Constitutional Currency?

Discussion in 'Economy' started by JBeukema, Nov 8, 2010.

?

Constitutional Currency?

  1. Yea

    80.0%
  2. Nay

    0 vote(s)
    0.0%
  3. I don't even know what fiat is

    20.0%
  1. JBeukema
    Offline

    JBeukema BANNED

    Joined:
    Apr 23, 2009
    Messages:
    25,613
    Thanks Received:
    1,703
    Trophy Points:
    0
    Location:
    everywhere and nowhere
    Ratings:
    +1,705
    Should we end the unconstitutional fiat system and reinstate the constitutional money system?
     
  2. konradv
    Offline

    konradv Gold Member

    Joined:
    Mar 23, 2010
    Messages:
    22,558
    Thanks Received:
    2,558
    Trophy Points:
    280
    Location:
    Baltimore
    Ratings:
    +5,672
    What does 'constitutional' have to do with it? Whichever leads to a more robust economy. The 'Big C' Constitutional question must be moot or the USSC would have ruled. It seems to me that the contraction in the monetary system that would occur should fiat money be abolished, would also lead to a contraction in the economy.
     
  3. Baruch Menachem
    Offline

    Baruch Menachem '

    Joined:
    Sep 12, 2008
    Messages:
    14,204
    Thanks Received:
    3,235
    Trophy Points:
    185
    Ratings:
    +3,305
    You read the text, congress reserves to itself the right to define and coin money. In the 1790's we used the spanish dollar as the basis for the US dollar. Same weight, same proportion of silver. Congress sets the standards, but the standard can be anything.

    Gold and Silver are no more "constitutional" than Cowrie shells, gourds, or giant rocks.

    What makes money, money in a particular place is the government mandates payment of taxes in this particular form. This means the people are obliged to have it, and there is one place you can always use it. The form is irrelevant.
     
  4. Big Black Dog
    Offline

    Big Black Dog Gold Member Supporting Member

    Joined:
    May 20, 2009
    Messages:
    22,912
    Thanks Received:
    5,108
    Trophy Points:
    260
    Ratings:
    +5,714
    I had some money one time but I got married. Now, it doesn't matter what it's called. I don't usually have much of it.
     

Share This Page