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Few tasks, if any, are more important for the preservation of freedom than the preservation of a sound monetary system. (Ezra Taft Benson, via Quoty)
Yesterday I finished reading Financial Armageddon by David B. Draughon. Draughon is a Latter-day Saint and analyzes our “awful [financial] situation” from a gospel perspective. I found his book to be very well-written and easy to read, helping the reader who may be unfamiliar with the subject matter to quickly get up to speed and understand the concepts and issues being presented.
Over the past year I have spent a great deal of time studying the economy, fiscal policy, inflation, the “Federal” Reserve, debt, and most importantly, the history of currency. What I have learned has been enlightening, astonishing, and downright infuriating.
Needless to say, I have a passionate hatred for banks, bankers, and all those blood-sucking workers of evil who have debased our currency, catalyzed inflation through fiat currency creation, and used fractional reserve banking to create money—literally—out of thin air. J. Edgar Hoover, former director of the FBI, opined similarly:
Banks are an almost irresistible attraction for that element of our society which seeks unearned money. (J. Edgar Hoover, via Quoty)
The best way to destroy the capitalist system is to debauch the currency. By a continuing process of inflation governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. (John Maynard Keynes, via Quoty)
In the past seven years alone, our currency has dropped over 40% in value against other currencies. The dollar has been watered down to 4% of its original purchasing power since 1913, when the Federal Reserve was created. The dollar indeed is being debauched to the point of oblivion.
What is the solution? As the scriptures teach, and as Draughon discusses thoroughly in his book, fiscal honesty and economy security demand that we return to a system of just weights and measures. Who in Congress advocates such a policy? Faithful readers of this blog will no doubt guess correctly. Representative Ron Paul (R-TX) has said:
The economic law that honest exchange demands only things of real value as currency cannot be repealed. The chaos that one day will ensue from our 35-year experiment with worldwide fiat money will require a return to money of real value. (Ron Paul, via Quoty)
The universal law “what goes up must come down” applies quite well to money. The inflation and price inflation that has run rampant in our economy will—mark my words—come crashing down, and hard. It is only a matter of when. I’m amazed that we have lasted this long.
I find it sad that so few understand what a dollar really is. Few understand what “fiat currency” is. Fewer understand the history of banking in this country, and how fractional reserve banking with loose reserve requirements lead to the creation of money ex nihilo. And hardly any seem to understand that our money is nothing more than debt.
The Framers of the Constitution were very wise men. They studied economic history, and knew that gold-shaving, fiat currency, and central banks had led to collapses in numerous civilizations. The monetary policies they instituted and advocated were sound and proven. Their distaste for central banks (with rare exceptions such as Alexander Hamilton) was pungent and scathing:
I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. (Thomas Jefferson, via Quoty)
Ayn Rand pegged the situation quite well in Atlas Shrugged, when speaking through protagonist Francisco d’Anconia she said:
Whenever destroyers appear among men, they start by destroying money, for money is men’s protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold was an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. (Ayn Rand, via Quoty)
The historical repetition in matters of currency and banking are easily discernible to the inquisitive mind. Ron Paul summed it up quite well, when he said:
When gold was used, and the rules protected honest commerce, productive nations thrived. Whenever wealthy nations — those with powerful armies and gold — strived only for empire and easy fortunes to support welfare at home, those nations failed. (Ron Paul, via Quoty)
If we do not return to the gold standard (which we most assuredly will not, as a nation), then the event described in the title of Draughon’s book—Financial Armageddon—will inevitably occur. Rolf Nef gave us one hint on how to perceive a potential economic collapse:
When empires fall, their currencies fall first. Even clearer is the rising debt of empires in decline, because in most cases their physical expansion is financed with debt. (Rolf Nef, via Quoty)
That pretty well sums up our current situation. Our dear prophet has also commented on this sad set of circumstances:
What a dismal station we have reached in this nation where we have borrowed and spent and failed to repay. At the close of 1994, every man, woman, and child in the United States owed as his or her part of the national debt $17,805.64. Think of it. It is a disgrace. It affects all of our monetary policies and all of our commerce. It burdens us with taxes from which there is little or no relief. (Gordon B. Hinckley, via Quoty)
That number has nearly doubled, bringing each citizens’ current individual burden to over $29,000.
Financial Armageddon looms near. Are you prepared?