What's right or wrong w/ Bill Still's "Secret of Oz" idea of a govt issued currency?

[fight4liberty]

Here's the link to Bill Still's ("Money Masters") new video the "Secret of Oz":

YouTube - The Secret of Oz - English - FREE.mov

Bill's new video offers some great new information including several documents that expose the downright evil motives and strategies of the bankers throughout the monetary history of civilization and America in particular.

One of the main principles presented in the video is that it is not important what backs money but who controls the quantity of the money in the society. His understanding that it's the quantity of money in the society that determines inflation, etc., of course, aligns well with Austrian economics.

However, his main idea is very non-Austrian in that it proposes that the government take away the control of the money supply from the Fed and control it themselves? One of the obvious dangers would be that the greedy politicians in Congress would print too much money just like the Fed has done and so there still would be too much spending and inflation, etc.

On the other hand one of the plus sides of this idea would be that it would take the power of the control of the money supply out of the hands of the Fed and the bankers (and thus out of the hands of the financial elite, special interests) which all by itself would be a tremendous step in the right direction. So, I'm wondering if there is a way to return the power of the control of the money supply to Congress and at the same time prevent Congress from over spending and causing inflation, etc.?

Any ideas of how this could be done? Could mandates be established and laws be enacted that would tie the hands of the Congress to overspend? Or is it hopeless to even try to do this?

 

[Dr.3D]

Quite simple.
Just don't let Congress use anything but real money as currency. Real money is gold or silver.
They can't spend what they can't print. The use of paper in place of gold or silver should be prohibited. It's way too easy to print paper and say it is backed by gold or silver, when in fact it may not be.

Just use what the Constitution says may be used as money and everything would be fine.

 

[Acala]

Hmm

Let's see . . . how many major programs can you name that the Federal government has been able to operate in an honest, sustainable, fair, competent, efficient, and non-politicized way? I come up with . . . none. So what are the chances that the Federal Government would be able to do something as incredibly important and potentially lucrative as issue the currency in an honest, sustainable, fair, competent, efficient, and non-politicized way? I am thinking the chances are pretty close to none whatsoever.

Bad idea.

 

[dannno]

Gold and silver, in a free market, is precisely what helps to control the quantity of money in existence.

We need to abolish legal tender laws and fractional reserve banking laws. Let the free market work it out, the government just gets to collect gold and silver for tax purposes.

Bill Still could easily incorporate these ideas into his philosophy, his movies have a lot of great information so I wish they did..

 

[fj45lvr]

Gary north has an article about this nonsense...

Main issue is that sound money will "constrain" the insane idiots in Gov. that have a serious spending problem.....they cannot conjure up "hard money" but they would love to counterfeit!!!!

Stop counterfeiting and also eliminate "legal tender" laws!!!

it is simple that the gov. is no better counterfeiters than the banking cartel. There are plenty of metals that have intrinsic value that are not in short supply so Bullshit arguments about "deflation" and whatnot are bogus.

 

[Dissident]

Still advocates for a non debt-based fiat currency issued by Congress in which the supply is pegged to either the growth in population or production. He argues that a commodity-backed currency would be redundant and vulnerable to manipulation.

Another point to consider: An audit of Fort Knox reveals a severely depleted supply of US-owned gold reserves.

 

[Indy Vidual]

Still advocates for a non debt-based fiat currency issued by Congress that is pegged to either the growth in population or production. He argues that a commodity-backed currency would be redundant and vulnerable to manipulation.

Another point to consider: An audit of Fort Knox reveals a severely depleted supply of US-owned gold reserves.

Welcome to RPF's

 

[hugolp]

Still advocates for a non debt-based fiat currency issued by Congress in which the supply is pegged to either the growth in population or production. He argues that a commodity-backed currency would be redundant and vulnerable to manipulation.

Another point to consider: An audit of Fort Knox reveals a severely depleted supply of US-owned gold reserves.

Welcome (Bill Still?).

Can you name one time in history when government has enjoyed the monopoly on money and has managed in a responsible way? I can show you examples all over history where the government, once it gets the monopoly on money, keeps changing the rules over time to be able to inflate and inflate.

