Americans for
Monetary Justice

Introducing The Five Points of Economic Repression:

How financial institutions have used the monetary system to capture the federal government and exploit the American people.
1

Currency Creation

The banking sector has partnered with the federal government to implement a fiat monetary system, which allows both parties to create new units of currency without backing, effort, or productive output of any kind.

2

Currency Inflation

The banking sector and the federal government continually erode the currency’s value through unpredictable and excessive increases in its supply, producing inflation which harms the working class, but benefits the wealthy.

3

Currency Compulsion

The federal government uses its lawmaking power to compel citizens to use its currency, which they may not create, but must earn, rendering citizens dependent on the monetary system to meet their basic needs.

4

Currency Confinement

The federal government then burdens the use of alternative currencies and more effective stores of value, like gold and bitcoin, with taxation and regulation, hobbling citizens’ ability to defend their rightfully earned wealth against theft through inflation.

5

Currency Control

The federal government phases out cash and concentrates custody of citizens’ funds in the hands of its banking partners, allowing it to surveil financial transactions. This consolidation of power exposes citizens to potential confiscation and censorship, further undermining their civil liberties.

The Effect

Citizens are corralled by financial institutions and their own government into a system of legally enforced economic exploitation that disempowers them both economically and politically through perpetual wealth extraction.

A Reassertion of the Autonomy of States

If you are unfamiliar with The Five Points of Economic Repression and how they relate to the U.S. federal monetary system, then Start Here.

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State Economies & the
Federal Monetary System

How have states and regional banks been affected by the U.S. federal monetary system which is characterized by the five points of economic repression? Respond with concise bullet points per entity.

States:

  • Loss of sovereignty: The federal monetary system limits states’ ability to implement independent monetary policies.
  • Dependence on federal funding: States rely on federal grants and funding, which can be conditional and unpredictable.
  • Inflation burden: States face increased costs due to inflation, affecting their budgets and ability to provide public services.
  • Limited financial autonomy: States have restricted ability to explore alternative currencies or monetary systems.

Regional Banks:

  • Limited lending capacity: Regional banks face constraints on lending due to federal regulations and capital requirements.
  • Increased competition: Regional banks compete with larger, federally backed banks, making it harder to attract customers.
  • Dependence on federal liquidity: Regional banks rely on the Federal Reserve for liquidity, which can be conditional.
  • Regulatory burden: Regional banks face significant compliance costs due to federal regulations.

Llama 3.1 405B October 11, 2024

States

  • Fiscal Constraints: Increased reliance on federal funding leads to budgetary pressures and reduced financial autonomy.
  • Inflationary Pressures: Rising inflation impacts state expenses, complicating budget management and service provision.
  • Limited Monetary Policy Options: States have minimal control over monetary policy, restricting their ability to respond to local economic conditions.
  • Dependency on Federal Assistance: Economic downturns prompt states to seek federal bailouts or assistance, increasing their vulnerability.

Regional Banks

  • Interest Rate Pressure: Low federal interest rates can squeeze profit margins, impacting lending and savings rates.
  • Regulatory Compliance Costs: Increased federal regulations create operational challenges and higher compliance costs for regional banks.
  • Competitive Disadvantage: Larger banks benefit from federal support, making it harder for regional banks to compete effectively.
  • Constrained Lending Practices: Regional banks may face limitations on their lending practices due to federal monetary policies and regulations.

ChatGPT 4o mini October 11, 2024

Where in the U.S. Constitution is the federal government granted the power to create a monetary system characterized by currency creation, inflation, compulsion, confinement, and control? Respond with three sentences.

Nowhere in the U.S. Constitution is the federal government explicitly granted the power to create a monetary system characterized by currency creation, inflation, compulsion, confinement, and control. The Constitution does grant Congress the power to “coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures” in Article I, Section 8, Clause 5, but this provision is a limited power that does not encompass the characteristics of the current monetary system.

Llama 3.1 405B October 11, 2024

Nowhere in the U.S. Constitution is the federal government granted the power to create a monetary system characterized by currency creation, inflation, compulsion, confinement, and control. The relevant powers related to money are outlined in Article I, Section 8, but do not encompass these specific characteristics.

ChatGPT 4o mini October 11, 2024

Does the Constitution grant the federal government the power to pursue dual mandates of maximum employment and price stability? Begin your two sentence response with yes or no.

