Friday, March 18, 2011

Rep. Bradley has done Raleigh a service

Freshman Republican Rep. Glen Bradley of Youngsville in Franklin County has been taking a derisive beating among those who have found his proposal absurd for North Carolina to adopt a new currency backed by gold and silver. Some have called it wacky. Some say it's outlandish.

Mr. Speaker, I rise to defend Rep. Bradley. The 2011 General Assembly session so far has been overly serious and without sufficient humor to release widespread stress over a huge shortfall in the state budget, not to mention some political tensions from a change in the balance of power. Rep. Bradley's proposal has provided other members, lobbyists, reporters, clerks, legislative staff and indeed the larger populace of downtown Raleigh with something to enjoy talking about. You can't walk across the Capitol grounds or down Fayetteville Street without being stopped by someone who wants to talk about it.

Why, just the other day a distinguished lawyer of long acquaintance beseeched me to write an editorial not only backing Rep. Bradley's plan, but also to endorse the lawyer for a newly created state job: Commissioner of Precious Metals, a post whose salary would be paid in gold, of course.

Shoot, I'm thinking of applying for a job myself in the new administration. I think the title of Deputy Commissioner for Sterling Silver and German Nickel would be just dandy.

Rep. Bradley, we owe you a debt of gratitude.


Anonymous said...

Mr. Betts, you should read the US Constitution some time. Specifically Article I, Section 10:

"No State shall... make any Thing but gold and silver Coin a Tender in Payment of Debts".

If you received a one ounce gold coin in 1913 when the Federal Reserve was founded, it was the equivalent of $20 then but $1400 now.

The US experience no longterm inflation during the period before the Federal Reserve was founded. Since the Fed was founded the purchasing power of the dollar has been reduced by 98%.

Think of it this way: why does a stamp that cost 6 cents in 1970 cost 44 cents today, when technological advancement and efficiencies in transportation should have made the cost of delivering a letter LOWER? Answer: inflation of the money supply.

Anonymous said...

"Some say" the Holocaust never happened either.

Of course the Holocaust was carried out by a guy who came to power in the wake of a hyperinflationary currency collapse, so....

Anonymous said...

Jack, I wonder if you could explain what the benefits of having an unbacked paper currency are. Make sure your answer:

(a) tells us why we haven't tried to solve poverty by just handing everybody a million dollars in newly-printed paper money;

(b) why we do have a policy (called quantitative easing) that actually does give the big banks billions in newly-created money, and what effect that policy has on prices for food, oil, cotton, soy, etc.

Anonymous said...

So, in other words, you're thanking him for giving Congress and the people a big laugh?

I suspect the laugh will be on you.