Ron Paul
Sure this has been beaten to death so I'll grab the nearest soapbox to pile on.
Paul is the only viable candidate with a voting record that consistently demonstrates he would uphold the Constitution as President. I think he would structure a Supreme Court to do the same. Is that so much to ask?
Of course anyone who supports Paul is vilified as a kook, since upholding the Constitution is viewed as quaint and outdated in such an advanced society as ours that relies upon such conveniences as oil and credit cards and electronic banking.
The Constitution gave Congress the authority to "coin" money. In the very same sentence it gave Congress the authority to establish standards of weights and measures - if not for the purpose of weighing and measuring such coins to determine their value, then what? The Founders just lived through a horrible period in which failed currencies and defaults on promises to repay public debt resulted in widespread misery. Jefferson understood that printing, "minting", or other means of producing fiat money was pernicious and invited disaster. The fact that the dollar has declined about 50% against the Euro since 2000 is one recent result of the toxic effect of fiat currency. I paid $7.00 for a cup of coffee in London last month. Breakfast for four in Toronto cost me $150.00. The dollar has become so weak in the world markets that OPEC has seriously been considering selling its oil in Euros
(source). Flooding the market with dollars to bail out the mortgage mess puts even more pressure on US currency
(source). The rest of the world, heavily invested in US debt, will eventually want something tangible in return, such as the government of Abu Dhabi buying Citigroup
(source).
The results of this mess will be felt in lowered standards of living for many years, and arguably threatens our national security. That's what I think Jefferson had in mind with his quote.
I don't know if a Ron Paul presidency can solve the problem. I am confident that he understands there is a problem though, which is more than I can say about any of the other candidates and most members of Congress. Identifying a problem is the first step toward proposing a solution. He's the only one on the House Banking Committee with enough knowledge of the situation to put Ben Bernanke in the hot seat - and make him sweat
(source).
Ajaxinacan, I think the points you made are worth debating. I don't believe the concept of credit or debit cards or electronic funds could not have been explained to Jefferson in terms he could understand. Credit and debit have always been credit and debit. I submit he may have been able to grasp such concepts better than most people today. (For fun, research the origin of the word "bond" - as in a financial instrument.) Heck, as far as abstract concepts go, the Founders were people who understood the concept of "rights" which a lot of people still believe is something given to them by government.
I don't believe that his limited experience in the eighteenth century monetary world would disqualify Jefferson from his objection to fiat money in all its forms.
When Jefferson made his famous quote, there was a huge problem with money that could only be spent in one town, or at a few stores.
I'm not sure what you mean to infer. If the town or stores recognized the currency, they could choose to accept it, or not. No government mandate stated they must until the 20th century. Would Jefferson have considered this a problem that the Constitution was designed to prevent? I doubt it. Gold and silver coin could still be used anywhere.
... banks minted their own money until the end of the 19th century.
...and failed with disturbing regularity when they could not redeem it after printing too much.
In some cases, corporations minted their own money.
...and failed with disturbing regularity when they could not redeem it after printing too much.
Banks are failing once again. Companies are relying upon foreign investment to keep them afloat. This can't continue. To quote Einstein (I think), "that which cannot continue, will stop."
Ron Paul probably won't get elected, but enough of us kooks campaigning for him might shake things up enough for non-kooks to take notice.
Or split the Republican vote enough for another President Clinton.