Category Archives: Taxation

The Gold Standard: Protector of Individual Liberty and Economic Prosperity

goldstandard vs.    the-bill-of-rights

 

 

The idea of a constitution and/or written legislation to secure individual rights so beloved by conservatives and among many libertarians has proven to be a myth. The US Constitution and all those that have been written and ratified in its wake throughout the world have done little to protect individual liberties or keep a check on State largesse.  Instead, in the American case, the Constitution created a powerful central government which eliminated much of the sovereignty and independence that the individual states possessed under the Articles of Confederation.

While the US Constitution contains a “Bill of Rights,” the interpreter of those rights and protections thereof is the very entity which has enumerated them.  It is only natural that decisions on whether, or if such rights have been violated will be in favor of the state.  Moreover, nearly every amendment which has come in the wake of the Bill of Rights, has augmented federal power at the expense of the individual states and that of property owners.

History has shown the steady erosion of individual rights and the creation of “new rights” and entitlements (education, health care, employment, etc.) which have occurred under constitutional rule.  Instead of limitation on government power, constitutions have given cover for the vast expansion of taxation, regulation, debt, and money creation.

While taxation has always been a facet of constitutional governments, it has been the advent of central banking and with it the elimination of the gold standard which has provided the means for the state to become such an omnipresent force in everyday life.  Irredeemable fiat paper money issued by central banks has also led to the entrenchment of political parties which has allowed these elites to create and subsidize dependency groups which, in turn, repeatedly vote to keep the political class in office.

Without the ability to create money and credit, the many bureaucracies, regulations, and laws could neither be created or enforced.  This would mean that the vast and powerful security and surveillance agencies could not exist or would be far less intrusive than they currently are.  With commodity money, debt creation would have to be repaid in gold, not monetized as it is currently done through the issuance of paper currency.

Just as important, it would have been next to impossible for the two world wars to have been fought and carried to their unimaginable destructive ends.  None of the populations involved would have put up with the level of taxation necessary to wage such costly undertakings.  Few of the wars which followed (most of which have been instigated by the US) could have taken place without central banking.  Nor could the level of “defense” spending – currently at a whopping $717 billion for fiscal year 2018 – be financed if the US was on a commodity standard.*

Under a gold standard, governments would have to rely on taxation alone.  Since citizens directly feel the effects of taxation, there is a “natural level” that it can be raised.  Punitive tax rates usually lead to a backlash and potential social insurrection which strike fear in the hearts of political elites.

Recent projections by the Congressional Budget Office again demonstrate that constitutional government provides little restraint on spending.

If present trends continue, the federal government will spend more on its interest serving its debt than it spends on the military, Medicare, or children’s programs.  It is also expected that next year’s interest on the debt will be some $390 billion, up an astonishing 50 percent from 2017.** And, for the entire fiscal year of 2018, the gross national debt surged by $1.271 trillion, to a mind-boggling $21.52 trillion.***

At one time, economists used to speak of the pernicious effects that “crowding out” had on an economy.  Since the onset of the “bubble era,” talk about deficits has almost dropped out of financial discussions.  Yet, the reality remains the same: public spending and borrowing divert scarce resources away from private capital markets to unproductive wasteful government projects and endeavors.

For those who seek a reduction in State power, defense of individual rights, and economic prosperity, the re-establishment of a monetary order based on the precious metals is the most efficacious path to take.  Such a social system would not require elaborate legislation or fancy proclamations of man’s inalienable rights, but simply a return to honest money – gold!

*Amanda Macias, “Trump Gives $717 Billion Defense Bill a Green Light. Here’s What the Pentagon is Poised to Get.”  CNBC.com 14 August 2018. https://www.cnbc.com/2018/08/13/trump-signs-717-billion-defense-bill.html

**Nelson D. Schwartz, “As Debt Rises, the Government Will Soon Spend More on Interest Than on the Military.”  The New York Times. 25 September 2018 https://www.nytimes.com/2018/09/25/business/economy/us-government-debt-interest.html

***Tyler Durden, “US Gross National Debt Soars $1.27 Trillion in Fiscal 2018, Hits $21.5 Trillion.” Zero Hedge.  2 October 2018.   https://www.zerohedge.com/news/2018-10-02/us-gross-national-debt-soars-127-trillion-fiscal-2018-hits-215-trillion

Antonius Aquinas@AntoniusAquinas

https://antoniusaquinas.com

Is Political Decentralization the Only Hope for Western Civilization?

