Thank you for stopping by for a visit. You are invited to read and comment on anything posted on this blog. I advocate the maximum amount of Personal and Economic Liberty, consistent with the defense of individual rights. I am fiscally conservative yet socially tolerant, I favor lower taxes, free trade, individual rights, strong national defense and limited government. I subscribe to the Freedom Fighters Creed: I am an American Patriot, defender of the Constitution, First Principles and Essential Liberty.

I believe that buried deep down inside every Conservative you'll find a Libertarian - And Inside Every Liberal Is A Totalitarian Screaming To Get Out.

"One of the penalties of refusing to participate in politics is that you end up being governed by your inferiors" - Plato

FYI any crude or vulgar comments will be removed from the blog.

Sunday, August 28, 2011

What Is a Dollar?

When the House committee on financial services met in March to hear testimony from the chairman of the Federal Reserve Board, all eyes were on Congressman Ron Paul of Texas. After Republicans won control of the House last year, Paul acceded to the chairmanship of the subcommittee on monetary policy, which has direct oversight of the Fed. A physician by trade and a libertarian by conviction, Paul had emerged over a long career in Congress as the leading proponent of sound money; for more than 30 years, he had been waiting to play a central role in the nation's monetary debate. So eager was Paul to open up the topic that it took him some 670 words to get his question out.

The congressman noted the Fed's legal responsibility to strive for stable prices and full employment, and offered a review that illuminated the instability on both fronts since the early 1970s. He discoursed on the symbiotic relationship through which the Fed and the Congress have been facilitating government spending. He spoke about the importance of a "measurement of value," and asserted that the value of the stocks in the Dow Jones Industrial Average had plunged to eight ounces of gold from 44 in 2000. He reported that he was unable to find a definition of the dollar in the United States Code and wondered how the Fed could manage its task without a definition of the national unit of account. He therefore concluded his remarks with a simple question: "[W]hat is your definition of a dollar?" CONTINUE READING

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