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The Second Political Disorder

The world dollar standard leads to a loss of legitimacy and lack of respect for the Congress and president.

2.  Public confidence in our elected political institutions is becoming badly decayed.  Public confidence in the Congress has decayed to a mere 11%. The Declaration of Independence provides the “gold standard” for political legitimacy.  It holds that That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed….

The Gallup organization polls show a steady erosion in confidence in many institutions since the abandonment of the gold standard. Public confidence in Congress has dropped from 42% in 1973, the earliest reported figure, to an alarming 11% in July 2010.  Clearly the Congress is losing its legitimacy in the eyes of the people.

By imposing an arbitrary, rather than constitutional and lawful monetary policy, leading to severe fluctuations and long-term erosion in the value of the dollar, our elected officials lose our respect, their legitimacy, and our consent.  Officials who wish, and wish their offices, to be accorded respect must show the people of America and the world the respect implied by a gold-convertible dollar.

The world dollar standard is subject to three political infirmities.  In addition to the loss of legitimacy,

  • It violates the constitutional order as defined by the Founders.
  • It creates international animus toward the holder of the "exorbitant privilege.

Next: the "exorbitant privilege."

 

Kathleen M. Packard, Publisher
Ralph J. Benko, Editor

In Memoriam
Professor Jacques Rueff
(1896-1978)

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