US Secssion Map II

A couple of recent articles have once more made the case, at least implicitly, for political decentralization as the only viable path which will begin to solve the seemingly insurmountable political, economic, and social crises which the Western world now faces.

In the last few months, over 3,000 millionaires have fled the hopelessly corrupt and bankrupt state of Illinois.  When asked, 47% of Illinoisans would like to leave the state which, over the last decade, has seen over a half million of its residents flee.  Naturally, this exodus has exacerbated the Land of Lincoln’s financial straits to catastrophic levels.*

A report published by the American Legislative Exchange Council predicted that the tax flight which is occurring in Illinois will similarly take place in the coming years in high-tax blue states such as California and New York.  The 2017 Trump tax reform will accelerate this process since under the new legislation the amount of state income tax that can be deducted on federal tax returns has been capped at $10,000 per family.  The authors of the report wrote: “. . .  high [income] earners in places with hefty income taxes – not just California and New York, but also Minnesota and New Jersey – will bear more of the true cost of their state government.”**

The not too subtle consequences of the new tax code will mean an even greater exodus of taxpayers out of blue states which will shrink state revenues even further and create job losses across the board.

While those who want to escape the crushing burden of individual state taxation and regulation, if they have the means and desire to do so, can move to more favorable climes, no such option exists (except the drastic step of expatriation) to escape federal tyranny.  Yet, the same benefits which occur from a multiple of individual states and jurisdictions would be present if the various nation states which dominate the globe were broken up into smaller political units.

While the authors of the cited articles see the advantage that multiple states have where one can “vote with his feet,” the same logic can be applied to central governments across the planet who are, on the whole, more tyrannical than local jurisdictions.  More political bodies would not only provide sanctuary for the oppressed, but it would tend to keep a check on tyranny among existing states.

Political decentralization is a far greater deterrent to government largesse than constitutions, elections, or finding the “right person” to “fix things.”  The events of the last few weeks in the realm of US foreign policy once again demonstrate that trusting candidates to fulfill campaign promises is naive, to say the least.

To get to this goal, all and every secession movement, even of a Leftist bent, should be supported, whether they are nations that want to “exit” from larger political units, such as Great Britain from the EU, or within nation states themselves such as California in the US.  All should be encouraged.

Of course, the case for decentralization has to be made on ideological grounds.  The Left, most likely, will not be a natural ally for secession, nor are conservatives, most of whom are under the spell of “nationalism” and “restoring the Republic.”  Yet, the Right offers the best opportunity to build a secession movement and needs to be convinced that the preservation of the nation state will only lead to the complete triumph of liberalism.

Secession would also necessitate the breakup of the nation-state’s monopoly of money and banking.  Numerous political divisions would be more likely to adopt a single monetary unit – gold – which would guarantee financial stability rather than the debt ridden paper-money system now in place.

Next to the outbreak of World War III, immigration is the greatest threat to what remains of Western Civilization.  Smaller political units would be far better to control their borders than reliance on a central authority which can be easily manipulated from outside agents.

The solution to the myriad of social and economic problems that confront Western societies will not come about from a “reform” of the nation state, but through its dissolution.  Only through a world made up of hundreds, if not thousands, of Lichtensteins, Hong Kongs, Monacos, confederacies, free cities, etc., will these crises be hoped to be resolved.

*Tyler Durden, “This $5 Trillion Time Bomb Will Devastate Americans.” Zero Hedge.  9 August 2017.  https://www.zerohedge.com/news/2017-08-09/5-trillion-time-bomb-will-devastate-americans

**Robert Frank.  “800,000 People Are About to Flee New York and California Because of Taxes, Say Economists.”  CNBC.com. 26 April 2018.    https://www.cnbc.com/2018/04/26/800000-people-are-about-to-flee-new-york-california-because-of-taxes.html?__source=sharebar|twitter&par=sharebar

Antonius Aquinas@AntoniusAquinas

https://antoniusaquinas.com

Can Germany Be Made Great Again?

Holy-Roman-Empire-1789-1024x704

When Germany Was Great!

Ever since the start of the deliberately conceived “migrant crisis,” orchestrated by NWO elites, the news out of Germany has been, to say the least, horrific.  Right before the eyes of the world, a country is being demographically destroyed through a coercive plan of mass migration.  The intended consequences of this – financial strain, widespread crime and property destruction, the breakdown of German culture – will continue to worsen if things are not turned around.

