Re: On Deficits And Debt-Financed Government
Abolishing legal tender laws is in my opinion a better alternative than handing over the counterfeit machine from Bernanke to Pelosi and hoping it goes “viral”
No American should be forced by their government to accept any money they deem not worthy. That is respect for private property and true economic liberty. This will render the Federal Reserve useless, and bankers would become like any other businessmen , at the mercy of their customers.
This law forces U.S. producers to accept Federal Reserve Notes even if they knew it is being rapidly debased by bank credit expansion coordinated by the Fed. And since they cannot refuse or discount the money, the only option left is to raise prices.
Note how International traders are quick to discount a currency (over the other currencies) that is being debased by its central bank.
Americans would be as merciless in dumping funny money, no matter who issued it.