I wouldn't necessarily presume so much, to be true, though.
For instance, is government necessarily able "to create federal reserve notes whenever it wants?" Can the government "pay for anything it desires?"
Perhaps we can find some hope in the comment "Increased spending (concentrated benefits) and diffuse costs (inflation, which lowers the value of savings) are hallmarks of the CURRENT federal monopoly on money."
In that perhaps we can end the CURRENT monopoly on money being federal reserve notes, since the U.S. Constitution only allows Congress to coin as tender gold and silver coin for the Union.
I have a 10-newsletter issue look (starting in March, 2022) at the devious conversion from gold and silver coin to paper currency, where I argue that paper currency was only made a legal tender in and for the District of Columbia, which is NOT a "State" that is expressly prohibited from emitting bills of credit or making things a tender beyond gold and silver coin.
Also, is a separate (11th [January, 2022]) issue (covered before I began the look at money), I show FDR's 1933 gold confiscation to actually only affecting "persons" defined as member banks of the federal reserve system (who had a contractual legal obligation to back their bank notes and customer deposits with gold). No one else was a "person" who had to deliver their gold to a bank--in other words, E.O. 6102 was but a "margin call" on over-extended bank shareholders, who needed to bring their gold to cover their over-leveraged banks.
Here's the link to the issue first covering the 1871 Legal Tender Cases:
Important points and well-argued. Thanks.
I wouldn't necessarily presume so much, to be true, though.
For instance, is government necessarily able "to create federal reserve notes whenever it wants?" Can the government "pay for anything it desires?"
Perhaps we can find some hope in the comment "Increased spending (concentrated benefits) and diffuse costs (inflation, which lowers the value of savings) are hallmarks of the CURRENT federal monopoly on money."
In that perhaps we can end the CURRENT monopoly on money being federal reserve notes, since the U.S. Constitution only allows Congress to coin as tender gold and silver coin for the Union.
I have a 10-newsletter issue look (starting in March, 2022) at the devious conversion from gold and silver coin to paper currency, where I argue that paper currency was only made a legal tender in and for the District of Columbia, which is NOT a "State" that is expressly prohibited from emitting bills of credit or making things a tender beyond gold and silver coin.
Also, is a separate (11th [January, 2022]) issue (covered before I began the look at money), I show FDR's 1933 gold confiscation to actually only affecting "persons" defined as member banks of the federal reserve system (who had a contractual legal obligation to back their bank notes and customer deposits with gold). No one else was a "person" who had to deliver their gold to a bank--in other words, E.O. 6102 was but a "margin call" on over-extended bank shareholders, who needed to bring their gold to cover their over-leveraged banks.
Here's the link to the issue first covering the 1871 Legal Tender Cases:
https://matterickson.substack.com/p/the-legal-tender-cases-supreme-court