Opposition to the societal destruction within Germany have been harassed and persecuted by the authorities and labeled by the mass media with the usual epithets: “far right,” neo-Nazi, “haters,” and heaven forbid, “separatists.”  Because of this and other factors, there has been no mass movement, as of yet, that has coalesce to challenge the German political establishment.

A possible reversal of German fortunes, however, has come from a recent poll of Bavarians.*

A survey conducted by YouGov, a market research company, found that 32% of Bavarians agreed with the statement that Bavaria “should be independent from Germany.”  This percentage has increased from 25% of secession-minded Bavarians when polled in 2011.

Of the some 2000 surveyed between June 24 and July 5, most supporters of  independence come from the southern portions of the country.

Whether Bavarians or their fellow German separatists realize it or not, the only “political” solution to the migrant crisis is secession.  This is not only true for Germany, but for all Western nation states swamped with unwanted migrants.  Once free from the domination of the national government (and just as important the EU), each jurisdiction could make its own immigration policy and would be better able to control population influx at the local level.

Historically, Germany’s past has much more in common with a decentralized political landscape than with a unitary state.  From the disintegration of the Roman Empire until Napoleon wantonly abolished the Holy Roman Empire in 1806, Germany was an amalgam of different political units – kingdoms, duchies, confederacies, free cities, etc.  With no grand central state, there was considerable freedom and economic growth as each sovereign entity was largely able to conduct its affairs on its own terms.

Decentralized political power is also conducive for the advancement of culture.  Music, the highest art form, found some of its greatest expression from the German peoples.  And, the monumental figures of Western music were financed in large measure by German princes, kings, and emperors.  Johann Sebastian Bach’s sublime Brandenburg concertos were underwritten, so to speak, by Christian Ludwig, Margrave of Brandenburg while Beethoven received support from Archduke Rudolph.  Mozart was funded no less by the Austrian emperor himself, Joseph II.

Political decentralization provides an important mechanism as a check on state power.  A multitude of governments prevents individual state aggrandizement as oppressed populations can “vote with their feet” and move to safer and less repressive regimes.  A unitary state, or just a few, throughout the world would negate such an advantage.

Naturally, if nation states are a constant threat to the liberties and economic well being of their citizens, global organizations and states are that much more of a danger and should always and everywhere be opposed.  The European Union, largely based on the principles of the US Constitution, has pressured nations under their sway, such as Germany, to accept the migrants and has threatened members such as Hungary and Poland with penalties if they do not do their fair share.

The empirical evidence is overwhelming in regard to political decentralization and economic growth.  Since the level of taxation and government regulation are crucial factors in an economy’s ability to produce, the limitation on taxation and government oversight tend to be significantly lower if there are numerous states since there would be amble opportunities for producers to go to more conducive areas to set up shop.  This can be seen in the US as thousands of oppressed businesses and firms have left California to lower tax and restrictive climes such as Texas and Nevada.

If Germany is ever to get a handle on the migration crisis before the country is completely demographically dismembered, its only hope is to return to its decentralized political roots.  Let Bavaria lead the way!

*https://www.rt.com/news/396600-bavaria-independence-germany-poll/

Antonius Aquinas@AntoniusAquinas

https://antoniusaquinas.com

California, Nestle and Decentralization

calexit

Nestle USA has announced that it will move its headquarters from Glendale, California, to Rosslyn, Virginia, taking with it about 1200 jobs.  The once Golden State has lost some 1600 businesses since 2008 and a net outflow of a million of mostly middle-class people from the state from 2004 to 2013 due to its onerous tax rates, the oppressive regulatory burden, and the genuine kookiness which pervades among its ruling elites.* A clueless Glendale official is apparently unconcerned about the financial repercussions of Nestle’s departure saying that it was “no big deal” and saw it as an “opportunity,” whatever that means!

The stampede of businesses out of what was once the most productive and attractive region in all of North America demonstrates again that prosperity and individual freedom are best served in a political environment of decentralization.

That the individual states of America have retained some sovereignty, despite the highly centralized “federal” system of government of which they are a part, has enabled individuals and entrepreneurs living in jurisdictions that have become too tyrannical to “escape” to political environments which are less oppressive.  This, among other reasons (mainly air conditioning), led to the rise of the Sun Belt as people sought to escape the high taxes and regulations of the Northeast to less burdensome (and warmer!) southern destinations.

This can also be seen on a worldwide scale.  The US, for a long time, had been a haven of laissez-faire economic philosophy, which, not surprisingly, became a magnet for those seeking opportunity and a higher standard of living.  No longer is this the case as increasing numbers of companies and individuals are seeking to avoid American confiscatory tax and regulatory burdens and move “offshore” or expatriate to more favorable economic climates.

