How Can You Reject the Government’s Fiat Money and Reclaim Honest Money? (Video)
Peter Schiff recently participated in a panel discussion in Las Vegas with Goldmoney co-founder, Josh Crumb and CEO Darrell MacMullin, along with best-selling author George Gilder.
During the discussion, Peter got down to the very basics, answering the question: what is money? He explained the important distinction between currency and money, pointing out that gold is money. Paper backed by gold is true currency. The government prints fiat currency – which is nothing but paper backed by nothing.
Peter said the time to return to gold has arrived:
Today, in the 21st century, this is going to be the real century of gold. And it’s not going to be because governments decide to go back to the gold standard…but because the public rebelled against fiat money and reclaimed honest money – money that holds its value and in fact gains value.”
Peter went on to explain how the technology behind Goldmoney will enable everyday people to simply reject the government system of fiat money and use sound money in their day-to-day transactions:
This is where the public can just throw it back at the government and reject their money. ‘Look, we’re not going to use it. I’m not going to use your money in commerce. I’m not going to save it. I don’t want to earn it…I’m just going to go back to real money.’ The Goldmoney technology empowers everybody in the world to make that decision on their own.”
Highlights from the forum:
“Before money, we had barter. Then somebody came up with the idea of money. And that was a huge achievement for mankind because it enabled commerce in a way that we never could have under the barter system…and gold’s emerged as a winner. It won the free market competition for money.”
“Today, in the 21st century, this is going to be the real century of gold. And it’s not going to be because governments decide to go back to the gold standard…but because the public rebelled against fiat money and reclaimed honest money – money that holds its value and in fact gains value.”
“Money is a commodity that is desired in and of itself, but which people will readily accept in exchange for goods and services.”
“Currency made it easier to use money. Currency is something that is convertible to money – backed by it. So a piece of paper that is backed by gold is currency…Instead of transacting gold itself, you can transact the paper, the currency. But the value was derived from the metal that was backing it up. So, these money substitutes were not actual money. They were warehouse receipts for money. That, in effect, is what Goldmoney has created. It is a digital warehouse receipt.”
“People say, ‘Gold is the best currency.’ It’s not. Gold isn’t currency. Gold is money. The dollar is a currency, but it’s a fiat currency, because a fiat currency is backed by nothing. Real currency, legitimate currency, is backed by metal.”
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“It’s gold money that enables the growth of the free market. The private sector grows with sound money. It’s governments that grow with paper money. And then it’s the growth of government that stifles innovation and the growth of the private sector, and inhibits the creation of real wealth. I think that’s what we can help to restore, because if we can move more people away from fiat currencies into gold, then we can rekindle – because what grows economies is not the money we spend but the money we save…You can’t save when currencies are losing value over time. So, as more people move to a gold-based system, now we can reintroduce the benefits of savings, because the value of what we save will increase over time.”
“There is a natural deflation under a gold standard, as gold is constantly worth more and more.”
“The reason that this propaganda is out there is because the government needs inflation. The government wants to create money out of thin air so it can spend without taxing. It wants to finance its deficits. So it had to concoct this BS argument that it’s doing it for our good. But it’s really doing it for its own good, but trying to justify it by trying to pretend that this is good for us.”
“This is where the public can just throw it back at the government and reject their money. ‘Look, we’re not going to use it. I’m not going to use your money in commerce. I’m not going to save it. I don’t want to earn it…I’m just going to go back to real money.’ The Goldmoney technology empowers everybody in the world to make that decision on their own.”
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