Archive for August, 2007

One Constitutional argument that doesn’t seem to jive

I’ve seen this before – the Mogambo Guru, for one, has been known to claim it as a valid and founding prohibition on the U.S. government’s use of fiat currency. And today, Mike “Mish” Shedlock is saying it as well:

Now consider [the U.S.] Constitution, Article I, Section 10, Clause 1. No State shall…coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debt.

Well, yes, that’s what the Constitution says. “No State” shall make anything but precious metals into real money.

Remember, the Constitution created a federal government made up of the various States and binding them into a Union. Remember also that in Revolutionary and Articles of Confederation days, the various States were acting as traditional states do, as sovereign nations with their own militias, navies, and currencies.

This last made travel and commerce challenging and often confusing. So the Constitution settled things by prohibiting the States from putting out their own money anymore. (There’s apparently rather a debate historically and economically over how pleased the various States were at this, and whether or not it was forced down their throats. But that’s not relevant to this post.)

Anyway, I wonder why the Mogambos and Mishes don’t read the words of Article I, Section 10 more literally. This is one instance in which the feds spelled it out clearly right from the first. The States aren’t allowed to make “any Thing but gold and silver” legal tender. But there’s nothing I know of saying that the Congress and the federal government can’t do so.

And they know it well, and they’ve been doing it in spades. For years.

The only good thing about this is that it leaves more gold and silver for the rest of us – who know enough history to appreciate this excellent reminder from Mish, also in the post linked above:

All fiat currencies eventually go to zero, the only difference is the speed at which purchasing power declines. Gold has never gone to zero and never will either.


August 23, 2007 at 2:50 pm 2 comments

Prickly thorns and dried-up old ladies

I don’t think I’ve linked to any of Larry Brody‘s writing since I left Strike the Root. But I still read him more or less weekly. Sappy sometimes, he is, but heartfelt and true.

And today, this piece about a fiercely independent old woman just got to me. I couldn’t choose just one snippet to quote here. Read it for yourself, if you’ve a mind to.

Maybe you’ll come to feel, as I do, that this old lady’s life story has a lot in common with the things freedom outlaws – PSM, Claire, velojym, OldTiredRN, my own dear Thunder, and so many others – go through.

Choose to go through, even – because the alternative just isn’t ever really an option.  Prickly and dried-up they might be (or feel), but are they down and out?

Not so’s you’d notice, IMHO.

August 20, 2007 at 7:35 pm 3 comments

Henry Rollins, you kick ass!

Dude! Rock ON!

Like jomama (to whom I owe the link), I’d never heard of Henry Rollins until now. But I sure as hell am glad that lack on my part has been remedied. This guy seems to be the Keith Olbermann of the younger, hip generation – er, with a bit less restriction on his choice of language.  😀  (Read: Video below not safe for work, due to obscenity.)

August 7, 2007 at 11:22 am 5 comments

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