See a Penny…

July 26, 2006

Cartoonists continue to take delight in the proposal to scrap the American penny. They all seem to miss the point though that the proposal reflects the fact that the American dollar has been so devalued by the inflationary practices of the Federal government that 4 of every 5 cents in a dollar are now worthless. It would be more accurate to say those 20 cents on the dollar aren’t really worthless, they’ve more precisely been stolen…

Worthless pennies. That’s what happens when you let the government eliminate a standard for your currency and sell the precious metals backing up intrinsically worthless paper bills and alloy coins. That’s right, first they convinced Americans to trust them with their “cakes,” to put the cakes in a Federal banking system, and that all we needed were receipts for the cakes to trade among ourselves. Next they suckered us into believing that the cakes weren’t really necessary to give the receipts value, that we could have our cakes and eat them too, so to speak. (Of course that was only an excuse for the government to sell the cakes and line their pockets with the proceeds.) Finally, they starting flooding the system with duplicate receipts for the cakes that had already been eaten (or which never existed in the first place), bringing down the value of the receipts for the (now eaten) real cakes. Now, we’re waking up to the fact that we’ve been using receipts for pretend cakes as currency, and that there isn’t much value left in this fraudulent system. If you still don’t understand what I’m talking about, go back and reread this again, but substitute the world “gold” for “cakes.”

Maybe rather then getting rid of the penny, we should go back to the gold standard and give the pennies some value again.


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