Political Leadership & Monetary Morality
Posted by Orrin Woodward on February 17, 2009
Today, with a heavy heart, I will share breaking news on the immoral monetary activity of the Federal Reserve. Money supply must be tied to economic output of a country or the printed money is merely paper only good for starting fires. Paper money is a moral promise that the paper is backed by the economic strength of the creator of the paper money. The reason the Gold Standard was used as a standard practice was to ensure the public that the government producing the money had the wealth that backed up the paper money. When a government goes off the Gold Standard, it is a clear indicator that the government has run out of money, but would like to print paper to pay its debts without a real wealth to back it. Argentina, Germany, and other countries that attempted to print money without real wealth backing it have all learned the valuable lesson of inflation and loss of trust. Would you trade real gold for fake paper?
I am an American patriot and very proud to be called an American. Today is the saddest day for me as an American. The following graph clearly displays that America has chosen to inflate its money supply without real wealth to back the paper money and money credits. This is immoral in the highest degree. This is no different than if I owed someone a million dollars and I only had one hundred dollars so I handed him Monopoly money and told him that it was legal tender. Money should be like a promissory note and that is the true origin of paper money – a promised note to redeem the above legal tender with gold at the owner’s discretion. This is no longer the case and has proven to be to great a temptation in the hands of our quick fix political leadership. This is not a Republican vs. Democrat post because I believe all of the politicians have let us down. Do you honestly believe that real wealth in this country has rocketed straight up like a spacecraft in the past few months? This is clearly producing money out of thin air with no real wealth backing, which is another name for inflationary policies!
Are there any concerned citizens with enough understanding of the history of the damaging effects of inflationary policies to demand accountability? Inflationary policies destroy the virtues of savings, destroy the fixed income retirements, destroy the confidence of the markets in our dollar and reward all types of character-less behavior. Americans cannot print our way out of our debt. ONLY real wealth producing strategies in the market combined with moral leadership in Washington will right this sinking ship. Please read Economics in One Lesson by Henry Hazlitt, Road to Serfdom by F. A. Hayek, Free to Choose by Milton Friedman, and The Case Against the Fed by Murray Rothbard. We must learn, teach and then do something about this mess. Our children and grand-children are in peril of never enjoying the American Experiment because we have drifted far from our American principles. It is time to bring fiscal responsibility to Washington. Get an amendment passed that forces our political leaders to balance their budget like every American citizen must do. No borrowing against our children’s futures and no inflationary policies which punishes all the virtuous characteristics needed to operate society. Will you help? Get started today by learning this material and then sharing with everyone that want to learn in your local communities.
As for me, my family and our team, we promise to play our part in the American Restoration! God Bless, Orrin Woodward