Hard Money is God’s Money

1. Historically, money consisted of precious metals such as gold and silver and the value of the money was according to its weight.

            “And I bought the field of Hanameel my uncle’s son, that was in Anathoth, and weighed him the money, even seventeen shekels of silver. 10)  And I subscribed the evidence, and sealed it, and took witnesses, and weighed him the money in the balances.” (Jer 32:9-10)

            Shekel – 1. a. An ancient unit of weight of the Babylonians, and hence of the Phœnicians, Hebrews, and others, equal to one-sixtieth of a mina (see mina1 1).  b. A coin of this weight; esp. the chief silver coin of the Hebrews.

            The dollar used to be a unit of weight of gold and silver.

            “A dollar was first defined in the Mint Act of 1792 as 371.25 grains of fine silver, exactly the weight of the Spanish mill dollar, which was the most common coin in colonial America and which continued to circulate legally in the United States until 1857, 70 years after the signing of the Constitution.” (Peter Schiff, Crash Proof 2.0)

             “No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts;” (US Constitution, Article I Section 10).

            The US was on a bi-metallic standard (both silver and gold) which was problematic because the ratio of gold to silver would vary and Gresham’s Law would cause the higher valued metal to disappear from circulation. 

            In 1934 the US government made it illegal for US citizens to own gold.

            In 1965 the silver was taken out of quarters and dimes.

            In 1971 the “gold window” was closed and foreign governments were no longer able to redeem gold for dollars.

            At that point the dollar became a purely fiat currency backed by nothing.

            With gold backing gone, nothing was left to restrain the Federal Reserve from printing as much paper money as they wished and inflation exploded.

            This wicked policy of debasing the currency is not new.

            The Jews were doing it thousands of years ago.

            “Hear this, O ye that swallow up the needy, even to make the poor of the land to fail, 5)  Saying, When will the new moon be gone, that we may sell corn? and the sabbath, that we may set forth wheat, making the ephah small, and the shekel great, and falsifying the balances by deceit?” (Amo 8:4-5)

            Ephah – A Hebrew dry measure, identical in capacity with the bath; see bath n.3; it is variously said to have contained from 4 1 / 2  to 9 gallons.

            God hates this kind of thing.

            “Divers weights, and divers measures, both of them are alike abomination to the LORD.” (Pro 20:10)

            “Ye shall do no unrighteousness in judgment, in meteyard, in weight, or in measure. 36)  Just balances, just weights, a just ephah, and a just hin, shall ye have: I am the LORD your God, which brought you out of the land of Egypt.” (Lev 19:35-36)

            Inflation robs savers of their purchasing power and it also creates the business cycle which ultimately ends in bust which destroys the jobs and lives of innocent people.