FANTASIES OF EDWIN VIEIRA'S REDUNDANT NEW HAMPSHIRE HB 1342, PURPORTEDLY TO ENDORSE CONSTITUTIONAL MONEY
"The most amazing part of the discussion was the opinion that no wage inflation mitigated the asset inflation. I think this is the very cause of the current problem.
FED policy that exacerbates inflation while benefiting wall street will make the problem significantly worse.
I think anyone who doesn't understand this should visit a shopping mall.
In south west Florida in Naples, Sarasota and Tampa — the stores are having half price sales and the stores are still empty!
Sears is going to offer a 30% discount on Kenmore appliances and that still won't clear inventory.
How is it that economists of this stature don't seem to recognize that the bottom 60% (perhaps higher...I am guessing about this) of wage earners contribute significant amounts to GDP through their purchases and they are out of money?
My brother in law is selling a trailer/camper and has put an add in the paper. His phone is ringing off the hook from people who want it to have a place to live!"
Reader response to "The Big Picture" article, "Nobel Laurelates on the Economy," April 27, 2008
|
Saturday, April 26, 2008
FANTASIES OF EDWIN VIEIRA'S REDUNDANT NEW HAMPSHIRE HB 1342, PURPORTEDLY TO ENDORSE CONSTITUTIONAL MONEY
Here possibly, we have the basic direction where the bill to rescind the Federal Reserve Act intends to take us — an ambiguous prospect of a dubious new era, where even as we are at the brink of succumbing to irreversible, inherently escalating multiplication of debt by interest, private or state coinages will publish gold or precious metal currency — anything of course but paper — and so this precious metal, or whatever magic substance subject to our existent debts and future debt, without any provision or vision by which we can pay or arrest further multiplication, will ostensibly fulfill the artificial mass of stupendous, unpayable debt on the last day of the republic.
In my opinion, for the faults it fails to address, the bill probably doesn't even warrant a serious read, but I reproduce it here for reference in case anyone believes or cares to evaluate it otherwise. Basic comments on cited sections follow.
FULL TEXT OF NEW HAMPSHIRE HB 1342 TO ENDORSE SO CALLED CONSTITUTIONAL MONEY
AN ACT establishing a new system of coinage for the state.
U.S. Constitution; Article 1, Section 10
No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money;
Ron Paul's own authority to pronounce Edwin Vieira the "nation's top expert on constitutional money" goes out the window in the first sentence of Article 1, Section 10.
Be it Enacted by the Senate and House of Representatives in General Court convened:
-
Purpose. The United States Congress has relinquished its responsibilities that were delegated to it by New Hampshire and the other sovereign states. These delegated responsibilities are recorded in Article 1, Section 8, Clause 5 of the United States Constitution. The responsibilities the Federal government has relinquished are those of minting money and setting the value thereof. Currently the United States Congress has relinquished its minting responsibility by having delegated this responsibility to a foreign controlled power. Therefore, in this legislation New Hampshire is taking back its sovereign right to mint and set the value of our money to ensure that our money is lawful and is compliant with our constitutions. Other states are considering this same course of action.
-
State Coin Mint. Notwithstanding any law to the contrary:
-
The State of New Hampshire shall mint and introduce into circulation gold and silver coins of the State of New Hampshire in the face amount of $50,000,000. The coins shall contain one ounce of fine gold or silver, must be alloyed to 90 percent fineness and must bear the great seal of the state of New Hampshire on one side and the words "Contains One Troy Ounce Fine Gold" or "Contains One Troy Ounce Fine Silver", as applicable; "New Hampshire Legal Tender"; the year of issue and "In God We Trust" on the other side. On the edge of the gold coins will be the raised image of New Hampshire and on the edge of the silver coins will be raised lines. The raised edges aid in stopping the practice of coin shaving. The raised images also facilitate blind people being able to determine the coin denomination in their hands. The coins so minted shall be legal money for all debts, public and private, in New Hampshire and as agreed to with other states and countries.
-
Except as otherwise provided in this section, when the coins authorized by paragraph I are received by the state treasury, they must be put into circulation immediately. The coins must not be held as a reserve except as the New Hampshire general court otherwise directs.
-
If the number of coins subject to the control of the state treasurer diminishes to 500,000, the state of New Hampshire shall mint additional money in accordance with paragraph I, in the face amount of $50,000,000, unless the total face value of the coins already minted is $500,000,000, in which case the state of New Hampshire shall mint no further money without prior approval of the New Hampshire general court.
