7/25/2023 0 Comments Monetary freedom definition![]() This absurdity at the basis of our monetary system must be corrected. Federal Reserve notes are not "dollars" they are notes denominated in "dollars." But what a "dollar" is, no one knows. The word "dollar," quite literally, is legally meaningless, and it has been meaningless for the past decade. In addition, IMF rules now prohibit any member country from externally defining its currency in terms of gold. The Treasury and Federal Reserve still value gold at $42.22 per ounce, but that is a mere accounting device. In 1971, the international definition of the "dollar" as 1/42 of an ounce of gold was also dropped. Since 1968, however, there has been no domestic definition of "dollar," for in that year redemption of silver certificates and delivery of silver in exchange for the notes ended, and silver coins were removed from circulation. Defining the DollarĪ second major reform needed is a legal definition of the term "dollar." The Constitution uses the word "dollar" at least twice, and it is quite clear that by it the framers meant the Spanish-milled dollar of 371 ¼ grains of silver. Freedom of contract - and the right to have such contracts enforced, not abrogated, by the government - is one of the fundamental pillars of a free society. That "emergency" has now lasted for 120 years it is time that this unconstitutional action by the Congress be repealed. The United States had no such laws until 1862, when the Congress - in violation of the Constitution - enacted them in order to ensure the acceptance of the Lincoln greenbacks, the paper notes printed by the US Treasury during the wartime emergency. Monetary freedom ends where legal-tender laws begin. Each Federal Reserve note bears the words, "This note is legal tender for all debts, public and private." The freedom to conduct business in something else - such as gold and silver coin - cannot exist so long as the government forces everyone to accept its paper notes. ![]() Not only does the Federal Reserve have a coercive monopoly in issuing "money," but every American is forced to accept it. Such laws, which have the effect of forcing creditors to accept something in payment for the debts due them that they do not wish to accept, are one of the most tyrannical devices of the present monetary authorities. One of the most important pieces of legislation that could be enacted would be the repeal of all federal legal-tender laws. Monetary Legislation Legal-Tender LawsĪs we have seen, the Constitution forbids the states to make anything but gold and silver coin a tender in payment of debt, nor does it permit the federal government to make anything a legal tender. We shall begin with monetary reforms, and conclude with a word about international cooperation and agreement. ![]() That comprehensive plan may be divided into four sections: monetary legislation, the budget, taxation, and regulation. Any attempt at restoring monetary freedom must be part of a comprehensive plan to roll back government and once again confine it within the limits of the Constitution. The growth of the American government in the late 19th and 20th centuries is reflected in its increasing presence and finally monopolization of the monetary system.
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