Monday, 24 April 2017

Commentary

Utah Money Summit: sound money champions gather to promote reform

Posted by Alex Chafuen
September 26, 2011

James Turk

With Utah’s civil society leading the way to defend our human right to choose our means of payment, it was only fitting that part of my introduction was devoted to the sound people who promote sound money.

“The first speaker for this program made reference to the road, perhaps providential, which brought so many of us, from different professions, different countries, to come together to promote sound money.

I have not doubts why I am here.  I lived 30 years of my life in a country, Argentina, where I witnessed how paper money and the manipulation of money credit destroyed its economy, its rule of law and its future.  I came to the United States in 1985, became a citizen, and will do whatever to protect this country.  I saw this movie, it does not end well, so I will do my best to prevent the US from doing the same mistakes.

Let me say you also what a great feeling it is also to come back to Utah.  A special place in the US, when I say it is nice to be in Utah, it is because I regard it as a state with mostly sound people.  Human beings who make a big effort to live according to human nature: free and rational, but also spiritual and social.

One of my main points will be that our struggle for sound money and against the perils of fiat money needs to be fought also outside economics.

My professor of Moral and Professional Ethics during my senior year at the Catholic University of Argentina taught us that printing money is “lying knowing that you are lying and stealing knowing that you are stealing.”

Sound money, is a money that conforms to its nature, a good which is chosen to be the most widely used means of exchange thanks to its qualities as a store of value.  The only monetary role for government in a free society should be to define its coin in such money, and have a framework for enforcing contracts including those established in other currencies.

Many of us will be speaking about monetary policy.  Policy implies laws.  Today we use the term “law” to mean “whatever the Congress, or even an agency, calls a law.  Governments have used the term “money” for these pieces of paper, and some of us think that this creates incentives for the manipulation of money and credit.   Special interests ask governments to redefine other fundamental institutions of the free society, so I am not surprised by monetary confusion: it is the result of moral and philosophical confusion.

Atlas launched the sound money project trying to engage as many individuals and centers as possible to conduct research and educate about the economic, political, and moral imperative of a stable and solid currency.  It is a privilege to join the American Principles Project and the Citizens for Sound Money in this endeavor.   Please check www.soundmoneyproject.org for ways by which to collaborate and participate.”

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