The Constitution is not silent on the matter of money. The original intent of the constitution is spelled out quite clearly, not only in the document but in the immediate history as well. Article I, section 10 clause 1 states: “No state shall…coin money, emit bills of credit, make anything but gold and silver a tender in payment of debts…”).
The first part limits the powers of the states, “No state shall…coin money…”. States’ had coined money at the time. The second part “No state shall…emit bills of credit…” Now, that is one of those peculiar words, if you were living in that time, you knew what that meant. It meant what essentially we know of today as paper money. So, no state government itself can create paper money, nor set up any kind of a bank that’s controlled by the state to do it for them. The third part “No state shall…make anything but gold and silver coin a tender in payment of debts…” Now, notice the language, no state shall make anything BUT gold and silver coin. Meaning states CAN and SHOULD make gold and silver coin a tender in payment of debts.
And, most important, the historical background (covered in greater detail below) shows absolutely clearly that paper money was not going to be allowed at the national level or the state level. And, the very interesting point here is that the same people who wrote the Constitution had been, to a large extent, in control of the states and of the congress under the Articles of Confederation during the War of Independence. These people had emitted LARGE amounts of paper money to finance the war, the states did it, and congress did it. The currency at the time was called the Continental Currency. They printed so much of the currency that it became essentially worthless, giving rise to the phrase, “Not worth a Continental”. Those same people looked back at what they’d done only a few years earlier and said, “We’re not going to do this anymore”. The following video outlines the Constitution’s description of money and takes us historically through to the “dollar” of today.
The Revolutionary War and the Destruction of the Continental
If the above video is an explanation of Constitutional Money. Then, the following lecture is the reason why it was put into our founding document. The founders had experience with money, in fact, they destroyed the first currency they created. For a historical lesson on the destruction of America’s first currency, The Continental, listen to the audio below. It is Dr. Thomas Woods, Jr’s lecture on the subject. You can also download the Mp3.
Money In A Free Society
What is money? Though this might sound like a strange question it is actually the basis for all economic thought. Are the paper and metal you keep in your pocket or purse actually “money” or is it something else? Is money a useless token only good for exchange? Does it have to have innate value or are pieces of paper that the government declares to be money, money? Before you can engage in any serious discussion about the economy or economics you need to have a basic understanding of money and the monetary system as well as their relationship to government. This film looks at these questions and answers them but, also examines what happens without ANY government involvement in the monetary system.
Government Meddling With Money
Government Meddling With Money is the second part after Money In A Free Society. If money in a free society shows what happens to money in the absence of government then Government Meddling With Money is the complete opposite and shows how government not only meddles with our money but, in all cases how they will make every effort to control the monetary system of the nation and why. The video also explains the devastating effects of inflation and who it effects the worst. Note: This video is not yet complete but, there is enough of it here to get the idea.
Our Current Monetary System
We currently operate under a fiat currency system. Fiat money is money that is not backed by a commodity such as gold or silver. The film below does an excellent job of explaining how the fractional reserve system operates in our monetary system. It must be pointed out that the film gets its facts wrong at one point by stating that the founders intended for us to print our own money, when this is not true (as shown in the film above). But, because it does such an excellent job of showing the fractional reserve system, we have included it in this section as well.
Hyperinflation Nation And Our Coming Monetary Collapse
A documentary outlining America’s bankruptcy and the coming hyperinflation that will ensue if the government doesn’t reverse spending IMMEDIATELY!
The Federal Reserve (Our National Bank)
The Federal Reserve Act was signed into law in 1913 establishing this nation’s third central bank; The Federal Reserve. There has been debate over whether our nation should have a central bank or not. One thing is certain, when a nation does have a central bank, the government grows at a staggering rate and inflation becomes a serious issue for the average citizen. The film below is setup in a Question and Answer style session with G. Edward Griffin, author of the book, “The Creature From Jekyll Island“. Mr. Griffin gives the institution’s history and explains the Federal Reserve System to the viewer in easily understandable terms.
Did you know that a central bank is called for in the fifth plank of the Communist Manifesto? Now you do!
Hidden Secrets Of Money
Mike Maloney’s: Hidden Secrets of Money is an excellent 5 Part Video Series offering a unique perspective on the history of money and its role in today’s economy. (NOTE: Mr. Maloney is a gold salesman but, the economics and points of view in the films are very valid and worth viewing. However, we are simply embedding these videos for their educational value and not as an endorsement of Mr. Maloney or his business.)
Episode 1 – Currency vs. Money
Mike Maloney takes you to Egypt to unravel the difference between currency and money. This is one of the most important lessons you will ever learn, and will pave the way for your understanding of future episodes. Because without knowing exactly what money is…how on earth can we expect to learn about it?
Episode 2 – The Seven Stages of Empire
The journey continues, this time Mike takes you to Greece to learn when, where and why currency became money. You will also learn one of the most predictable long-term economic cycles – the Seven Stages of Empire. Then join Mike at a private meeting in London where he lets you connect the dots of the seven stages across the last 140 years of our own monetary history.
Episode 3 – From Dollar Crisis to Golden Opportunity
In this third video, Mike was asked to speak at an event in Singapore and to give his opinion on the future for the U.S. Dollar. His presentation was titled ‘Death Of The Dollar Standard’ and showed very clearly that the Dollar Standard is developing serious cracks, and will likely split at the seams before much longer. How will this affect you? It’s not all doom and gloom, as you’ll learn from watching the video.
Episode 4 – The Biggest Scam In The History Of Mankind (In 7 Easy Steps)
In Episode 4, you will learn one of the biggest secrets in the history of the world…it’s a secret that has huge effects for everyone who lives on this planet. Most people can feel deep down that something isn’t quite right with the world economy, but few know what it is. Gone are the days where a family can survive on just one paycheck…every day it seems that things are more and more out of control, yet only one in a million understand why. You are about to discover the system that is ultimately responsible for most of the inequality in our world today. The powers that be DO NOT want you to know about this, as this system is what has kept them at the top of the financial food-chain for the last 100 years…
Episode 5 – When Money Is Corrupted
In this installment, Mike takes you to Berlin and Frankfurt, where we they were able to film the money museum inside the Bundesbank…one of the world’s largest Central Banks. This episode serves as an ideal primer for those waking up to the monetary matrix around them, as it clearly shows the history of true money and why it so important to our freedom. The quality of a society is directly proportional to the quality of its money. Debase a currency for long enough, and you end up with dangerous deficits, debt driven disasters, and eventually…delusional dictators. History proves this to be true.
The Crisis Of Credit (The “pop” of the housing bubble)
We hear on the news all the time about how the housing bubble burst and how we are in the great recession of 2008 and so on. The television news networks will usually bring on some kind of “expert” to explain and discuss the situation as it happened and what he thinks is going to happen. During the interview terms like: sub-prime mortgages, collateralized debt obligations, frozen credit markets, credit default swaps and other intimidating terms are used and bailouts are called for. Most people’s eyes glaze over after just a few minutes of this type of “explanation”. So, why can’t someone just explain what happened in a simple to understand way? Well, someone did.
What The Heck Is A Bailout?
In 9 minutes, Paul Grignon, the creator of the internationally acclaimed “Money as Debt” animated series, sums up his analysis of our growth-dependent money-as-debt banking system and proposes a practical and time-honored alternative concept of money.
Money As Debt
We sometimes hear that we live in a “debt based economy”. So? What does that mean? The following video breaks it down in an easy to understand cartoon for the viewer.