Euro, Euro, Euro all around, but not a pence of 'real money', to spend. With
these euro notes of this common currency, the wire services heap praise on its successful launch. The wheels of business and
the mechanism of finance are all in gear to usher in this brave new world of commerce. For years we have heard the benefits
of the first united coinage since the Roman Empire and the elimination of the chaos of individual currencies. So what will
this conversion mean for Europe and the rest of the world?
The conclusion largely depends on what you consume from the political plate
and whether you wish to place your thumb on the scale that weighs the beef. The traditions of Europe are quite different from
those of the original colonies when it comes to a monetary perspective. With the founding of our Nation, constitutional powers
were enumerated regarding the nature and coinage of money. Individual States were restricted from their own coinage, while
punishment for counterfeiting was established. Standard weights and measures of gold and silver were defined as legal tender.
So what does this have to do with the modern world and the financial developments on the continent?
Answering this inquiry revisits that old but tested account that reappears
periodically. Its current resurrection is in the form of: "Billions for the Bankers, Debt for the People" by Sheldon Emry.
Billions for the Bankers, Debt for the People by Sheldon Emry
In all its former lives, this argument has been attacked and smeared for
well over a hundred years. We all are aware that Alan Greenspan rules as a monetary sovereign, so why do we need a history
lesson on the Federal Reserve and central banks? And who really cares about fractional reserve banking, when you can read
in the WSJ the value of your money? If this is your attitude, you will eagerly accept the Euro as a triumph of financial
progress, and gladly pay your conversion rate when the credit card bills are due after your next European holiday.
But if you are one of the last remaining souls who regrets the loss of freedom
and a future for our society, you are obliged to become financially literate. No one can doubt the paramount role that money
plays in all out lives. Nor can anyone deny that the most efficient method to ensure approved behavior is directly related
to the economic costs that non compliance incurs. Governments are constructed around the pillars of financial control. But
when it comes to the case of money, the creation of the Central Bank, has achieved a virtual adoration of worship. The idea
of questioning the very existence of a central banking system, is a worse crime than the robbing of one of its branches.
Let no one be mystified with that which is quite simple. Paper money is always
fiat currency, because it is arbitrary and not redeemable in specie coinage. When legislatures abolish convertibility, they
destroy the stable store of value in their money. But when these same lawmakers, allow private banks to formulate a system
of fiat money creation under the guise of a Federal Institution, you have the abdication of the Republic.
Europe has never had a tradition of a republic model for their governments,
so it should not be a surprise that the conception of central banking got its hold in the old world. What is amazing is the
uniformity of acceptance that the American public has for the single most tyrannical influence over ourselves and our country.
Contrary to popular thought, abolishing the Federal Reserve and returning to Congress its constitutional duties, is possible
and requires only the political will to act. Nothing in modern economic commerce, has changed the fundamental need to function
with a stable currency. The realm of futures, options and derivatives are nothing more than a refined version of the three
card monte. The shell game that passes as financial wizardry is not run by some gnomes on loan from Zurich. Understand that
the statistics of low inflation is nothing but a manufactured allusion of cooking the books.
Harry Schultz, the dean of hard money prognosticators, refers to a current
case in federal court that could blow the lid off the scam of the century. But taking on the who's who of the financial community
is never easy. When can you remember a federal judge that would side with the Constitution?
The International Harry Schultz Letter - 28 December 2001
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