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Posts Tagged ‘corporations’

Coins

Standard economics textbooks define money as:

(1) a medium of exchange
(2) a store of value
(3) a unit of account

Currency is defined as a medium of exchange.

Article I, Section 8 of the U.S. Constitution gives Congress the exclusive power to “coin Money.

The Tenth Amendment to the Constitution states:

The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.

Since the power to coin money is specifically delegated by the Constitution to Congress, it is therefore not reserved to the States or the people.

However, the key word is the power to coin money.

Along with Congress’ exclusive power to coin money is its exclusive power to regulate the value thereof. That fits in with defining the unit of account associated with the coined money.

Furthermore, coins are certainly a store of value, whether made of gold, silver, or copper, as the first Coinage Act of 1792 provided Congress to strike coins from.

Private individuals, and non-corporate associations of individuals, therefore, retain their right to coin currency.

This right is also implicitly recognized by the Ninth Amendment to the Constitution, which states:

The enumeration in the Constitution, of certain rights, shall not be construed to deny or disparage others retained by the people.

It is important to say non-corporate associations of individuals, since corporations are creatures of the state, as clearly stated by voluntaryist and philosopher, Stefan Molyneux, and, therefore, don’t have any rights.

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Former Italian dictator, Benito Mussolini, is quoted as saying, “Fascism should more appropriate be called Corporatism because it is a merger of state and corporate power.

However, The Italian word Mussolini used was corporazione, which means guild, not corporation.

On May 5, 2009, George Whitehurst-Berry, host of the radio show “Crash! Are You Ready?”, pointed out what fascism really is, according to the man who defined the concept — Mussolini.

Whitehurst-Berry pointed out that members of guilds had full liability, whereas modern corporations have limited liability, whereby the private assets and actions of directors, executives and employees of the company are normally immune from civil suits. This is in direct contrast to guilds whereby guild members were personally responsible and liable for their work.

This was reinforced on March 27, 2010, by political and economics analyst, Webster Tarpley, host of “World Crisis Radio,” who is fluent in Italian.

In the second segment of the first hour of the show, he said, “Corporate does not mean corporation in the modern sense of a joint stock company, it means a medieval guild. And a guild, the idea that the ownership and the workers are inextricably linked.

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On Sunday, November 8, 2009, in The Sunday Times, Goldman Sachs’ CEO, Lloyd Blankfein, said he was doing “God’s work.” How accurate is his claim?

Mr. Blankfein is Jewish, as this jinsider.com article states, entitled, “Top Wall Street Jew: Lloyd Blankfein.” The oldest and most authoratative source to test his claim would be the Torah — the five books of Moses.

In the Torah, specifically in Deuteronomy, chapter 15, verses 1 to 3, we have the following English translation from the New International Version:

1. At the end of every seven years you must cancel debts.
2. This is how it is to be done: Every creditor shall cancel the loan he has made to his fellow Israelite. He shall not require payment from his fellow Israelite or brother, because the LORD’s time for canceling debts has been proclaimed.
3. You may require payment from a foreigner, but you must cancel any debt your brother owes you.

Therefore, in order for him to be doing God’s work, according to his religion, every seven years, he’d have to cancel all debts to fellow Israelites, now Jews, and keep them for all non-Jews. Where is the evidence Goldman Sachs is doing this? I can’t find any. In fact, I can only find evidence to the contrary. Namely, that all debts are kept past seven years for Jews and non-Jews alike.

For those who will argue that the Torah no longer applies to Jews, or that they can pick and choose which commandments to follow, that would indeed come as a surprise to Orthodox Jews, who I believe, rightly follow all of the Torah. Otherwise, what authority does anyone have to pick and choose which commandments of God to follow, if indeed they all be from God, as Orthodox Jews claim. If the Torah is inauthentic, in whole or in part, then Mr. Blankfein needs to cite his evidence to justify his claim that he’s doing “God’s work,” when he’s not following one of his God’s commandments.

To those who would say that God’s commandments in the Torah don’t apply to the actions of those working as employees of corporations, one need look no further than Exodus 32, to see that such an excuse doesn’t wash. Cite me a single verse that shows the actions of individuals were excused as a result of their participation as a group. Indeed, Aaron was held accountable for the actions of his fellow Israelites in worshipping the Golden Calf, when Moses was up on Mount Sinai.

Finally, to those who would say that all religions are fantasy, including Judaism, I say to them, that’s irrelevant to whether Mr. Blankfein’s claim that he’s doing God’s work should be held up to scrutiny, based on his own beliefs about God.

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Among the most famous of quotations attributed to Thomas Jefferson, is this one:

If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around  them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered.

But did Thomas Jefferson really say that? That’s what I had thought, especially after hearing it repeated by so many people on so many different programs and web sites. Then, one day, I decided to verify it for myself, and was surprised by what I found.

Bartleby, famous for its books of quotations, states:

Although Jefferson was opposed to paper money, this quotation is obviously spurious. Inflation was listed in Webster’s dictionary of 1864, according to the Oxford English Dictionary, but the OED gives 1920 as the earliest use of deflation.

Another authoritative dictionary, Merriam-Webster, reports the first use of the word deflation, in any context, dating back to 1890 — 64 years after the death of Thomas Jefferson.

As Bartleby hints at, one shouldn’t throw the baby out with the bath water. Even if Jefferson didn’t say that, in whole or in part, it’s consistent with his beliefs and actions.

The full significance of this quotation will be addressed in several subsequent articles.

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Several years ago, shortly after I boarded one of the buses of a major bus company in North America, a question was raised by one of the passengers about the safety of the bus. The bus driver emphatically insisted that safety was their number one priority.

Correction: The only priority of that company, as a corporation, is to maximize shareholder wealth. Period. Safety is only a priority to the extent that it serves to maximize shareholder wealth. To say or believe otherwise is to not understand the fiduciary duty of the officers of the corporation to maximize shareholder wealth, as required by statutes.

There’s no reason according to natural law why that should be the case, of course, since corporations are completely artificial creations. As a result, most of the time, they operate in accordance with how they were intended to operate. If you don’t like it, don’t complain to the officers of an artificial entity who are simply acting in accordance with the statutes enacted by the representative legislative branch of the people — take it up with your representatives!

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