Wednesday, August 24, 2011

Rick Perry channels Thomas Paine

First, I don't think Rick Perry should have said that printing more money would be treasonous. We need less of that kind of talk. But look at this. Ralph Benko , writing at Forbes, reminds us of Thomas Paine opposition to fiat money. Acccording to Benko, Paine wrote:

“As to the assumed authority of any assembly in making paper money, or paper of any kind, a legal tender, or in other language, a compulsive payment, it is a most presumptuous attempt at arbitrary power. There can be no such power in a republican government: the people have no freedom — and property no security — where this practice can be acted: and the committee who shall bring in a report for this purpose, or the member who moves for it, and he who seconds it merits impeachment, and sooner or later may expect it.” “… and the punishment of a member who should move for such a law ought to be death.”
(emphasis added).

Interesting little factoid.


Dad29 said...

Perry did NOT say that 'it would be treasonous.'

He said that it would be CLOSE to treasonous.

Yes, I get it: Perry's a bit incendiary. Prolly a racist xenophobe homo-hater, too, just like the President's people are saying.

Dad29 said...

And, by the way, he also conditioned it. It would be close to treasonous IF B'ke did a QE3 "for political purposes" before the '12 election.

Rick Esenberg said...

You are right about his comments but wrong about my point. I was just struck by the precedent.

Dad29 said...

Granted. And your point was an interesting factoid, indeed!

On the other hand, Mr. Paine tended to go "all Perry" a lot. He was a bomb-thrower of the first water.

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John McAdams said...

Of course, manipulating the money supply to achieve a particular election result is a major form of misconduct.

Whether it is "close to treasonous" is a semantic quibble.