With every headline, it is becoming increasingly apparent how much the governing class has overreached. Those who believe in government are simply running out of other people’s money. For example, President Obama’s call to reverse the tax break given to owners of corporate jets in his 2009 stimulus bill would supposedly raise $300 million a year in revenue, enough to cover less than two hours of current deficit spending. Even if the Federal government could tax 100% of personal income in excess of $250,000 a year, it would collect little more than half of the revenue needed to balance the budget.
These real world results mock the conventional wisdom that given the power to spend, borrow, tax and print money, elite public servants can manage the economy and protect the average individual against the vicissitudes of life.
Instead, government itself has become a source of systemic risk, and a direct threat to our prosperity and liberty.
At the center of this political upheaval is the quality of money itself. “Is gold money?” is a showstopper because it raises the questions: “What is money and what power should government have to manipulate its value?”
Read more: Is Gold Money?
Wednesday, July 27, 2011
Posted by Nick
Short animation arguing for re-introduction of gold as money because of its independence.
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