The idea of political decentralization as a catalyst for economic growth has become a part of a “school of thought” in the interpretation of how Europe became so prosperous compared to other civilizations.  After the fall of the Roman Empire, Europe for centuries was divided politically among numerous jurisdictions and ruling authorities with no dominant central state on the Continent.  The multitude of governing bodies kept in check, to a large degree, the level of taxation and regulation.  If one state became too draconian, it would lose population to less oppressive regimes.

Just as important, Europe’s governing system was aristocratic and monarchical which has proven to be far more conducive for economic growth than democracies.

While the economic oppressed can escape among the various states, there is no avoidance from the wrath of the federal government unless through expatriation and that option has become less viable with those leaving still subject to tax obligations.  This, fundamentally, is the crux of the problem and has been since the ratification of the US Constitution in 1789.

The chance that a totalitarian state such as California or the Leviathan on the Potomac would actually reform themselves or relinquish power through legislative means is a mirage.  Nor will revolution work as revolutionaries while appearing altruistic, typically get a hold of the machinery of government to plunder society for their own self interest on a far grander scale than the supposed despots which they replaced!

The only viable option for the productive members of society to seek redress of state oppression is to argue, work, and eventually fight for political secession and the fragmentation of states as much as possible.  Decentralization is the only hope for those opposed to the modern, omnipotent nation state.  Moreover, any notion or effort to salvage the current centralized political system must be abandoned.

Naturally, before the breakup of the nation state can become a reality, the ideological case for political decentralization must be made.  Public opinion must be convinced of the superiority of a world consisting of many states.  Such a cause, however, will be considerably difficult after generations have been raised and made dependent upon social democracy.

When Nestle and other oppressed businesses and individuals can easily escape the clutches of totalitarian entities like California and, more importantly, the most dangerous government on the face of the earth for freer destinations, then will individual liberty and economic growth be assured.

*Terry Jones, “Another Big Company Departs California – Will Last One to Leave Shut the Lights?”  Investor’s Business Daily. February 3, 2017.  http://www.investors.com/politics/commentary/another-big-company-departs-california-will-last-one-to-leave-shut-the-lights/

Antonius Aquinas@AntoniusAquinas

https://antoniusaquinas.com/

 

Donald & the Dollar

donald-dollar

John Connally, President Nixon’s Secretary of the Treasury, once remarked to the consternation of Europe’s financial elites over America’s inflationary monetary policy, that the dollar “is our currency, but your problem.”  Times have certainly changed and it now appears that the dollar has become an American problem.

In a recent interview with the Wall Street Journal, the soon to be 45th President of the United States believes that the greenback’s strength – up some 25% against a broad basket of currencies since 2014 – is now “too strong,” “killing us,” and has hurt companies trying to compete overseas.* A top Trump economics advisor, Anthony Scaramucci, reinforced his boss’ sentiment adding that “we must be careful of a rising dollar.”

Apparently, making America great again does not include the nation’s monetary standard.  Trump’s belief that the dollar is too strong also shows a distinct lack of historical understanding.  Every great nation and empire (which Trump promises to restore America to) had a sound monetary system.  It is no coincidence that the pound sterling was the world’s “reserve currency” at the time when the British Empire was at its height.  Debasement of it to finance Britain’s insane decision to enter World War I led, in large part, to the eventual loss of its empire.  If Trump truly seeks to restore American greatness at home and its prestige throughout the world, devaluating the currency is not the way to go.

Nor does a weakened dollar benefit the middle class whom the president elect throughout the campaign has pledged to help.  In fact, it has been the fall in the purchasing power of the dollar due to the inflationary policies of the Federal Reserve which have decimated the living standard of the middle class.  And, while the proposed Trumpian middle class tax cuts will help, just as important is a sound monetary system if Middle America is to become a creditor class once again.

Pensioners and retirees, another group that Trump has promised to help, would continue to see their financial condition decline under a policy to weaken the dollar. A fall in the purchasing power of money would devastate the income stream of pensions and social security payments.

While a weaker dollar policy would hurt the middle class, retirees, and savers, it would benefit the most responsible for the continued economic doldrums of America – banksters and the government.  A weaker dollar would allow the government to continue to borrow and maintain its profligate spending.  Financial houses and the banksters would receive credit at nearly zero cost which would allow them to continue to blow bubbles in the asset markets.  Export firms, too, would benefit at least for a while, but would more than likely face retribution from foreign governments and central banks which would retaliate with their own devaluations sparking potential currency wars.

