published Monday, January 14th, 2013

Smith: Funny money, pathetic policy

By Robin Smith
  • photo
    Robin Smith, former Chairman of the Tennessee Republican Party and congressional candidate.
    File Photo/Chattanooga Times Free Press

Have you ever pondered why it's illegal to print counterfeit money?

It's because the influx of fake, worthless money devalues the existing currency that is deemed legal tender.

So why is it legal for the Federal Reserve to print more "legal tender" under the banner of "quantitative easing" which does the exact same thing, reduce the value of the currency in circulation?

Oh, and now because of spending-addicted politicians and citizens, corporations and organizations that refuse to cut their dependence on government funding, a "solution" being discussed (seriously) is to mint a trillion-dollar platinum coin to avoid default on our debt service.

Where to begin?

We're broke. As a nation and as a people, we are accepting the notion that a government can spend into perpetuity with no budget (the Senate has failed to produce a budget in all of the years Barack Obama has been president), expanding its liabilities and obligations, and refuse to make cuts. We are bankrupt.

The political banter, the talking points of the campaign, it's all pathetic. The few who attempt to address the need for a budget, to reign in spending, and to address the entitlement culture of the United States of America are scorned.

This idea for the U.S. Treasury to mint a coin valued at $1 trillion made of platinum to serve as proof of payment of our debts is stunning. I was speechless after reading a Business Insider article that advocated the new "change" based on the economic theory of John Maynard Keynes, often called Keynesian economics.

The Jan. 8, article discounted concerns about inflation and the devaluing of our currency: "... these complaints actually get at the crux of the matter. Creating money is exactly what government does. What's absurd for a private business is not absurd for the government. Keynes simply put it: 'Money is the creation of the state.'"

This online publication closes its piece by saying that a "serious debate about fiscal policy" begins as we "must first understand what money is, and how government gets it ... and any notion of the government running out is illogical."

Please embrace and understand this massive divide of reasoning. There are those of us who believe that the economy is driven by innovation, creation, spending, consuming, and all the aspects of the velocity of money that have been the basis of America's great prosperity, freedoms and individual opportunities for success.

The complete contrast is the growing belief that the economy is created by the government through its spending of the wealth taken from those who earn to give to those who don't earn or to benefit the selected "winners" of corporate welfare that buoy some to levels of advantage at the expense of others. Now, unashamedly, this same belief of redistribution is attempting to redefine the value and use of currency to justify entitlement and the death grip of debt.

Still, amazed.

As the new "crisis" faces our "leaders" in Washington, D.C., in the next few months (or whichever installment of drama), we're faced with a simple choice. Will those who work continue to do so in hopes that the Entitlement Nightmare will turn back to the American Dream? Or, in absolute weariness and resignation, will the belief prevail that money can be printed at limitless levels for unlimited and unbudgeted spending to care for the masses with no need or requirement to work and achieve?

The funny money has led to pathetic policy ... so has the lack of a species with a backbone in the political arena.

Robin Smith is a wife and mother living in Hixson. She served as chairwoman of the Tennessee Republican Party from 2007 to 2009.

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conservative said...

GOOD JOB!!!

I strongly feel that we have passed the pint of no return (That was deliberate)and that GOD is allowing the majority in America to have their way as it's own punishment. Be careful what you ask for, you just might get it!

January 14, 2013 at 8:02 a.m.
daytonsdarwin said...

Robin Smith's Republican party is as much to blame as anyone for excessive spending. Want a war? Call the Republicans.

"God's punishment" is again the excuse given by the ignorant, deluded, Westboro Baptist Church Christians, and Mike Huckabee.

But it is comforting to know that with all the war, famine, disease, and ills of the world, God has time to help Tim Tebow.

January 14, 2013 at 8:32 a.m.
lkeithlu said...

So God was the one who let those 20 children die in CT because he was no longer welcome in the school, conservative? That kinda makes him a rather small, petulant deity, doesn't it?

January 14, 2013 at 8:58 a.m.
conservative said...

I would like to help you Ike but your attitude is wrong - Mathew 7:6

January 14, 2013 at 9:34 a.m.
daytonsdarwin said...

"My beloved put in his hand by the hole of the door, and my bowels were moved for him." Solomon 5:4

Don't stand too close to Conservative when he's quoting the Bible.

January 14, 2013 at 9:46 a.m.
lkeithlu said...

In other words, conservative, you have no explanation. God punishes us, but only you know which bad things are punishments and which are just, well, things that happened.

January 14, 2013 at 10:58 a.m.
Easy123 said...

Mind numbing ignorance from JohnRoss.

January 14, 2013 at 12:52 p.m.
daytonsdarwin said...

littlejohnnyrossy, How's those bankruptcy repayments coming along? Still complaining about the government supporting you while your creditors got stiffed?

January 14, 2013 at 12:52 p.m.
Easy123 said...

LMFAO! JonRoss hasn't had a witty or novel idea EVER.

January 14, 2013 at 12:58 p.m.
Easy123 said...

JonRoss,

You're too stupid to know you're proving my point. It's almost unbelievable that you are that clueless.

January 14, 2013 at 1:07 p.m.
daytonsdarwin said...

littlejohnnyrossy is not known for original ideas, but has been seen skulking around bankruptcy court wearing his pink nightshirt with drool stains.

January 14, 2013 at 1:09 p.m.
daytonsdarwin said...

So littlejohnnyrossy, have you paid back the taxpayers for supporting you? Have you paid back your creditors? Have you paid those hard-working people your stiffed?

It's not a difficult question. Just want to see if you have that personal responsibility you demand out of everyone else.

January 14, 2013 at 1:12 p.m.
Easy123 said...

Mind numbing ignorance from JonRoss. LMFAO!

January 14, 2013 at 1:15 p.m.
daytonsdarwin said...

I guess that littlejohnnyrossy is out digging for gold in Georgia since he doesn't believe in that paper money. He's going to payback all those creditors and hard-working people he stiffed when he went bankrupt several times.

Sure is good to see littlejohnnyrossy taking the mantel of personal responsibility to make good his word. One day they'll be a statue of littlejohnnyrossy in Rossville, near the warehouses he bought but couldn't pay for, to honor this great American icon of free enterprise so that his children, grandchildren, and great-grand children could hold their heads high when talking about him.

Littlejohnnyrossy — American Hero!

January 14, 2013 at 8:18 p.m.
dao1980 said...

Conny's ideas remind me of so many ancient primitive peoples that would scream at a solar eclipse until it "went away", then all nod and agree that they must done the right thing or the gods would not have brought the sun back..

January 15, 2013 at 10:38 a.m.
daytonsdarwin said...

Conservative makes Scientology look like a better alternative than his brand of Christianity, and Scientologists are wacko cultists but with better actors.

January 15, 2013 at 11:17 a.m.
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