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Quote of the Day:
"Inflation is the fiscal complement of statism." -- Ludwig von Mises, "The Theory of Money and Credit"
Subject: Protect Your Money
The price of gold moved above $900 an ounce this morning. It has been rising steadily. So have the prices for the goods and services you need to survive. These things are related.
When the Federal Reserve increases the number of dollars in circulation each dollar you earn buys less. Each dollar you've saved is also worth less. As the value of the dollar falls people look for some place to store their wealth that will hold its value. The last refuge in such times is gold.
Look at the price of oil over the last 10 years. According to the Wall Street Journal oil has risen 350% in terms of dollars, and 200% in terms of Euros, but it has stayed completely flat in terms of gold. This would seem to indicate that if gold were money the price of a tank of gas wouldn't have risen at all.
The Fed's inflation of the money supply is one of the main reason gasoline costs more. Fed inflation has also wrecked the housing market, and now threatens to wreck the entire economy. How does the Fed respond to the mess it has made? It wants to inflate the money supply even more.
Meanwhile, the politicians want to spend more of your money. Hillary Clinton is proposing to spend $37 million to help people with their energy bills, $30 billion to help sub-prime homeowners avoid foreclosure, $10 billion to extend unemployment insurance, and $5 billion to invest in alternative energy programs.
All of this money will come out of your pocket. Much of it will really go to corporate welfare. And all of it will contribute to the government's looming bankruptcy.
Depending on who is doing the counting, the government already faces between $50 trillion and $90 trillion in future bills it has no way to pay. But our politicians, and much of the electorate, continues to whistle past the graveyard, promising more and more spending, and huge new entitlements such as national health care.
Someone must stop the madness. Who will step forward to do what must be done? Will you?
We need more Downsizers to help us educate more and more people, and put more and more pressure on Congress. Please share this message with others and ask them to join DownsizeDC.org by sending a message to Congress.
What message should they send? What message should you send? Ask Congress to pass the "Honest Money Act," which will end the Federal Reserve's monopoly over the money supply.
Use you personal comments to mention any of the above facts as justification for passing the Honest Money Act.
Also, consider making a contribution to further our work. You can do so here.
Thank you for being a member of the growing Downsize DC Army.
Jim Babka, President, DownsizeDC.org, Inc.