James Turk (GoldMoney Foundation) interviews Edwin Vieira, author of Pieces of Eight: The Monetary Powers and Disabilities of the United States Constitution
Edwin talks about this book, how it came to be and the new editions. Edwin explains the role that the gold commission hearings and Ron Paul played. He also says how important and urgent monetary reform is for the United States and how the best chance of reform comes at the state level.
They discuss constitutional money in the USA and the authority of states to use gold and silver as legal tender, as well as legal precedent from the Supreme Court. He talks about how several states are contemplating legislation to allow gold and silver as alternative currencies.
Edwin explains the Treasury’s legal obligation to maintain parity between all forms of US currency, about Roosevelt’s gold seizure, the gold reserve act and the abolition of the gold clause. Edwin and James talk about the need for insurance against a currency collapse and how alternative currencies could play that role. They discuss the stark choice that follows a currency collapse: How the US reacted after the collapse of the Continental Dollar by enshrining sound money in the Constitution vs. how Weimar Germany drifted towards National Socialism.
He explains how US states have the legal duty and authority to carry out monetary reform. Given the deadlock in Washington, they must take the initiative to prepare for the coming crisis. Edwin and James also stress the need for a rational currency system which allows for economic calculation, and decry the current fiat, politically driven, irrational monetary system as incompatible with the free market, and a focus of financial instability.
They both talk about the current lack of financial education, and liken the alternative currency initiatives by state legislatures to building lifeboats for the Titanic that is the US dollar. They also talk about the different things that can be done to prepare for the impending collapse of the dollar. They also return to the Continental Dollar and how America’s founding fathers were able to learn from their mistakes by enshrining sound money in the Constitution and how, with today’s technology, we could do even better.