Paul's threat to shatter the IRS into a thousand pieces

[CJLauderdale4]

I've got a great idea for how to buy out of the Federal Reserve. Instead of giving them a bunch of gold or finished goods or future labor or first born sons or anything of value like that, we should instead take a page out of their book: DETERMINE THE AMOUNT WE "OWE" THEM, PRINT A FEDERAL RESERVE NOTE FOR THAT AMOUNT AND PRESENT IT TO THEM.

EXACTLY!!!

Fiat promissory note for that ass!! That's what I'm talking about!! If they accept their own fiat money to pay off the debt, then pay it off with fiat money.

Remember though, at that point, the accpetance of FRNs will need to be against the law since any more usage of such will put us back in debt, and of course the inflation after we print all of that money will be enormous making the fiat dollar worthless.

 

[CJLauderdale4]

Ooh, one more problem...

All of these foreign countries hold US Treasury Notes, which is how we borrow the money (i.e. Ron's mentioning of $60B/day from China at the debate). If we collapse the dollar instantly without giving them time to move their assests (which they're already doing slowly), we could start a war. Gotta remember that whole "blowback" thing works in economics too...

 

[Gee]

He can veto funds for the IRS. He can pardon all tax evaders, not appoint an IRS director, and he can erase all the regulations in the Code of Federal Regulations.

I think its more likely he'll veto funding bills until the spending is brought down in a reasonable level, then work on removing the IRS.

Of course, he's also said that he'd sign one of the other tax plans, like the fair or flat tax, but he didn't think they had the needed support in congress yet.

 

[CJLauderdale4]

Keep in mind. He can sign whatever he wants for spending, but he is the "executor" of the government (as the GW puts it, "I'm the commander guy. I'm the decider!). Signing the bill only means we agree to make the money available, not that we've spent it.

Thus, he can choose to spend how he pleases, based on how he implements the solution. When he implements in a way that allows States to make the decision, or rolling up homeland security into the defense department, less money will be spent and you'll be hearing the MSM reporting on huge surpluses.

 

[Patriot]

yes, we can at any time buy out the FED for the amount that was paid initially.

Do you have a link with more info about that? I thought we had to pay all of the interest, as well as the original amount. How much is the original amount?

 

[Gee]

Remember though, at that point, the accpetance of FRNs will need to be against the law...

I'm glad Ron Paul doesn't want to do this, it would cause global economic chaos. He just wants to legalize competition with the Fed. Remember that Gresham's Law only applies with force-mandated currency.

Besides, there are some advantages to fiat money. Who are we to tell people what they can and cannot use as currency?

 

[CJLauderdale4]

I'm glad Ron Paul doesn't want to do this, it would cause global economic chaos. He just wants to legalize competition with the Fed. Remember that Gresham's Law only applies with force-mandated currency.

Besides, there are some advantages to fiat money. Who are we to tell people what they can and cannot use as currency?

No, no, you're right on the chaos. That was why I chimed in with the foreign note holders. And yes, there is an advantage to having fiat money, IF it's printing and value are regulated very closely. However, since Uncle Sam prints it, it has become an overwhleming temptation to just print more when needed.

As for the government telling us what we can use for currency, that is Constitutional. The Federal Government can choose what the currency will be and mandate it's usage by all banks. In fact, it's only the Federal Government who has this authority, to coin money, thus one of the Federal Reserve is unconstitutional arguments.

If you want to barter in other ways, have at it. Remember though, they banned gold and silver ownership and usage as currency when they established Fort Knox as the depository. So, Ron would need to eliminate the Gold and Silver Act. And banks will only take what the FDIC mandates.

 

[Gee]

Remember though, they banned gold and silver ownership and usage as currency when they established Fort Knox as the depository.

Thats what Ron has said he has wanted to do. I hope he goes a step further and allows other currencies. There are some interesting ideas out there for currencies not backed by gold or silver, such as the Terra. As currency becomes more and more electronic, I hope we'll the hegemony of national currencies be reduced.