Government Printing of Dollars Should Be Illegal
In "How I Saved the Dollar", posted on March 22nd 2014, I introduced my idea of having a Great American Auction which would sell all illegitimate government to the highest bidders of gold. Then, I would save the dollar by privatizing all proceeds from that auction uniformly according to every dollar.This mechanism is a very simple way to go about getting rid of irrational government and restore value to the most widely used currency in America. However, there is a dangerous threat to your dollars' value that the present administration is maliciously exploiting. That nemesis is inflation.
Every time government prints a dollar, or presses a button that adds one digital unit to an American currency number, it depreciates every dollar you own. Some economists may argue that government should have the capability to "replenish" dollar bills that get too old or are physically destroyed. However, I argue that it should not. If government has any ability to "make" dollars, it will usually lead to runaway inflation--which history has shown over and over again.
As speculation on the revaluation of dollars after the upcoming Great American Auction, the gross dollars in existence have a capital value. Whenever a dollar out there is destroyed, it adds value to everyone who owns one or more dollars as savings. In effect, an inability of government to print or digitize more dollars acts as extra interest on everyone's savings accounts each time a dollar is destroyed.
In an economy that has compromised every secure place to maintain one's money in the world, the restoration of high interest bank accounts by banning government money "creation" should be a policy priority. The Great American Auction is coming. Already, businessmen are accumulating gold supplies, and assessing state and federal illegitimate government values. Let's defang the contemporary government's ability to undermine America's future, and...bring...savings...back!
Paul Wharton
Objectivist Capitalist Medicine Promoter
Special thanks to Eli Lilly & Co. (LLY) for being the fuel of my mind