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What is a “dollar”?
One of the best-kept secrets of modern finance is the nature of money itself. I recall a televised dialogue between Ron Paul and Alan Greenspan, when the latter was the Chairman of the Federal Reserve Bank. He was asked by Ron Paul what exactly a dollar is. Greenspan’s answer was: “I don’t know.”
Now I ask this audience: Is it credible that the chairman of the Federal Reserve bank didn’t know what a dollar is? Is it not infinitely more likely he knew exactly what a dollar is, but had a compelling reason for not wanting to say it on the public record?
The simple fact is that for hundreds of years, a dollar was a measurement of weight, a specific number of grams of silver. So “one dollar” referred to X grams of silver. In his essay on the subject, Pieces of Eight, Edwin Vieira Jr. demonstrates beyond any doubt that the constitutional dollar of the United States is a “historically determinate, fixed weight of fine silver.” The Coinage Act of 1792 is but one source among many that makes this plain. It reads:
“the money of account of the United States shall be expressed in dollars or units … of the value [mass or weight] of a Spanish milled dollar as the same is now current, and to contain three hundred and seventy-one grains and four sixteenth parts of a grain of pure … silver.”
That “a dollar” was a reference to a measured weight of silver and indirectly of gold, was understood by every American man woman and child for hundreds of years. That understanding has been lost over time, since America’s gold was confiscated from the American people by FDR in 1933.
America’s wealth was confiscated in 1933
That America’s gold was forcibly taken in 1933, under threat of huge fines and 10 years imprisonment, is a matter of public record. There is the question of where it went that needs to be understood, and why it was taken is an equally important question which is directly related to the first question. People were threatened with jail time and huge fines because otherwise few would have voluntarily given all their wealth to a government they understood to be their servant.