Gold Standard

[blueeagle]

I recently watched a Ron Paul video where he talks about returning to a "gold standard". I admit to not being very knowledgeable on this issue, although, In my opinion, he raises a valid point when he addresses the issue of controlling inflation. Look at how much the value of flit currency fluxuates. The dollar has lost over 90% of it's value during the last 100 years.

What got me is when he raised the constitutional issue of the matter. Ron Paul stated gold and silver is the only legal tender authorized by the Constitution. If this is the case, I STRONGLY advocate returning to a gold standard! Perhaps Dan, our local expert constitutional expert, can shed some light on this matter? Or is he gonna invoke the 9th again?

[BOR]

I am somewhat familiar with this issue. The election of 1896 between Willam Jennings Bryan and William McKinley should be researched BE.

At times, I watch the coins shows on TV, and have seen some Gold standard notes for sale, of course no longer in circulation.

I own a few Silver certificate $1.00's, that's all.

I am far from an economist, so I have no opinion on what standard the US money supply is under.

[BOR]

What got me is when he raised the constitutional issue of the matter. Ron Paul stated gold and silver is the only legal tender authorized by the Constitution.

He is "probably" refering to the legislative powers of Congress as a basis under the Constitution to tender money:

Limits on the states:

Article 1:

Section 10. No state shall enter into any treaty, alliance, or confederation; grant letters of marque and reprisal; coin money; emit bills of credit; make anything but gold and silver coin a tender in payment of debts; pass any bill of attainder, ex post facto law, or law impairing the obligation of contracts, or grant any title of nobility.

[blueeagle]

Article 1:

Section 10. No state shall enter into any treaty, alliance, or confederation; grant letters of marque and reprisal; coin money; emit bills of credit; make anything but gold and silver coin a tender in payment of debts; pass any bill of attainder, ex post facto law, or law impairing the obligation of contracts, or grant any title of nobility.

Interesting... judging by this, I would have to say paper money is outlawed!! Why are we using an illegal currency?

[souperdave]

Interesting... judging by this, I would have to say paper money is outlawed!! Why are we using an illegal currency?

Allow me to ease your conscience.....I'll post a P.O. Box address to where you can send all of your currency.....will that help alleviate your "legality" issues?

[BOR]

Interesting... judging by this, I would have to say paper money is outlawed!! Why are we using an illegal currency?

You need to read ALL of Article 1 dude!!!

[BOR]

Allow me to ease your conscience.....I'll post a P.O. Box address to where you can send all of your currency.....will that help alleviate your "legality" issues?

Dave, what are you going to do with 5 Texas dollars now???

[souperdave]

That oughta be enough for a couple acres of piney woods! Or maybe something outside of El Dorado.

[blueeagle]

You need to read ALL of Article 1 dude!!!

OKAY!! Calm down, BOR!!! Whats wrong, Bay and Gigirle wouldn't give you a three way???

[blueeagle]

Dave, what are you going to do with 5 Texas dollars now???

I bet I make more in a year than you and souperdave combined!!!! Didn't you labor for decades to scrounge up a measly five bucks??