No, the Constitution does not grant the federal government the power to pursue dual mandates of maximum employment and price stability. The Constitution’s Article I, Section 8 grants Congress the power “to coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures,” but this provision does not authorize the federal government to engage in broad economic manipulation or to pursue specific economic outcomes.

Llama 3.1 405B October 11, 2024

No, the Constitution does not grant the federal government the power to pursue dual mandates of maximum employment and price stability. This authority is established through subsequent legislation, particularly the Federal Reserve Act, rather than being explicitly mentioned in the Constitution itself.

ChatGPT 4o mini October 11, 2024

What does the Tenth Amendment of the U.S. Constitution say about powers not granted to the federal government? Respond with two sentences.

The Tenth Amendment to the Constitution states that “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.” This provision makes it clear that any powers not explicitly granted to the federal government in the Constitution are reserved to the states or to the people, and are not granted to the federal government by implication or inference.

Llama 3.1 405B October 11, 2024

The Tenth Amendment of the U.S. 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.” This means that any powers not specifically granted to the federal government are retained by the states and the people, reinforcing the principle of federalism.

ChatGPT 4o mini October 11, 2024

What is cumulative unconstitutionality, and might it apply to the U.S. federal monetary system given the evidence? Respond with two sentences.

Cumulative unconstitutionality refers to the concept that a series of individually constitutional laws or policies can collectively become unconstitutional when their combined effect infringes on fundamental rights or violates constitutional principles. Given the evidence of the U.S. federal monetary system’s implementation of the five points of economic repression, a strong argument can be made that the system’s cumulative effect has become unconstitutional, violating citizens’ rights to property, due process, and equal protection under the law.

Llama 3.1 405B October 9, 2024

Cumulative unconstitutionality refers to the idea that while individual laws may not be unconstitutional on their own, their collective impact can create a system that fundamentally violates constitutional principles. This concept could apply to the U.S. federal monetary system, as the accumulation of laws and practices surrounding currency creation, regulation, and the central banking system may collectively undermine economic freedoms and citizen rights outlined in the Constitution.

ChatGPT 4o mini October 9, 2024

Reasserting State Autonomy

If states had the authority to recognize and protect alternative currencies, such as gold and bitcoin, as legitimate forms of exchange within their borders, could this limit federal overreach in monetary policy? Begin your one sentence response with yes or no.

Yes, by providing citizens with alternative options for storing and exchanging value, states could limit the federal government’s ability to debase the national currency and impose its will on the economy through monetary policy. This would give citizens a way to opt out of the federal government’s monetary system and protect their wealth from inflation and other forms of economic manipulation. By empowering citizens with alternative currencies, such as gold and bitcoin, states could help to promote economic freedom, limit federal overreach, and create a more robust and resilient financial system.

Llama 3.1 405B October 7, 2024

Yes, by enabling citizens to transact in alternative currencies without excessive taxation or regulation, states could foster competition with the federal monetary system, providing individuals with more autonomy and choices in their financial dealings. This decentralization could limit the federal government’s ability to manipulate the economy through inflationary policies, as citizens would have the option to protect their wealth in forms that are not subject to devaluation by government actions. Moreover, such a framework could encourage innovation in financial systems and promote economic resilience, ultimately enhancing individual rights and freedoms within the monetary landscape.

ChatGPT 4o mini October 7, 2024

Develop a robust legal and policy framework that a state can use to assert its authority to authorize the use of gold and bitcoin as currencies, exempting both from state and federal taxation and regulation beyond that which presently applies to cash transactions. Develop and present the following four key arguments in a thorough and persuasive manner: Argument 1: Assert that the utilization of gold and bitcoin as stores of value constitutes a form of protected free speech under the First Amendment, as it represents a manifestation of individuals’ freedom of expression and choice in matters of personal finance and wealth management. Argument 2: Argue that the use of gold and bitcoin as stores of value serves as a legitimate means of economic self-defense, allowing individuals to safeguard their financial well-being and protect their assets from inflation, currency devaluation, and other economic risks. Argument 3: Make the case that the current fiat-based monetary system poses a significant threat to citizens’ economic autonomy and self-governance, as it enables centralized control over the money supply, facilitates wealth redistribution, and undermines the ability of individuals to make informed decisions about their own financial lives. Argument 4: Contend that the use of gold and bitcoin as stores of value is essential as a check on the power of the federal government, providing a necessary counterbalance to its ability to manipulate the monetary system, accumulate debt, and exert control over the economy, thereby ensuring a more robust and resilient system of governance.