Talk of “currency manipulation,” “weakening the dollar,” “trade deals,” and the like do not address what lies at the heart of not only America, but the Western world’s economic problem – too much debt.  The reason why the West has been able to incur its current gargantuan level of debt is not because of a “weak” or a “strong” dollar, but because the dollar is a fiat currency not backed by any commodity.  A true gold standard, where each currency unit represents either gold or silver, provides monetary discipline which prevents politicians and banksters from incurring ruinous levels of debt.

Since money is the lifeblood of an economy, any hope that one can be turned around without a stable monetary order is, to say the least, delusional.  If president-elect Trump and his policy makers do not realize this, they will be severely disappointed in the years to come.  Sound money allows for the accumulation of savings and capital formation, the essential elements of the market economy and the only basis upon which real economic growth can occur.  More savings and capital are needed to boost production and create employment, not supposedly wiser and more competent international trade negotiators.

Talk of currency devaluation is what is typically heard from banana republics, it should not be advocated by those who have aspirations of making their country great again.

*Tyler Durden, “Dollar Tumbles After Trump Calls Currency ‘Too Strong,’ Slams Border-Adjustment Tax.”  Zero Hedge.  17 January 2017.

Antonius Aquinas@AntoniusAquinas

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Jailing Banksters Will Not Resolve the Economic Crisis

Anglo Irish Bank

Last week, an Irish court sentenced three prominent banksters for their roles in the 2008 financial crisis.  Judge Martin Nolan, who pronounced judgment, said that the bansksters had committed “a very serious crime.”  He continued, “The public is entitled to rely on the probity of blue chip firms. If we can’t rely on the probity of these banks we lose all hope or trust in institutions.”*

A number have criticized the judge’s sentence for its mildness in light of the catastrophic damage that the banks have done to the economy.  Irish taxpayers have bailed out the banks five times since 2011, while it has been estimated that it will take up to 15 years, if ever, to recover.

While Irish banksters and the political class who have enabled them are certainly deserving jail time and much worse, whether they or other banksters who have committed similar crimes are punished will not prevent a reoccurrence of further economic crisis, undo the harm done to the Irish economy, nor will it pull Ireland or the rest of the Western world out of its economic malaise.

The seminal cause of the economic crisis of 2008 and almost every one preceding it has been the fraudulent expansion of the money supply by the banking system through the practice of fractional reserve banking.  Until this economy wrecking and social destructive scheme, along with the central banks that oversee and protect the nefarious practice, are abolished, the economic crisis will continue and deepen no matter how many banksters are jailed.

Simply put: fractional-reserve banking, for those who do not know, which includes 99.9% of the financial press, is the practice by which banks keep only a fraction of their deposits on hand and “invest” or loan out the rest at interest. Of course, if any other warehouse or storage facility engaged in such a practice it would be rightly considered fraud.

The process is augmented by central banks, which expand the money supply through the deposits that individual banks keep with them.  In fact, the main purpose for the creation of central banking in the first place was to enable individual banks to engage in this fraudulent undertaking which leads to all sorts of monetary mischief.

The beautiful part of outlawing fractional reserve banking is that it requires no creation of regulatory agencies, commissions, or convoluted legislation.  All that is needed is a simple universal prohibition of the nefarious practice applicable at all times and all places: any bank or financial intermediary which engages in fractional reserve banking or similar practices will be condemned and prosecuted with its perpetrators punished up to and including torture and death!

The judicial system is culpable too in this process.  Courts that actually prosecute banksters are not trying to get to the root of the problem, but are merely saving face with the public by doling out prison time or uttering harsh rebukes at the banksters.  Of course, as an arm of the state, the courts have a vested interest in not seeking the truth, since doing so would expose the actual method upon which nation-states obtain a good deal of their power.  Fines, jail time (usually reduced or suspended) to placate the angry populace is as far as the judicial system will typically go.

Naturally, a financial order devoid of fractional reserve banking would, as Providence had intended, consist of gold and silver, where paper currency and notes would most likely be of limited if any use.  The only significant hanky-panky which would occur with metallic money would be the old ploy of “coin clipping” which, although deplorable, was limited as compared to the inflations that have taken place under a pure paper, fiat standard.  To keep coin debasement in check, however, the same punitive measures should prevail as with those who engage in fractional reserve banking.

