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View Diary: America Should Balance Its Budget Just Like American Families Do (13 comments)

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  •  Congress is tasked with issuing the currency. (1+ / 0-)
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    stormicats

    The states and every individual person is in a different situation. They don't issue their own currency. The U.S. Congress has a monopoly, ever since the fall of the Confederacy. The Congress is tasked with managing the currency in Article I, Section 8 -- along with setting standards for weights and measures. It's an appropriate placement for the currency because, in fact, currency is a measure of obligations. Every dollar is nothing but a certified IOU, not unlike an inch is a certified measure of distance and an ounce is a certified measure of weight.
    So, why does the Congress ration the availability of currency?

    I suppose it's because it makes them feel powerful to manipulate exchange and trade by withholding a tool and then passing it out as a boon.

    We organize governments to deliver services and prevent abuse.

    by hannah on Sat Apr 06, 2013 at 03:06:02 AM PDT

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