage act has never been repealed.

[jeruon]

There is a key difference between the first 50 years of the Federal Reserves existance and the last 50. We used to be the largest creditor nation in the world, now we are the largest debtor nation. What do you think is going to happen when foreign nations no longer have faith in the value of their deflating dollar investments? The only possible outcome is the collapse of the value of the US dollar, which foreigners own trillions of.

You state the Fed system is one of the best there is. Why?

[18bcarlson]

While I will agree with you on some of the things you said, I really doubt that the Federal Reserve and/or banking system will completely collapse. The Federal Reserve system has survived close to a hundred years. While the this system is far from prefect, it is probably one of the best there is. The only way that I can see the Federal Reserve failing completely is if the US Government fails.

[jeruon]

You are correct about a gold standard artificially inflating the price of gold, but that is only if government force dictated the use of gold as a currency. If the government allowed the individual to use whatever currency one wished, only then would the true market price of gold be attainable. That price would still be much higher than it is now because the government is currently dictating that paper be used as money, which makes no sense at all. That system is on the brink of collapse though.

[jeruon]

The markets don't fail. They are only voluntary transactions between individuals. Institutional management/deformation of markets fail. When money is created, just like it was created by private banks before the federal reserve, an unsustainable expansion in the money supply will result. The difference now is that our central bank can legally continue to increase the money supply through counterfeiting to try to stave off the inevitable bust. They will fail. Economic efficiency dictates it.

[finefilth]

Quote of the Day: "We make money the old fashioned way. We print it." -- Art Rolnick, former Chief Economist, Minneapolis Federal Reserve Bank

[finefilth]

Across the globe, people are waking up to the fact that they are being impoverished to pay fictional debts gamed up using imaginary money."

[TruthAxe]

The money system could go on a 100% plutonium standard with the same effect as a "gold standard"

Fractional Reserve Banking remains as the problem.

As long as banks can credit the account of someone else without first having that full sum themselves when renting cash (lending), the amount of credit money in circulation grows faster than products made.

This results in prices rising as new money bids on the fixed amount of products.

The problem is Fractional Reserve Banking.

[finefilth]

What a joyous time they were having @ :45 seconds

[18bcarlson]

By going on a %100 gold standard standard would actually artificially inflate the price of gold. Which sounds alot to me like what the Federal Reserve already does. As history has shown, that markets fail. For centuries people have tried to find something that will survive this cycle. Even with a gold standard, one will still have a market failure. Its not the actual object that fails but rather human perception of that object.