American Default: FDR, the Supreme Court, and the Battle over Gold

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American Default: FDR, the Supreme Court, and the Battle over Gold – book review eh.net/book_reviews/american-default-the-untold-story-of-fdr-the-supreme-court-and-the-battle-over-gold/

110 sats \ 3 comments \ @standardcrypto 21 Sep bitcoin

tldr, "Pay your debts son!"

book review by "the official Historian of the Federal Reserve System"

snip

"Now, we get to one point on which I disagree with the author. Edwards clearly believes the United States federal government defaulted on its debts. The Supreme Court equivocated, but generally seemed to think that the United States did not default, and I agree with the Supreme Court. Let me explain.

Merriam-Webster’s dictionary defines a default as either a (1) failure to do something required by duty or law or (2) a failure to pay financial debts. The United States Supreme Court decision in the gold cases indicated that the federal government defaulted in the first sense. ..... The Supreme Court ruled that the federal government did not default in the second sense. "

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0 sats \ 0 replies \ @standardcrypto OP 1 Oct

Note that even in the opinion of this Federal reserve aparatchik, the federal government DID default in the first sense, "a failure to do something required by duty or law"

0 sats \ 1 reply \ @standardcrypto OP 1 Oct

more context, from Bitcoin's sadly drowned troll poet Mircea Popescu:

"Mr Perry sued. The Attorney General proposed a theory whereby previous Congresses may not limit the powers of the currently sitting Congress, and so if they today decide not to repay any debt, or to repay a cent to the dollar, or to require the creditors pay them to discharge debts rather than the other way around as it is customarily done... all the better.

The court ruled :

"Plaintiff seeks to make his case solely upon the theory that, by reason of the change in the weight of the dollar he is entitled to $1.69 in the present currency for every dollar promised by the bond, regardless of any actual loss he has suffered with respect to any transaction in which his dollars may be used. We think that position is untenable."

Now explain to me the difference between the Democratic People's Republic of Korea and the Democratic People's Republic of Washington, DC. Can you ?"

http://trilema.com/2013/the-endless-story-of-korea/#selection-51.0-51.354

0 sats \ 0 replies \ @standardcrypto OP 6 Oct

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