Freedom, Indiana – Author Andrew Horning is the Libertarian Party of Indiana’s candidate for Indiana’s US Senate seat in 2024.
It should now apparent to all, that the unconstitutional, wholly corrupt, inherently divisive “Two Party System” puppet show we’d been warned against since our nation’s founding, is driving us to destruction. My book, “Relighting the Torch,” goes into much more detail of the constitutional and pragmatic aspects of money, banking and inflation. But the simplified gist is that the more dollars our central bank prints in relation to market activity, the less each one is worth; which is why prices in those devaluating dollars go up. In the words of Milton Friedman, it’s “too many dollars chasing too few goods.” Our nation’s founders had experienced disaster with the hidden taxation, market distortion and inflation with fiat currency, and crafted solutions in both state and federal constitutions. We only need to learn, and use them.
Bankers don’t have to be, “a den of vipers and thieves,” as described by Andrew Jackson. Sound money, as both state and federal constitutions still demand, would make over-issuance of monetary debt instruments to cover government overspending, and the market distortion, and persistent inflation that invariably results, practically impossible. Our current, unconstitutional fiat currency, central bank, and so-called “Modern Monetary Theory,” or MMT, on the other hand, helps the rich get richer at the expense of everybody else. So today, if you’re not in the “investment class,” you’re paying for it.
MMT, with it’s inevitable “Cantillon Effect,” was doomed to failure from our government’s implementation of it in 1913, because it’s based on a few catastrophically and invariably debunked notions:
- Fiat currency – or the creation of unbacked literal monopoly money out of nothing. This becomes a “hidden tax,” debt engine, and means of transferring wealth from the bottom-up.
- Zero reserve banking – or lending money, even fiat currency, that the bank doesn’t own, or have even a fraction of other people’s money, on hand. Fractional reserve banking isn’t all bad, but The Fed eliminated the requirement to hold even a fraction of deposits on reserve, during the COVID madness. This practically ensures bank runs and closures, fairly soon.
- Forever debt – the idea that a government can keep spending fake money that doesn’t exist, and doesn’t belong to it anyway, which both increases debt costs, requires the Fed to fabricate more devaluating dollars, which erodes the trust of the whole system until it inevitably collapses.
As economist Herbert Stein said, “If something cannot go on forever, it will stop.” So before our monetary monster dies and collapses down upon us (let’s do hurry), I propose all states invoke, Article I, Section 10, of the federal constitution, which forbids states from making “… any thing but gold and silver Coin a Tender in Payment of Debts,” including, quite literally, our unconstitutional and inflationary Federal Reserve US dollars. Indiana’s constitution Article 10 Section 3 already demands that “…all paper credit designed to be circulated as money… be readily convertible into specie, for the redemption of the same in gold or silver.”
The Indiana Constitution’s Article 11, Section 7 says, “All bills or notes issued as money shall be, at all times, redeemable in gold or silver; and no law shall be passed, sanctioning, directly or indirectly, the suspension, by any bank or banking company of specie payments.”
In other words, a return to a monetary system that’s been proven to be stable, functional, and a means for the poor to get richer, for over three thousand years… is already, and still, the law.
Several states, and indeed many nations, are already making moves to return to sanity. Texas is on the cusp of a state-issued gold-backed digital currency. The state will hold gold on behalf of the digital currency holders, with trade being 1:1, without fractional reserve fudging. Utah already passed a bill to accept federally issued gold and silver coins as legal tender to pay taxes. There are commercial apps like Glint Pay, that are backed by physical gold holdings, yet allow simple digital transactions that are at least as easy as a credit card. And past court cases held that increases in the value of monetary gold against the Fed’s fiat USD would not be taxable. In other words, this is very doable, right now, and would give us a stable means for business, savings growth and daily life, even when today’s banking systems fail (and they will).
At the federal level I’d reintroduce Ron Paul’s “Free Competition in Currency Act” to repeal the Coinage Act of 1965, which unconstitutionally decrees that, “Federal Reserve notes and circulating notes of Federal Reserve banks and national banks, are legal tender for all debts, public charges, taxes, and dues.” And I also propose we, of course, End the Fed.
But let’s be very clear: None of this will happen as long as voters keep reelecting the status quo cronies who benefit from the transfer of wealth from you, to them. We have to vote out these liars, thieves, puppets and bums. All of them; both the ones we see on the ballot, and those that lurk behind the curtains, and closed doors. That is what Election Day is for, you know. It’s our power of peaceful revolution. And God Knows we need such an epiphany in action right now.
Liberty or Bust!
Andy Horning