-
If the New Hampshire general court representing the residents of New Hampshire, with all the other states, determines that the Congress of the United States is once again fulfilling its constitutional obligation to legally, lawfully, and appropriately, as defined by the United States Constitution, following acceptable economic practices, coin money directly and not by delegation to some other group or organization like the Federal Reserve, the Congress shall, once again, be required to meet the following monetary requirements before New Hampshire will again give up its right to coin money and return it conditionally to the Congress:
-
Require the Federal Reserve to exchange all the Federal Reserve Notes in circulation with gold or silver equivalents;
-
Retire all of the Federal Reserve notes; and
-
Retire all the United States national debt accumulated in the Federal Reserve books because of the nefarious interest the country is charged by the Federal Reserve for the fraudulent and questionable extortion practices as measured by every economic measure.
-
Effective Date. This act shall take effect 60 days after its passage.
end
 RELATED PRIMARY ARTICLES
|
NON-CONSTITUTIONALITY
The United States Congress has relinquished its responsibilities that were delegated to it by New Hampshire and the other sovereign states.... Therefore, in this legislation New Hampshire is taking back its sovereign right to mint and set the value of our money to ensure that our money is lawful and is compliant with our constitutions. Other states are considering this same course of action.
|
NON-CONSTITUTIONALITY
Fine. I've been saying the so called Federal Reserve System and Federal Reserve Note are unconstitutional for 35 years, so we have an agreement on this count at least.
My objection to the approach of the cited purpose is that rather than bringing us back to constitutional rule, this state provision attempts simply to circumvent the Constitution all the further. That's a striking pattern for purported constitutionalists to advocate initiating.
But I say this still to the ostensible arguments of the bill, even if the intentions of this effort are genuine, because at least my long term observation is that no challenge to the constitutionality of the so called Federal Reserve currency deserves to prevail or will prevail unless it raises the real issues in an incontestable manner.
In support of that proposition I offer that evidently Mr. Vieira and Mr. Paul privately challenge the issues I have raised, but do not dare do so publicly.
Why not then, if the desire is rectitude, make mathematically perfected economy™ the prevailing argument against the so called Federal Reserve System?
After all, is there a congressman or senator who can demonstrate how it is possible *and practical* even to maintain a circulation subject to interest without perpetually multiplying debt in proportion to the circulation?
Then not only can none show that the present system will not collapse even as it already has before; none can show that the so called Federal Reserve System possibly serves the people — it can only injure us to an ever greater degree.
Furthermore, what congressman or senator can prove mathematically perfected economy™ does not solve all the issues which confront us?
Why then enter a gun fight with an empty revolver?
|
|
CIRCULATION
Except as otherwise provided in this section, when the coins authorized by paragraph I are received by the state treasury, they must be put into circulation immediately. The coins must not be held as a reserve except as the New Hampshire general court otherwise directs.
|
AUTHORSHIP
This is just sloppy work.
Here Mr. Paul for instance has decried federal spending of federal debt into circulation, which would have the same purported inflationary effect in terms of the quantity of circulation introduced. But what is the method of "putting" the money into circulation?
What are the ramifications? Will the unsaid method of "putting" it into circulation not engender the very effects Mr. Paul has so often complained about, not only on the introductory side of the lifespan of the circulation, but on the retirement side?
Absolutely it will, because there is no provision whatever for introducing the circulation along with new wealth, and retiring it in accord with the expiration of that wealth.
|
|
CIRCULATION
If the number of coins subject to the control of the state treasurer diminishes to 500,000, the state of New Hampshire shall mint additional money in accordance with paragraph I, in the face amount of $50,000,000, unless the total face value of the coins already minted is $500,000,000, in which case the state of New Hampshire shall mint no further money without prior approval of the New Hampshire general court.
|
ABSENCE OF SOLVENT REGULATORY MEANS
More sloppy work. You haven't even provided a guideline which determines the proper circulation, and yet you declare a goal of regulating a circulation within certain bounds which may or may not work forever, but yet you leave determination of exceptional conditions to the general court, which still has no guideline for doing so whatever.
Notably however, mathematically perfected economy™ alleviates all these ad hoc, momentary, hapless regulatory decisions, and even the need for a regulatory body, all of for which Mr. Vieira not only establishes no guideline, but for the initial decisions of which he does not even provide introductory arguments from which we can understand how the original bounds themselves, by any possible measure, are ideal or even enduring.
Mr. Vieira asks us to just trust him on vital issues which he may not even perceive are vital, because he just casts them to the wind.
But yet we already have the answers he has swerved away from.
In mathematically perfected economy™, the very schedule of payment automatically regulates the circulation so that at all times it is to equal the wealth it is intended to represent, because we pay for wealth as we consume of it. Not only then does mathematically perfected economy™ alone solve the problems Mr. Vieira only wishes to solve and cannot be solving, mathematically perfected economy™ is the singular prescription by which each and every one of us can pay for what we consume with whatever we deem to be an equal measure of our own work.
