11-29-2016, 05:18 PM
They need to define legal tender, otherwise they're powerless. Who decides how many of those notes are in circulation? Such power is readily abused by a politically corrupt government that writes more checks than it can cash - reckless pandering to the electorate and serving special interests is an expensive venture. The system we have now promotes this government sponsored counterfeit (in my opinion its not any different than a group of individuals printing money in their basements). This counterfeit is the source of the inflation we are speaking to... What's funny is that the FED was supposed to control inflation :D
I bet with each trough, we find government meddling with another glorious paver made with the best of intentions:
Gold/precious metals are not perfect substitutes by any stretch, but its harder for governments to abuse the currency/override markets. That is, unless they have a scheme like Bretton Woods - just like pricing bread in Soviet Russia, it eventually became so laughable that they just abandoned it.
I think the point is to get government out of the currency game and allow the market to determine the value. Who better to determine this than individuals? We've got more than enough of the government's "good intention bricks" to pave a road from hell and back, 3 times. I think if we dig into the issue a little deeper, we also see this being the reason as to why the middle class has become extinct. I would support the ending of the Fed - but I would not support "fixing the fed" by creating other another central bank. I would also not support creating some BS government price fixing scheme on gold, and then calling it a market driven standard.