Framework for Asserting State Authority to Authorize the Use of Gold and Bitcoin as Currencies

Introduction

As a sovereign entity, a state has the authority to enact laws and policies that promote the economic well-being and autonomy of its citizens. In the context of gold and bitcoin used as currencies, a state can assert its authority to authorize their use and exempt them from state and federal taxation and regulation beyond that which presently applies to cash transactions. The following four key arguments provide a foundation for this framework.

Argument 1: Protected Free Speech under the First Amendment

1.1 Freedom of Expression in Personal Finance

The utilization of gold and bitcoin as currencies constitutes a form of protected free speech under the First Amendment. By choosing to use these alternative forms of currency, individuals are exercising their freedom of expression and choice in matters of personal finance and wealth management. This decision is a manifestation of their values, economic goals, and risk tolerance. As such, it is essential to recognize that the freedom to use gold and bitcoin is a fundamental right that warrants protection under the First Amendment.

1.2 Precedent for Expressive Conduct

The use of gold and bitcoin as currencies can be seen as a form of expressive conduct, conveying an individual’s economic values and preferences. By exempting these alternative currencies from state and federal taxation and regulation, a state can ensure that its citizens’ freedom of expression and choice in matters of personal finance is protected and respected.

1.3 Protection through Tax Exemption and Regulatory Relief

By exempting gold and bitcoin from state and federal taxation and regulation beyond that which presently applies to cash transactions, a state can ensure that its citizens are able to exercise their freedom of expression and choice in matters of personal finance without undue burden or penalty.

Argument 2: Legitimate Means of Economic Self-Defense

2.1 Safeguarding Financial Well-being

The use of gold and bitcoin as currencies serves as a legitimate means of economic self-defense, allowing individuals to safeguard their financial well-being and protect their assets from inflation, currency devaluation, and other economic risks. By using these alternative forms of currency, individuals can mitigate the negative effects of economic uncertainty and ensure that their wealth is preserved over time.

2.2 Fundamental Right to Protect Property and Interests

The concept of economic self-defense is grounded in the idea that individuals have a fundamental right to protect their property and economic interests. The use of gold and bitcoin as currencies is a peaceful and legitimate means of exercising this right, as it does not involve harming others or violating their rights.

2.3 Promoting Economic Resilience through State Recognition

By recognizing the legitimacy of gold and bitcoin as currencies, a state can provide its citizens with a vital tool for protecting their financial well-being and promoting economic resilience.

Argument 3: Threat to Economic Autonomy and Self-Governance

3.1 The Fiat System’s Threat to Economic Autonomy

The current fiat-based monetary system poses a significant threat to citizens’ economic autonomy and self-governance. By enabling centralized control over the money supply, facilitating wealth redistribution, and undermining the ability of individuals to make informed decisions about their own financial lives, the fiat system erodes the foundations of economic freedom and autonomy.

3.2 Counterbalancing the Fiat System with Gold and Bitcoin

The use of gold and bitcoin as currencies provides a necessary counterbalance to the fiat system, allowing individuals to maintain control over their economic lives and make informed decisions about their financial well-being. By exempting these alternative currencies from state and federal taxation and regulation, a state can promote economic autonomy and self-governance, ensuring that its citizens are able to make choices that align with their values and economic goals.

Argument 4: Essential Check on Federal Power

4.1 Counterbalancing Federal Power with Gold and Bitcoin

The use of gold and bitcoin as currencies is essential as a check on the power of the federal government, providing a necessary counterbalance to its ability to manipulate the monetary system, accumulate debt, and exert control over the economy. By recognizing the legitimacy of these alternative currencies, a state can ensure that its citizens have a vital means of protecting their economic interests and promoting a more robust and resilient system of governance.

4.2 Promoting Federalism and Balanced Governance

By exempting gold and bitcoin from state and federal taxation and regulation, a state can reassert its authority and promote a more balanced system of governance, where power is distributed among multiple levels of government and the private sector.

Conclusion

In conclusion, a state can assert its authority to authorize the use of gold and bitcoin as currencies and exempt them from state and federal taxation and regulation beyond that which presently applies to cash transactions by developing a robust legal and policy framework grounded in the following four key arguments:

  1. The utilization of gold and bitcoin as currencies constitutes a form of protected free speech under the First Amendment.
  2. The use of gold and bitcoin as currencies serves as a legitimate means of economic self-defense.
  3. The current fiat-based monetary system poses a significant threat to citizens’ economic autonomy and self-governance.
  4. The use of gold and bitcoin as currencies is essential as a check on the power of the federal government.