Why abandon that justice for Mr. Vieira's bastardization of all the vital principles?
|
|
SETTING THE BAR
If the New Hampshire general court representing the residents of New Hampshire, with all the other states, determines that the Congress of the United States is once again fulfilling its constitutional obligation to legally, lawfully, and appropriately, as defined by the United States Constitution, following acceptable economic practices, coin money directly and not by delegation to some other group or organization like the Federal Reserve, the Congress shall, once again, be required to meet the following monetary requirements before New Hampshire will again give up its right to coin money and return it conditionally to the Congress:
-
Require the Federal Reserve to exchange all the Federal Reserve Notes in circulation with gold or silver equivalents;
|
SETTING THE BAR BEYOND REACH TO PENALIZE THE OFFICIAL AT THE EXPENSE OF THE PARTICIPANTS
More sloppy work.
If even Mr. Vieira hasn't determined the solution of these issues, just who exactly is to determine "acceptable economic practices"?
While I might agree at least to some extent that a fitting punitive measure might be to require the so called Federal Reserve to redeem all the so called Federal Reserve Notes in gold or silver, still making this impossible task a requisite of returning to a Constitutional monetary system, which return likewise, not even Mr. Vieira or Mr. Paul have shown is even possible, is certainly no way to solve our issues.
|
STATE ANALYSIS
Here is what the state had to say about Vieira's bill:
Fiscal Impact: The Treasury Department states they are unable to determine the fiscal impact of this bill on state, county, and local revenue or expenditures.
Methodology: The Department states further analysis is needed to determine how the state would purchase raw materials to mint coins and how to select an appropriate vendor to mint the coins(?????). The Department is unable to determine the exact fiscal impact at this time.
Summary
But Mr. Vieira predicts this action will trigger a deluge of investment in New Hampshire?
I don't see that happening at all. No way in hell. After all, are potential investors lining up insisting on the passage of this bill to create more fertile environments for investment?
Of course not! Whatever for?
Why aren't people just trading in gold and silver then, as they already can?
All this ridiculous bill even hopes to do is create a ridiculously expensive currency for no other purpose than it has not established how to regulate a currency — hoping the expensiveness of the currency will suffice in lieu of the vital understanding.
But to the original object, what New Hampshire and every other state needs is not "investment," because a) "investment" is to forfeit proprietorship in our own ventures merely for the deprivation of available finance for our enterprise to thrive as it deserves to, and because b) "investment" itself of this kind asks the existing circulation to do the further work of sustaining further industry, when to sustain further industry we require further circulation.
Thus the purported carrot is the very evidence of the bill's complete breadth of faults.
What entrepreneurs need is to be able to finance their ventures without interest — paid for nothing to those who create the money for nothing, only because we are denied the one righteous means of finance, and paid to those who certainly do not earn their wages alongside us in our shops.
True free markets, Mr. Vieira and Mr. Paul, similarly, are free of predation of any kind; and likewise, what true free markets need is c) a circulation which will not multiply debt upon us, d) a circulation which is regulated to sustain all our endeavors, and e) a circulation which is regulated so that it always equals the remaining value of the wealth we intend strictly for it to represent.
Only when we do all these things will we have true free enterprise again; and by definition, that day will be the day we establish mathematically perfected economy™.
 RELATED EXTERNAL MATERIAL
RELATED PRIMARY ARTICLES
 RELATED REFUTATIONS/REVIEWS OF CONTROVERSIAL MONETARY PROPOSITIONS
"To find the players in all the corruption of the world, 'Follow the money.' To find the captains of world corruption, follow the money all the way."
mike montagne — founder, PEOPLE For Mathematically Perfected Economy™, author/engineer of mathematically perfected economy™ (1979)
 del.icio.us
 FaceBook
 NewsVine
 reddit
|
|
HR 2779 — RON PAUL AND EDWIN VIEIRA'S SO CALLED HONEST MONEY ACT
mike montagne's mathematically perfected economy™ BLOG
PEOPLE For Mathematically Perfected Economy™ is the original and only bona fide solution to the world's imposed, falsified economic systems. On November 7, 1998, tens of thousands of voters designated PEOPLE For Mathematically Perfected Economy™ a Starting Point HOT SITE. Since the early 1990s, even while subject to extensive imitation and plagiarism, we have served up to hundreds of thousands of visitors per month, from all parts of the world.
Copyright 1979-2008 by mike montagne and PEOPLE For Mathematically Perfected Economy™. ALL RIGHTS RESERVED.
BEST VIEWED WITH MOZILLA FIREFOX™ AND FULL USAGE OF A BROWSER WINDOW AT LEAST 1450 PIXELS WIDE.