Daily Archives: April 24, 2015

How Can Our Senators and Representatives Vote for Giving Away Our Monetary Sovereignty?

Right now the US fulfills the three essential conditions for monetary sovereignty: 1) it issues its own non-convertible currency, 2) which it allows to float on international currency markets; and 3) it owes no debts in any currency other than dollars. Because it is monetarily sovereign, and can always meet its obligations the US can never be forced into insolvency.

It can become insolvent due to Congressional decisions such as failing to raise or repeal the debt ceiling, or Executive decisions such as failing to use its platinum coin minting authority to fill the public purse and then pay its bills once it has reached the debt ceiling. But again, it cannot be forced into insolvency by external financial or economic factors that are beyond the control of the Federal Government (including the Congress).

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Consent of the Governed: Stop the Emerging Tyranny!

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.–That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, . . .

This, of course, is from the Declaration of Independence, one of the sacred texts of American politics and political theory. When the consent of the governed is superceded, or is not given due to force or manipulation, then that is tyranny and illegitimate, because no powers of such a government are or can be just.

So, let’s ask, based on what we know about the proposed Trans Pacific Partnership Agreement from leaks of current drafts, and also based on the proposed procedures for enacting it, and those for exiting the agreement, is it true that the TPP, if passed, would have the consent of the governed and hence be legitimate? Or would it be an instance of imposition of tyranny on the American people and also on the people of other signatory nations?

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