The Debt Ceiling is unnecessary
©M7C 2023
The Government borrows so it can print up its paper money, which is paper credit. The Govt. has relied on paper money since 1934 when it wrote the Gold Reserve Act in an effort to retain precious metals as “hard currency” by making it illegal as a currency. If revoked, the Govt. could use hard currency as a separate or an alternative to the USA Dollar (which the debt is in), using the Dollar as a National Currency and gold or silver backed certificates as a Popular Currency. Then the Debt Ceiling (the limit to borrowing) becomes unnecessary. Gold and Silver can be then be traded (or gold-silver supported paper currency or T-Bonds) and sold to the Govt. to pay off the debts. Should the USA Govt. “default on the debt” the values of Gold and Silver will skyrocket. Having a 2-Currency System is ideal, to prevent one currency from failing. Currently, gold and silver coinage has Dollar values in “$1” per ounce of Silver, and $20 or $50 per ounce of Gold; this can be changed with new paper money as a Popular Currency. The increased value of precious metals from a default will be able to reduce the debt once traded. Afterwards, the economy is restored and the alternative currency can be shelved for later.
© M7C 2023
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