Friday, May 16, 2008

The Broken Bank of Fiat Money -- How Clad Can it Get?

Headline: Federal regulators close Arkansas bank ANB Financial "... banks closed by federal regulators over 'unsafe and unsound' practices..." What is unsafe and unsound about fractional reserve banking? Everything.

First, when the bank loans you Federal Reserve Notes, they have nothing at risk, while you are forced to sign your life away. For what? Evidence of debt.

Second, it wasn't for no reason that our Constitution clearly conveys that...

"no state shall make any Thing but gold and silver Coin a Tender in Payment of Debts..."

Is your bank on the brink of failure? How about the "money" that you use? There can be no legitimate argument in support of forcing a free people to conduct commerce with perpetually devalued paper currency. Unless you divorce yourself from any semblance of morality and ethics. If you "help" the poor by stealing from your neighbor, how is that a noble act? If you force people to work harder each year for a dollar that is worth less, how can you claim to be "for the poor and middle class"?

Economic slavery is slavery just as sure as selling human beings into bondage is, whether it be early Egypt, the British Empire, or early America. You know what this means? The modern-day Democratic Party is pro-slavery. The modern-day Republican Party is pro-slavery, except for the few that have called for the abolition of the Federal Reserve and the income tax.

"It was the third closure this year of an FDIC-insured bank..."

How many people fail to understand the nature of money and the difference between fiat and specie? How many bank failures are too many?

There are many texts that exist to fill in the historical gaps left from government school indoctrination, including those recommended by Ron Paul in his new book, The Revolution: A Manifesto. Another great starter text is "Whatever Happened to Penny Candy?" by Richard Maybury.

Please do not allow another generation to grow up economically illiterate, absent an understanding of the link between inflation, immorality and slavery. In order for your kids to understand it, perhaps you should get a good grasp on it as well.

Maybe it's time for some grad school courses at The Ludwig von Mises Institute. Actually, all grade levels are welcome. It's a great excuse to study with your kids. Summer school anyone?

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