Monday, March 7, 2011

My Testimony - HB3 Constitutional Tender Act

Click here for the video and response from the committee.

Coverdell Legislative Office Building (CLOB)
18 Capitol Square SW Atlanta, GA 30334
Atlanta, GA

Monday, March 7 · 9:00am - 12:00pm

Good morning. My name is Shane Coley.

I have studied history and economics extensively.  I was raised in the cattle business, I can operate or rebuild heavy equipment and I am a professional software architect. I am self-employed. I was recently a candidate for state Senate in the 47th District where I carried my home county.  My positions here today match my positions during the campaign.

The laws of Georgia are created and modified by our state legislature.  The legislature is made up of individuals, like you, who analyze legislation in the context of your personal belief system, which makes your belief system very important to Georgians.

The majority of the banking and finance committee members publicly claim to be Christian. Therefore, I will talk about some of the general constraints or limits of the Christian belief system, and then about secular belief regarding theft or stealing.

In at least nine places the Bible tells us about differing weights and differing measures.  In at least four places the Bible says that differing weights and differing measures are an abomination to God.  A Christian must not ignore this.

Here is an example of differing measure:  Suppose I were in the market buying wheat and I had a basket marked one bushel, but the basket was secretly larger than one bushel.  My oversized basket would enable me to steal part of your wheat. 

Differing weights and differing measures deceptively cause theft, which is a violation of the Eighth Commandment, "You shall not steal".

Since 1971, the only way to create a new US dollar is to record an entry in a ledger of the Federal Reserve System, or in a ledger of your local bank.  Producers have to work years for new Dollars that the bank creates instantly with the stroke of a key.

When new US dollars are created in this way, there is no new wealth created, but the purchasing power of all previously existing dollars is decreased.  This is an example of using differing measures to steal labor and property from producers.

This is clearly, undeniably, objectively a form of theft. To support fiat or fractional money is to support theft. 

Some claim that our money system makes us wealthy. This is false. Wealth is the result of production.

Many of us notice that People depend on Production. People eat food and use things. Food and things must be produced. Government Produces nothing and wastes much. Since people depend on production and government interferes with production, there is no way that government has any solutions for us. We must remember that every promise made by a government official has to be kept by a producer. There is no other way.

It is impossible to confiscate a loss. Only profits or capital from past production can be confiscated. It is logically impossible for the creation of new US Dollars to make us wealthy. If I had time, I would prove that creating costless money will first make us poorer and eventually crush our free society.

The reality is that the creation of costless money can only lead to the destruction of a free society.

For those who are not constrained by the Christian belief system, if you oppose theft then you must oppose creating new US dollars from nothing.

Please listen carefully to the following quote from an old banker.

“The few who understand the system, will either be so interested in its profits, or so dependent on its favors that there will be no opposition from that class. The great body of people, mentally incapable of comprehending the tremendous advantages will bear its burden without complaint.”

To the Christians and those who oppose stealing: I respectfully ask that you vote for the Constitutional Tender Act as a small step toward eliminating differing weights and differing measures and theft from our monetary system.

And finally, let’s recall a bit of what John Maynard Keynes wrote in 1919: “while [creating costless money] impoverishes many, it actually enriches some” and also “[Inflation] engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”

To those members who hold stock in banks or have otherwise profited from the banking business: Since our loss is your gain, I respectfully ask that you recuse yourself from this vote and from the vote on the final bill.


Tony Lipsey said...

Yes! Yes, yes.

Anonymous said...

I can imagine that you didn't win points when you called fractional banking theft. I can give you points for speaking the Truth to Power and for presenting the Christian, Biblical point of view. Thank you!

Anonymous said...

Shane, excellent job! I know that they where happy to see you to the door! The truth can be painful! Awesome!

Mark Herpel said...

Excellent article. It's too bad that the word 'inflation' is used so widely in the world but misunderstood by almost all.