(no subject)

[yahvah.livejournal.com]

1) If any state makes any thing a tender in payment of debts which isn't gold and silver coin, then that state has broken the supreme law of the land vis-a-vis Article one Section ten.
2) All fifty states make federal reserve notes a tender in payment of debts.
Therefore:
3) All fifty states have broken the supreme law of the land.

Some of you want to say the U.S. constitution is irrelevant, or the interpretation of the U.S. constitution is somehow fallacious. I'd like to point you to Cornell Law School's site. Notice how there's a hyperlink in section nine for the direct taxes clause, and the link takes you to the sixteenth amendment. The U.S. went through the amendment process to invalidate an original law of the constitution, but the Federal Reserve Act merely went through Congress and then to the President's desk. The exact same thing happens with the war on drugs. We amend the constitution to prohibit alcohol, but we don't amend the constitution to prohibit a less harmful drug like marijuana.

Where's the irrefutable logic which shows how the U.S. doesn't have to amend the constitution?

Comments

Gold is still a fiat currency.

[squidb0i.livejournal.com]

Re: Gold is still a fiat currency.

[yahvah.livejournal.com]

While specie-backed representative money entails the legal requirement that the bank of issue redeem it in fixed weights of specie, fiat money's value is unrelated to any physical quantity.

Re: Gold is still a fiat currency.

[sophia-sadek.livejournal.com]

Likewise, the value of gold depends little on any physical quality.

Re: Gold is still a fiat currency.

[yahvah.livejournal.com]

The value of gold depends significantly on more than one physical quality, but perhaps you misread the sentence which said physical quantity.

Re: Gold is still a fiat currency.

[sophia-sadek.livejournal.com]

I read your quantity and raised you quality, a more important attribute. For some people, it would be just great to limit the total value of currency in circulation to the quantity of gold, but doing so changes the value of gold and hence the value of the currency that is tied to it. Gold is in quite short supply compared to other kinds of wealth. Also, it has physical properties that make it more useful for industrial applications, rather than financial ones.

Hairsplitting.

[squidb0i.livejournal.com]

Both rely entirely upon an authority's determination that *this* will be the value base for a currency, be it gold or the abstracted value of a combination of national gold reserves and the power of said nations economy.

Without those two types of fiat, neither paper money nor gold would be worth even a fraction of a fraction of what they're worth now. Gold would be merely copper's shinier sibling.