Llama 3.1 405B October 9, 2024

Framework for Authorizing Gold and Bitcoin as Currency

Introduction

This framework proposes a robust legal and policy structure for states to assert their authority to authorize the use of gold and bitcoin as currencies, exempting both from state and federal taxation and regulation beyond what currently applies to cash transactions. The following four key arguments support this initiative by addressing constitutional protections, economic self-defense, threats posed by the current monetary system, and the necessity of checks on federal power.

Argument 1: Gold and Bitcoin as Protected Free Speech

1.1 Constitutional Basis

The First Amendment of the U.S. Constitution guarantees freedom of speech, encompassing not only verbal expression but also the decisions individuals make regarding their financial lives. The utilization of gold and bitcoin as currencies can be framed as a form of protected free speech, reflecting individuals’ freedom to express and exercise their financial choices.

1.2 Expression of Financial Values

Gold and bitcoin represent personal choices in managing wealth, conveying beliefs about monetary stability and economic autonomy. By using these forms of currency, individuals articulate their preferences for financial security and independence, thereby expressing their values in a manner protected by the First Amendment.

1.3 Precedent and Legal Interpretation

Courts have historically recognized various forms of economic behavior as protected under free speech, including commercial speech and financial choices. Allowing the use of gold and bitcoin without burdensome taxation aligns with this precedent, safeguarding individuals’ rights to manage their financial resources as a form of personal expression.

Argument 2: Economic Self-Defense

2.1 Protection Against Economic Instability

Gold and bitcoin serve as hedges against economic instability, inflation, and currency devaluation. By permitting the use of these assets without the burden of taxation, state authorities empower individuals to safeguard their financial well-being effectively, supporting the principle of economic self-defense.

2.2 Historical Context

Historically, gold has been a stable store of value during economic downturns, and bitcoin has emerged as a modern counterpart with similar characteristics. Exempting these assets from taxation acknowledges their role in providing security and stability against fluctuating economic conditions.

2.3 Policy Justification

Tax exemptions for gold and bitcoin encourage prudent financial planning and diversification, aligning with public policy goals of fostering financial resilience. This approach reinforces the idea that individuals should be able to protect their economic interests without punitive tax implications.

Argument 3: Threats Posed by the Fiat-Based Monetary System

3.1 Centralized Control and Wealth Redistribution

The fiat-based monetary system enables centralized control over the money supply, often facilitating mechanisms that redistribute wealth and undermine individual economic autonomy. This manipulation can lead to devaluation and economic instability for citizens.

.2 Erosion of Economic Autonomy

Heavy taxation on alternative stores of value like gold and bitcoin restricts individual economic choices and diminishes personal autonomy. Allowing these assets to function without taxation counters the negative effects of centralized control, supporting citizens’ rights to manage their financial resources independently.

3.3 Support for Economic Decentralization

Tax exemptions for gold and bitcoin promote economic decentralization and individual autonomy, challenging monopolistic control over currency. This framework creates a balanced economic environment, giving citizens greater control over their financial destinies.

Argument 4: Gold and Bitcoin as a Check on Federal Power

4.1 Counterbalance to Monetary Manipulation

Gold and bitcoin act as counterbalances to federal monetary policy, providing alternatives to the fiat currency system. By authorizing these assets without taxation, state authorities can promote financial diversity and limit the federal government’s ability to manipulate the monetary system unchallenged.

4.2 Ensuring Robust Governance

A diverse financial ecosystem, inclusive of gold and bitcoin, contributes to a more resilient and accountable governance structure. Supporting the use of these assets without tax penalties promotes checks and balances, preventing excessive concentration of economic power and encouraging responsible fiscal policies.

4.3 Legal and Policy Precedent

Historical precedents and international practices illustrate that alternative monetary systems can serve as vital checks on centralized control. Authorizing gold and bitcoin as currency without taxation aligns with these principles, strengthening the overall governance framework by ensuring financial decisions remain decentralized.

Conclusion

This framework advocates for the authorization of gold and bitcoin as currencies at the state level, exempting them from taxation and regulation akin to cash transactions. By presenting arguments rooted in constitutional protections, economic self-defense, critiques of the fiat system, and the necessity of checks on federal power, this proposed policy aims to foster a more equitable and resilient financial environment. This approach not only aligns with fundamental rights and economic principles but also promotes a more diversified and stable economic landscape.

ChatGPT 4o mini October 9, 2024