Letters to the editor for March 8, 2013

Union Democrat staff /

Currency currently without value

To the Editor:

Learned people have long differentiated between currency and money. Currency is what society uses as a medium of exchange. Money is a storehouse of value. Today's U.S. dollar - the Federal Reserve Note - is pure currency, having no intrinsic value.

Gold, silver and copper have served as currency and have been universally recognized as money (storehouses of value) for thousands of years.

When the great American progressive President Woodrow Wilson, signed the Federal Reserve into law in 1913, our paper currency was literally "as good as gold," because it was convertible (exchangeable) into real, physical gold or silver. This "hard currency backing" was a positive constraint on government; new paper couldn't just be created out of thin air.

Progressive governments down through the years have loathed the discipline of "hard currency backing." In 1933, the next great American progressive F.D.R., by a stroke of his pen (without Congressional action - sound familiar?) illegalized private ownership of gold. Because it was illegal to own it, you couldn't very well exchange your paper gold dollars into it. There went the discipline on government.

Well, friends, the discipline is gone, that opened the door to government printing, and print it has! Our U.S. dollar has lost 98 percent of its purchasing power in the 100 years we've had the Federal Reserve. (But gold has gone from $20 an ounce in 1913 to about $1,700 today).

Why should you care? Because the current great American progressive President Obama, and his compliant Federal Reserve have the floodgates wide open, and we are borrowing heavily. Guess where the value of our currency is going!

Speak out for policy change, and acquire storehouses of value.

George R. Kellerman

Sonora

Sequester politicians, see how they like it

To the Editor:

I think that all of Congress and the President ought to be sequestered (i.e. locked up together) with no service of tea and crumpets or anything else until they can work out a compromise that is best for our country, not what's best for their own political parties.

Bill Burnes

Sonora

Speed bumps are unmarked, unsafe

To the Editor:

Some of the speed bumps located in both public and privately owned parking lots are not properly marked so that they are visible to drivers. I checked with the county road department and they said care and maintenance of parking lots are the responsibility of the current owner. This is a serious problem for people with medical situations.

Lorin Smith

Jamestown

11897016
The Union Democrat
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