Death to the Debasers – in 1792
Ashish Advani (April 19, 2010)
Today, We Make them Congressmen
I would like to bring to your attention a little-known provision written into U.S. law back in 1792. It’s from section 19 of the U.S. Coinage Act of 1792.
It’s actually quite amusing if you know what has happened ever since then.
It dictates that any officer at the mint who tries to debase the currency or make it worth less through either default or fraudulent intent shall be put to death. (See link for law...http://worldcurrencywatch.com/2010/04/19/death-to-the-debasers-%E2%80%93-in-1792/)
When the founding father of our country set up the policy around currency and coins, they wanted to have a strong currency.
No shenanigans, no trickery, no sleight of hand.
They enacted the U.S. Coinage law to ensure that no one was allowed to debase the currency. If any person willfully took actions to make the currency drop in value, that person could be convicted of a felony offense and be sentenced to death. Ouch, right?
In today’s world, technically it’s still a felony if a worker decides to tamper with money at the mint. But at the same time, we allow our elected Congressmen and Federal Reserve officials to debase the dollar all the time.
All do so with impunity. They constantly enact new policies, with one central theme. The results of the policies lead to further decline of the dollar almost on a perpetual basis.
Whether it is the Health Care Bill, the Jobs Bill, TARP, TALF, or any other bill, the result is the same: They pile onto our already increasing debt. Of course, that just leads to further fall of the dollar over the long haul.
Fed officials and current members of Congress must sigh with immense relief (collectively) that we do not live in 1792 anymore. If we did, they would certainly be facing the death penalty for their dollar indiscretions.
It is not the current sitting congressmen alone who are to blame. This act of treason (by 1792 standards) has been perpetuated by various Congressmen for over a couple of decades now. And in the case of the Fed, the dollar has continuously lost value almost since the Fed began in 1913.
Unfortunately, there’s not a lot you can do to stop this perpetual debasement of your currency. Congressmen and Fed officials will always find a way to devalue the currency no matter how you are I demand they stop.
But there is one bright side in all this mess. As the dollar falls over the next five, 10, a dozen years, a few countries around the world continue to pay off their debts, clean up their balance sheets, and ultimately create stronger currencies.
This means that all these stronger, better-managed currencies will be rising in value just at the time when all these debts start showing up in the dollar’s price. That includes the Aussie, Norwegian kroner, and the Canadian dollar to name a few.
Start diversifying right now and you will be rewarded.
Yours in FX Profits,
Ashish Advani,
P.S. There’s another facet to this story. The world’s leaders are starting to notice that our Congressmen and Fed leaders sacrifice the dollar’s value. These foreign nations are making strategic plans to abandon the dollar altogether as soon as possible. You can read the full story in our special report.
Ashish Advani (April 19, 2010)
Today, We Make them Congressmen
I would like to bring to your attention a little-known provision written into U.S. law back in 1792. It’s from section 19 of the U.S. Coinage Act of 1792.
It’s actually quite amusing if you know what has happened ever since then.
It dictates that any officer at the mint who tries to debase the currency or make it worth less through either default or fraudulent intent shall be put to death. (See link for law...http://worldcurrencywatch.com/2010/04/19/death-to-the-debasers-%E2%80%93-in-1792/)
When the founding father of our country set up the policy around currency and coins, they wanted to have a strong currency.
No shenanigans, no trickery, no sleight of hand.
They enacted the U.S. Coinage law to ensure that no one was allowed to debase the currency. If any person willfully took actions to make the currency drop in value, that person could be convicted of a felony offense and be sentenced to death. Ouch, right?
In today’s world, technically it’s still a felony if a worker decides to tamper with money at the mint. But at the same time, we allow our elected Congressmen and Federal Reserve officials to debase the dollar all the time.
All do so with impunity. They constantly enact new policies, with one central theme. The results of the policies lead to further decline of the dollar almost on a perpetual basis.
Whether it is the Health Care Bill, the Jobs Bill, TARP, TALF, or any other bill, the result is the same: They pile onto our already increasing debt. Of course, that just leads to further fall of the dollar over the long haul.
Fed officials and current members of Congress must sigh with immense relief (collectively) that we do not live in 1792 anymore. If we did, they would certainly be facing the death penalty for their dollar indiscretions.
It is not the current sitting congressmen alone who are to blame. This act of treason (by 1792 standards) has been perpetuated by various Congressmen for over a couple of decades now. And in the case of the Fed, the dollar has continuously lost value almost since the Fed began in 1913.
Unfortunately, there’s not a lot you can do to stop this perpetual debasement of your currency. Congressmen and Fed officials will always find a way to devalue the currency no matter how you are I demand they stop.
But there is one bright side in all this mess. As the dollar falls over the next five, 10, a dozen years, a few countries around the world continue to pay off their debts, clean up their balance sheets, and ultimately create stronger currencies.
This means that all these stronger, better-managed currencies will be rising in value just at the time when all these debts start showing up in the dollar’s price. That includes the Aussie, Norwegian kroner, and the Canadian dollar to name a few.
Start diversifying right now and you will be rewarded.
Yours in FX Profits,
Ashish Advani,
P.S. There’s another facet to this story. The world’s leaders are starting to notice that our Congressmen and Fed leaders sacrifice the dollar’s value. These foreign nations are making strategic plans to abandon the dollar altogether as soon as possible. You can read the full story in our special report.