Punishing banksters for their monetary transgressions years after their dastardly deeds have taken place is comparable to buying fire insurance after a house has burned down.  If the Irish and the rest of the world’s populations want to eliminate the monetary chaos and the declining living standards which have ensued over the past half dozen years or so, they need to look at the ultimate cause of the crisis – eliminate fractional reserve banking and the central banks which condone and engage in the practice.

*Tyler Durden, “Ireland Jails 3 Top Bankers Over 2008 Collapse . . . Instead of Bailing Them Out.”  Zero Hedge.  30 July 2016.

Antonius Aquinas@AntoniusAquinas

https://antoniusaquinas.com/

 

 

 

The Gold Standard: Friend of the Middle Class

In-Gold-We-Trust

It has been theoretically demonstrated and seen in general practice that a monetary system of 100% metallic money devoid of central banking checks monetary inflation, prevents a general rise in the price level, and eliminates the dreaded business cycle while making all sorts of monetary mischief nearly impossible.  A gold standard is not only economically superior to any paper money scheme, but is morally just, which is why it is hated by the politically well-connected, academics, politicians, and the rest of the Establishment.

Often not discussed, however, even by its proponents is the beneficial effect that “hard money” has for the middle class.

It is not a coincidence that since the U.S. left the last vestiges of the gold standard in 1971with President Nixon’s nefarious decision to no longer redeem international central bank payments in gold, real wages for Americans have stagnated.  Nixon’s decision to put the nation on an irredeemable paper money standard set it on a course of economic ruination, which is why he should have been hounded from office not for his role in the bungled, petty cover up at the Watergate.

Stagnating wage rates have been confirmed by a number of studies, take, for instance one from the Pew Research Center which states that “today’s average hourly wage has just about the same purchasing power as it did in 1979. . . . [I]n real terms the average wage peaked more than 40 years ago: The $4.03-an-hour rate recorded in January 1973 has the same purchasing power as $22.41 would today.”*

While the absence of the gold standard has impoverished laborers, it has benefitted (not surprisingly) the very wealthy – hence, the reason why it was abandoned, as the Pew Study reports: “What gains have been made, have gone to the upper income brackets.  Since 2000, usual weekly wages have fallen 3.7% (in real terms) among workers in the lowest tenth of the earnings distribution, and 3% among the lowest quarter.  But among people near the top of the distribution, real wages have risen 9.7%.”**

Of course, this was part of Nixon’s plan: redistribution of wealth from the middle class and low income groups via money printing to the political class.  Such a scheme, however, could have only happened if the gold standard was eliminated.

Since the start of the abominable Obama Administration in 2009, the adjusted monetary base of the U.S. rose from $1.772 trillion to $3.966 trillion as of March 16, 2016.***  Of course, even these unfathomable figures as well as all other information supplied by the dominant media and government cannot be trusted.  It, therefore, can be safely assumed that the real money supply is more than officially reported.

Money, like every other good, is subjected to the immutable law of supply and demand.  Every increase in the money supply reduces the purchasing power of the monetary units which are already in circulation.  Naturally, since wages are paid in dollars, increases in the supply of them will decrease their purchasing power.  Thus, while nominal wages have gone up as the Pew Study shows, real wages (what wages can purchase) have stagnated.

The decline in real wages over the decades from profligate money printing has resulted in lower standard of living for wage earners and those living on fixed incomes. The rise in two income families is, in part, a consequence of a paper money economy and the fact that the financial survival of families now requires two incomes.  Two-income families have also profound cultural implications which are now manifesting themselves.

There has been much talk throughout the current presidential campaign about the financial decline of the middle class.  Candidates on the Left naturally talk of subsidies and more redistribution of wealth while those on the Right have called for tax cuts. While tax reduction of any kind is always welcomed and leads to economic growth, a sound monetary policy is just as important for a revitalization of the middle class.  Moreover, a return to honest money does not require any expansion of government spending or debt.

If policy makers truly want to improve the condition of the middle class, which consists primarily of wage earners, a return to a monetary order of “hard money” is an economic and moral necessity.

*Drew Desilver.  “For Most Workers, Real Wages Have Barely Budged for Decades.”  Pew Research Center.  9 October 2014.

**Ibid.

***Jerome R. Corsi, “Obama’s Latest Fraud: ‘Economic Recovery’ Disproven in Just 9 Charts.”  WND Money.  3 March 2016.

Antonius Aquinas@AntoniusAquinas

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