And sorry, people, study your economics and Constitution. The power to mint money IS part of the federal government, and it's right there in the Constitution!
Show me.
.... I'm still waiting....
I'll save you the time. It's not there. The Constitution says, right up there in Article I, Section 8 :
Congress shall have the power to ... coin money, regulate the value thereof, and of Foreign Coin, and fix the Standard of Weights and Measures;
Coin. Not print, or mint, or whatever else you call the ever-more-worthless junk in your wallet. Coin - as in the money that existed at the time, primarily gold
coins from Spain.The Framers had seen first hand the devastating effects of printing fiat money in various states during the Revolution to finance the war. What the heck does this have to do with weights and measures, so much that it's in the very same sentence? Clearly this was related to defining an ounce, or a pound, since differences in the accepted measurement would affect the coin's value. The framers knew the difference between coin and scrip.
Says
http://www.dailyreckoning.com/Writers/King/Articles/MakingMoney.html"" target="_blank">someone who has researched this topic:
The Framers specifically intended that money in the new republic would be based on the use of precious metals, and not on paper currency. The U.S. Mint issued a warning this year that the Liberty Dollar violated the Constitution and warned consumers against using them unsuspectingly. ... Guess what. They're correct.
It is bad government. The Liberty Dollar was not legal tender, and NORFED never intended it to be. It was intended to be used as a private medium of exchange, the value of which was to be determined by the parties using it. No different than trading one commodity for another, and what better commodity than precious metal, universally accepted for thousands of years? NORFED paper was 100% backed by it. If two individuals choose to settle their debts in such a manner, tell me why government should have any say in it. This is the essence of capitalism, and interfering with it is bad government. Big, too. Big and bad. As for who's correct, that's for a court to decide.
Okay, you're embarassing yourself there with your ignorance. You never studied this stuff, I take it.
I kneel at your foot, O enlightened one. Surely I'm not worthy to post in your almighty presence. BTW the proper spelling is embarrassed.