A statist, who must like the “inflation tax”:
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There is a new comment on the post “Independence Day”.
http://www.homelandstupidity.us/2007/07/04/
independence-day-3/
Author: Ace Duggery
Comment: I want everyone that thinks the United States currency should be backed by a commodity to check the historical prices of gold and silver. The volatility of these commodities is high, so much higher than the dollar that it makes me laugh to listen to your arguments. If our currency was backed by a commodity, you would be complaining about that too.
See all comments on this post here:
http://www.homelandstupidity.us/2007/07/04/
independence-day-3/#comments
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I think “Ace” that you are missing the point. (And, I think it says something when people need to use an alter ego.)
It really doesn’t matter if it’s backed by a commodity or backed by something like tiki statues on Easter Island. With a non-fiat currency, the gooferment can NOT impose an “inflation tax” on all holders of “money”.
Gooferment wants to have social program, they can’t just print more but have to impose a tax. Gooferment wants to fight a war, they can’t just print more and have to impose a tax.
We want a commodity as money because the gooferment can’t wave it’s magic printing press and make more. Remember that greenbacks were originally redeemable in gold and silver. So the scrap of paper was really a receipt. Since 1970, the value of a dollar as depreciated 95% due to inflation. That’s a hell of a tax! If they tried to impose such, they have been lynched.
Inflation did it silently for them politicians. A commodity money would have prevented that, and made us all wealthier.
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