QUESTION #1: If Canada is not a dictatorship, how can Trudeau cancel the dollar? How can he do so in secret?
RW
QUESTION #2: Why can’t Biden follow Trudeau and cancel the dollar?
EH
ANSWER: The answer lies in the difference in history. Because the paper currency called bills-of-credit back then became worthless, the Framers of the Constitution expressly took into account currency. I have written before that when I was a market-maker in gold and one of the three largest in the country, the IRS walked in and declared me to be a bank and then I was supposed to report everyone who bought or sold gold in $10,000 amounts or more. They cited the Constitution saying that gold and silver were money thereby making me a bank because Nixon only closed the gold window, he never DEMONITIZED gold. So I was suddenly a bank in no need of such a license for the purposes of the IRS. Hence, I retired.
This raises an interesting question. Can Congress create a digital dollar constitutionally? The question of money was thus settled directly in the Constitution because each state had previously issued its own coinage and paper bills-of-credit (paper money).
Article 1 – The Legislative Branch
Section 10 – Powers Prohibited of States
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No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
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