Gold vs. Paper: The Only Debate That Matters
While a record audience watched the first presidential debate between Hillary Clinton and Donald Trump, the sad truth is that the candidates differ very little on the issues that matter most. As president, both Clinton and Trump are likely to drive the country deeper into debt, expand government power, and further curtail individual liberty and economic freedom. Though we can vote against the candidate we feel will accelerate this trend, our votes may do nothing to change the direction we are headed.
But there is one vote that may actually make a difference. The real source of government power is its monopoly over money. Working hand and glove with the Federal Reserve, the Federal government has been able to finance permanent deficits by creating purchasing power out of thin air. Voters think government spending in excess of taxation means that the public gets something for nothing. But the more invisible “inflation tax” is not only more expensive than the overt official taxes, but does even more damage to our economy.
While government taxation and regulation have worked to limit productivity, private sector investment and innovation have worked to enhance it. But the recent rise and acceptance of activist central banking has tilted the balance in favor of government. Interest rates held at close to zero have short-circuited the economy’s natural vitality . As a result, living standards have spiraled downward for rank and file Americans. Despite government statistics that seek to paint a brighter picture, this dissatisfaction has been clearly reflected in the tone and tenor of the current election. But if we really want to take our country back, we need to start by taking our monetary system back.
The United States was built on a foundation of sound money, and is now crumbling without one. A constitutional gold standard served us well for nearly 200 years, until Richard Nixon decided to do away with it “temporarily” in 1971. It’s been 45 years and we are still waiting for the return. As the Federal Reserve prepares to stamp out any remaining integrity that our currency may still possess, I suggest that we can’t afford to wait any longer for our government to honor Nixon’s promise. We must do it ourselves.
Goldmoney is an Internet startup that has developed a new super-charged gold standard that works better than the original. It provides all of the conveniences of money substitutes, such as paper currency, bank accounts, credit cards, etc., with none of the disadvantages. It’s a Gold Standard 2.0 that everyone can adopt today. It doesn’t matter which candidate wins this election. Elections only change the players. But Goldmoney changes the game, empowering us to individually reject fiat money, and return en masse to the gold standard, one American at a time. Without firing a shot, we can win a second American revolution. You may have seen the news recently that my gold sales company, SchiffGold, was recently purchased by Goldmoney. I am now working with them to offer the public a convenient and comprehensive gold savings and spending platform.
With Goldmoney, consumers can buy gold instantly and inexpensively using a laptop or cell phone. It’s real gold that you own. You can take delivery whenever you want, in quantities as small as 10 grams or, if you prefer, your gold can be stored free of charge by Brinks (a 157-year old 3rd party custodian) in a vault in the international city of your choice. Goldmoney provides a platform that gives you 24/7 access to your gold, enabling you to spend it*, or transfer** any portion of your holdings free of charge. In addition, Goldmoney provides free debit cards, enabling you to convert your gold into any currency and spend it wherever MasterCard is accepted, including cash withdrawals from ATMs.
Throughout history gold beat out all commodities to become the people’s choice for money. Along the way, governments tried to force people to accept paper instead, but their efforts always failed. Now you can help this most recent attempt fail as well. Just as Fedex once disrupted the U.S. postal monopoly, and companies like AirBnb and Uber are now upending the hotel and taxi industries, Goldmoney could be a game changer for the Federal Reserve and its irredeemable notes. Money needs to be a reliable store of value, and the Fed’s product fails that test miserably. In fact, as official policy now mandates at least two percent annual inflation, it can be argued that the Fed’s product is designed to fail. Two percent inflation means your savings lose two percent of its value every year. My guess is that this target will be moved higher over time, so the annual rate of loss will accelerate in the years ahead. Gold, on the other hand, cannot be debased as its supply is extremely scarce and mining output will not even come close to matching the rate at which new Federal Reserve notes will be conjured into existence.
When the Federal Reserve was at least perceived to be an inflation fighter, and savings accounts paid interest of five percent or more, the convenience of fiat money and a modern banking system made a gold standard seem expensive and obsolete. But with the Fed now an unapologetic inflation creator and a possible looming threat of bank failures and “bail-ins” in the traditional financial system, the case for opting out of fiat money and into gold has been made all the more compelling. With Goldmoney, the path has never been easier. Goldmoney lets everyone easily save, earn*** and spend in gold. Don’t be the last one on your block to make the transition. In fact, being an early adopter has its advantages. The sooner you make the switch to gold, the sooner the government will no longer be able to tax you with inflation.
But it’s not just about preserving the purchasing power of your own savings, but about helping your friends protect theirs. Through the Goldmoney referral program, you can earn free gold every time one of your friends opens an account as a result of your invitation. It’s as easy as sending a text or an email. In fact, if you open your account today, Goldmoney will fund it with some free gold to help you get started. You can easily add to your account with an additional purchase using your debit or credit card, begin inviting your friends to open accounts, and sit back and watch your personal gold holdings increase.
But the decision to open a Goldmoney account is not only a good financial decision for yourself, but a good political one for our nation. Voting may be a waste of time as no matter who wins elections nothing ever seems to change. But a vote for gold is a vote our politicians will not be able to ignore. If enough people reject their flawed monetary system, the government will have no choice but to bow to the competition. To compete with Goldmoney, and win back lost market share, the government will be forced to cut spending, balance its budget, and raise interest rates. Just as the gold standard of yesterday restrained the growth of government and preserved individual liberty, a new gold standard can deliver the same benefits today. But our government will not voluntarily surrender its power. We will need to take if from them. Thanks to Goldmoney we now have a means to do it!
* Fee is charged to fund and to spend
** So far physical transfers have only been approved for residents in the following states: TX, CO and OH.
*** Sending payments with Goldmoney is not currently available to US residents
There will be potential taxes on the gains or income deferral on the losses in transacting and saving in gold.
Physical ownership of gold will not yield income.
Peter Schiff is a shareholder of Goldmoney and a spokesperson for the company, for which he receives remuneration as part of its referral program.