ARTICLE 1, SECTION 8 OF THE CONSTITUTION STATES THAT CONGRESS SHALL HAVE THE POWER TO COIN (CREATE) MONEY AND REGULATE THE VALUE THEREOF. IN 1935 THE SUPREME COURT RULED THAT CONGRESS CANNOT CONSTITUTIONALLY DELEGATE ITS POWER TO ANOTHER GROUP. So why do we have the Federal Reserve creating money out of thin air? In 1913,…
Month: October 2022
What was the Gold Standard?
The gold standard was a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971…
Cryptocurrency vs. Precious Metals
What is Cryptocurrency? Cryptocurrency is a digital currency that was created to be used as an alternative to standard currencies, such as dollars or euros. Cryptocurrency is supposed to decentralized, which means that it is not controlled by one government, bank, or entity. The first coin created was bitcoin, and also the most expensive crypto….