The history of government management of money has, except for a few short happy periods, been one of incessant fraud and deception.
Apart from medieval China, which invented both paper and printing centuries before the West, the world had never seen government paper money until the colonial government of Massachusetts emitted a fiat paper issue in 1690.
The monetary managers are fond of telling us that they have substituted 'responsible money management' for the gold standard. But there is no historic record of responsible paper money management ... The record taken, as a whole is one of hyperinflation, devaluation and monetary chaos.
I think I understand the Constitution a little bit because in 1971 we went off the gold standard under President Nixon into the Federal Reserve notes because we were a worldwide currency.
I read a lot of history, and I know that once upon a time, a coin was worth $5 if it had $5 worth of gold in it. Now we have paper that is just backed by fiat... Maybe in the new world, something gets backed by consensus.
There is a long history of monetary experience. It tells us that government is at heart a counterfeiter and therefore cannot be trusted to control money, and that this is true of both autocratic and popular government.
Experience has proved to us that a dollar of silver disappears for every dollar of paper emitted.
