PostHeaderIcon Proposed Constitutional Amendment #8

(As promised (threatened?) in a previous article, I intend to submit a number of proposed amendments to our Constitution that, in my own judgment, would help restore a Constitutional Republic in our nation. Some of these are my own, some are based on Mark Levin’s The Liberty Amendments and some have been suggested by others).

The Honest Currency Amendment

Immediately following ratification of this amendment, the unconstitutional banking enterprise known as The Federal Reserve System will be eliminated and no such future enterprise will be allowed under this Constitution.

The issuance of paper currency and coinage will be controlled solely by the Congress of the United States using a formula, of their own creation, which will limit increases in the total amount of paper currency and coinage to such amount as is indicated by the growth of the Gross National Product (GNP) of the United States. All such paper currency and coinage shall be backed by, and redeemable in, precious metals, and the total amount of paper currency and coinage in circulation at any given time will not exceed the value of the precious metals held in reserve by the Government of the United States.

Within one year following ratification of this amendment, the Congress of the United States shall commission a full public accounting of the activities of the late The Federal Reserve System and shall demand a refund of any and all treasure wrongfully taken and/or disbursed from the treasury of the United States for any private or personal gain by those attached to the late The Federal Reserve System. All participants in the wrongful taking or disbursement of the treasure of the United States, who are still living, will then be processed through the criminal justice system as appropriate.

The rates of interest charged on debt in the United States shall be determined by the free marketplace.

Since its inception in 1913, the The Federal Reserve System (FED) has operated for the profit of foreign and domestic bankers and other members of what amounts to a “financial cartel” and to the detriment of the people of the United States and to its government. During this time, the value of the United States dollar and been decreased by something between 95 and 97% of its value at the inception of the FED. In other words, between 95 and 97% of the private wealth of the people of the United States has been, for all intents and purposes, stolen. The FED has been a criminal enterprise by any means by which such can be judged. Elimination of the FED and its machinations will hasten the return of a true free-market system in the United States for the benefit of all of its citizens.

Returning the nation to a precious metals based currency will end the evil system by which fiat money is created, based on ever increasing debt, and of benefit only to the banking system which, by this very process, has become evil in nature and practice.

Please offer constructive comments as you see fit.

Troy L Robinson

7 Responses to “Proposed Constitutional Amendment #8”

  • Troy says:

    I will make the first negative comment on this proposed amendment. By all evidence, the precious metals reserves of the United States have been exhausted. Ergo, ratification of this amendment could only result in some manner of chaos once the government is forced to let the American people know how truly and totally they have been robbed.

    Troy

    • ◄Dave► says:

      Saint J9 !!! What an unexpected surprise and pleasure! It is so good to see that he hasn’t worn you down completely, quite yet. How have you been? I still appreciate and am grateful for all that you do, to keep the old man somewhat tolerable most of the time. :)

      That is a disappointing development with bitcoin. I wouldn’t give them the time of day; but I guess they aren’t anxious to move overseas to get away from the bastards. Personally, I’d do it in a heartbeat. A nice tropical island with good internet service would suit me just fine, if I had their gig. It is amusing to see the Feds freaking out over the possibility of losing control of international currency flows. I haven’t gotten on the bandwagon yet, as I have no interest in the speculative trading; but I am intrigued with the possibilities of the concept once their value stabilizes and somewhat tracks gold, so I am watching developments with interest. :) ◄Dave►

  • GDP is a statistic that should be just thrown out entirely. The people who use it generally either have little idea what it actually is, or do know, and use it to manipulate those who don’t.

    GDP = private consumption + gross investment + government spending + (exports − imports)

    My main fault with it is that government spending is tallied on the plus side of GDP. This means that if the government spends more money they don’t have, GDP goes up, and they pat themselves on the back for improving the economy. Same goes for consumption. If they convince people to live beyond their means (the stupid stimulus ideas of the last decade), then GDP goes up. When you start tying the printing of new money to GDP, you basically say that the more they spend, the more they can borrow.

  • Sorry, for relevance, I see GDP and jobs numbers as being the primary ways the Fed decides how to adjust interest rates and money supply. I hardly think the Treasury even does anything anymore. I’m not really certain that moving to GNP solves things though, since it doesn’t seem much more relevant to how much coinage is in existence, especially if we continue to allow paper currency. At least making coins out of something like nickel makes them actually worth something in a way that the government can’t easily take away.

    The difficulty at this point, is that if we moved to something non-fiat, we would be the only ones in the world, and without the economy to sustain it. I think we would see a massive resource drain as everyone in the world gave us their paper in exchange for our currency. This is pretty much what was happening as Nixon took us off the last remnants of such a system. There are only so many magic tricks we can do with money to make it seem like we have some. If we want to fix things we need to get out of the way of those businesses which make sustainable goods.

    • Troy says:

      Steel,
      You seem to imply that our GDP goes up in sync with government spending, stimulus, etc. I do not believe this has been the case. The Obamanation has raised government by at least 1/3 while our GDP has been anemic at best. Besides, most of the trillions of fiat money printed in recent years by the FED has yet to enter circulation.

      You may well be correct that other nations would flock to an American dollar backed by precious metals. I am not smart enough to know whether this would be good or bad but I suspect it would make the exchange value of our dollar soar. I further suspect that the out-of-balance situation thus created would cause other countries to also back their currencies with precious metals lest they lose all their value.

      BTW, please note that I did not suggest adding precious metals to our coinage — merely to make them redeemable in precious metals, something most people would not do because they need the legal-tender status of the coins an paper money to finance day-to-day living.

      Troy

  • Chris says:

    I don’t think it’s possible to return to a precious metals base currency given the global currency situation. What we do have to do is insure a stable value for the currency. I wrote a comment to a topic in a forum on Tspeak that may lend to the discussion a bit.

    Since money is the vehicle of barter for commodities or physical assets it has to be treated as a commodity or asset. All assets and or commodities are finite therefore the money available to barter for those assets has to be finite and ideally equal to the sum total of all commodities and assets. That’s not to say that the money supply should not expand. As assets are created thru labor or “wealth is created” monetary supply should increase to facilitate the barter of those new assets thus keeping a balance and stable prices. Without such expansion the money supply would dry up and cause price deflation. What the federal reserve does is exactly the opposite. In times of slow asset growth and commodity production they increase the supply of money thinking that it will force the growth of assets and commodities. When that doesn’t occur it causes price inflation because the money supply becomes too large to be supported by the underlying assets. When that happens they feel obligated to retract the money supply in the name of “price stability” using interest as the vehicle. Three cheers for them as they reign in the money supply and curb the inflation that they created with “value added” dollars effectively getting their piece of whatever productivity did occur during the slow time.

    We are beyond the days of commodity backed money. I don’t think we could ever go back BUT our current system of fiat currency is so wrought with thieves on the grandest scale imaginable that the only solution is to turn back Jekyl Island around the globe. Currency regulation must be returned to the people that are held responsible for backing their currency.

    I’m no economist and don’t claim to know how such calculations would be made, but an “asset backed” dollar seems like the only logical move forward.

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