The Dollar is a Swindle?

(See here) an article written by Bill Bonner that appears on the Lew Rockwell website. Bill puts forth that the dollar is a swindle.

I guess Bill is amongst those that believes the dollar should be tied to something "valuable" like gold? Let's see, gold will not tarnish, and is a rather soft metal that is easily fashioned into jewelry. It's pretty, but you can't eat it. Truth is that while I wear a gold wedding band on my finger (out of tradition) no other gold adorns my body. The "value" of gold is lost on me. Sure, if someone wants to give me some gold bullion I will say thank you. But I think I would then immediately attempt to convert it into something I think holds true value.

So, since the dollar is not based on the "gold standard", what is it about these small pieces of paper that give them value?

How about this? If you accumulate enough dollars, even if you get run out of your own country by a revolution or a "Democratically elected" socialistic government, you can come to the United States and find safe haven. In America, you will be able to freely flaunt your wealth and perhaps even be celebrated while you flaunt it. What other nation can offer as much stability and guarantee of safe haven as the United States?

If you buy a mansion in America, American citizens (along with some illegal aliens) will even be willing to be employed as servants as they prune your landscape and wash your limousine. There is the annoying factor of you must live within the law, but the laws are basically "fair" and if some armed gang holds you up and takes your money the populace will even assist you in hunting down the culprits. You need not keep an armed militia to guarantee your wealth, the public's police force will act as your guarantors and you do not need to pay them one red cent, other then pay your taxes every year. "People power" will even demand "your rights" are protected, just as they would demand "their rights" are protected.

Of course you must find a way to accumulate this wealth without going too far. If enough examples of where you violated basic human rights are publicized you will find yourself in quite a pickle. Entry into the United States might be denied you, or if allowed, your liberty might be at risk. But if you came by your wealth "honestly" (with the definition of honest subject to interpretation) you have a pretty easy life awaiting you.

What is the value of a dollar? It has the backing of the US government, and more importantly, the backing of the American people. While some people might call this backing worthless, I call it better then the gold standard. After all, why in hell do people think gold is so valuable?


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4/20/2006 10:02:00 PM  

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