One of the many downfalls of being the United States Secretary of the Treasury is the requirement to place one’s autograph on the face of the Federal Reserve’s legal tender notes. There, on public display, is an overt record of a critical defect. A signature endorsement of a Federal Reserve note by the Treasury Secretary represents their personal ratification of unconstitutional money.
If you recall, Article I, Section 8, of the U.S. Constitution empowers Congress – not the Federal Reserve – to coin money and regulate its value. What’s more, Article I, Section 10, specifies that money be coined of gold and silver and cannot be bills of credit – such as paper legal tender notes.
As far as we can tell, paper dollars are illegal money on two counts. First, they’re issued by the Federal Reserve. Second, they’re bills of credit with no ties to gold or silver.
What gives? Isn’t the U.S. Constitution supposed to be the supreme law of the land?
Don’t be silly. Anyone with half their wits about them knows the U.S. Constitution has been reduced to a mere artifact of history. Does this bother you?
It bothers us. To be clear, we don’t take the recline and flail of the U.S. Constitution lightly. But we also can’t ignore the pervasive truth of its sad state.
Of course, the dollar has other problems besides the major technicality of being illegal. For example, its payment qualities are suspect.
Illegal Restrictions on Illegal Money
Several years ago JP Morgan Chase stopped accepting cash as payment for credit cards and mortgages. Now Visa is dangling carrots in front of merchants with hungry stomachs. Visa will upgrade a merchant’s payment system and in return the merchant will no longer accept cash payments from customers.
Aren’t these actions by JP Morgan Chase and the merchants that take up Visa on their offer also illegal? The last we checked, cash, as in paper dollars, say: This note is legal tender for all debts, public and private….
Don’t get optimistic. Most likely, congress will saw off the limb that the entire global economy is hanging from, forcing the rest of the world onto the IMF’s SDR or China’s gold-backed yuan, while the american middle class is sucked into a giant whirlpool of dollars all heading back to the black hole which used to be called the USA. You’d be hard pressed to think of more stupid way for an empire to destroy itself. But it’s only congress which is hopelessly stupid. Their puppeteers know exactly what they’re doing.
Never in human history has there been a more embarrassingly stark exhibition of incompetence and malfeasance at the highest levels of government than what we have witnessed in the past 25 years. And you can guess Washington’s solution to the problem: domestic repression and probably war, if they can still muster sufficient loyalty among their even more stupid followers.
And the real solution is so glaringly obvious and so impossibly easy. Restore the constitution as outlined above.