The idea is extremely naive. In my opinion it shows a lack of understanding on why governments want to impose a monopoly on money. Milton Friedman did the same mistake and did only realize at the end of his life when he saw the consequences.

 

[Dissident]

Welcome (Bill Still?).

Can you name one time in history when government has enjoyed the monopoly on money and has managed in a responsible way? I can show you examples all over history where the government, once it gets the monopoly on money, keeps changing the rules over time to be able to inflate and inflate.

The idea is extremely naive. In my opinion it shows a lack of understanding on why governments want to impose a monopoly on money. Milton Friedman did the same mistake and did only realize at the end of his life when he saw the consequences.

Thanks for the welcome, Indy & Hugo.

I'm not necessarily supporting Still's position but stating he has taken into consideration potential Congressional irresponsibility/greed and placed a constraint in fixing the quantity of money to the growth in production or population.

I'm aware of government mismanagement of money throughout history. What are your thoughts on Colonial Script? Do you have specific examples of a government ignoring precise mandatory constraints concerning the quantity of a fiat currency issued? From my understanding, the conditions dictating the supply of Colonial Script were not clearly defined.

There is always the risk for the government to change the rules later on. A commodity-backing on money is a not a full-proof means of preventing inflation. Consider the incremental removal of the gold standard until complete disassociation in 1971. Also, the manipulation of such commodity and/or the cornering of the market.

I'm doubtful the US owns a sufficient supply of gold to even support a return to the gold-standard.

When deciding on what unit of value should replace the Federal Reserve Note, we need to define:

Will the money be borrowed into existence (and therefore creating a debt burden plus interest) or issued debt-free? If the former, then a situation exists where the amount of debt owed will forever exceed the amount of money in circulation.

Who will control the issuance of currency? A central bank (presumably to operate independently from Congress and the politics of the day) or elected representatives of the people?

What will act as a constraint to control the quantity and prevent inflation? A commodity-backing or clearly-defined incontestable mandates as mentioned above?

Should the free market decide what is best by allowing competing currencies to provide competition and keep each side honest?

How can we make certain the new system will be honored and not subverted?

 

[fj45lvr]

any smart person will naturally save money that is worth a damn....

Repeal "legal tender" laws and allow the people to freely exchange what they choose and have competition in monetary options.

Competition solves the worst of Government THIEVERY through their bogus monetary screw job!!!

We want to see "less state" which consumes not only our private property but our liberties. The best way to accomplish this is through SOUND MONEY.

to constrain "the state" to have to issue commodity backed currency means that they will have to SHRINK immensely in SIZE and SCOPE because they cannot just fire up the counterfeiting machines but have to actually "pay" for what they want to spend instead of the current scam of inflation and the default that will wipe out so many citizens.

fiat currency in the gov. hands will do NOTHING to accomplish this.

 

[fj45lvr]

I'm doubtful the US owns a sufficient supply of gold to even support a return to the gold-standard.

There is no shortage of lots of different metals to accomplish keeping the currency sound and impossible to "counterfeit".

When deciding on what unit of value should replace the Federal Reserve Note, we need to define:

Will the money be borrowed into existence (and therefore creating a debt burden plus interest) or issued debt-free? If the former, then a situation exists where the amount of debt owed will forever exceed the amount of money in circulation.

Who will control the issuance of currency? A central bank (presumably to operate independently from Congress and the politics of the day) or elected representatives of the people?

Repeal the bullshit "legal tender" laws. Let the people decide what they want to contract and exchange by what is available to them via the market.

What will act as a constraint to control the quantity and prevent inflation? A commodity-backing or clearly-defined incontestable mandates as mentioned above?

Not having the DAMN "FED" intervention in pegging interest rates!!! they have a sure-fired record of inflation ta boot.

Should the free market decide what is best by allowing competing currencies to provide competition and keep each side honest?

Duh....of course. Everything is better by competition including government!! Too bad we don't have any competition.

How can we make certain the new system will be honored and not subverted?

what?? The "system" will change for sure but it won't be because of "central planning" by the "over-Lords" that's FREEDOM.