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Source link: http://archive.mises.org/12546/oh-how-glorious-and-mighty-is-this-piece-of-paper/

Oh How Glorious and Mighty Is This Piece of Paper

April 23, 2010 by

{ 16 comments }

Statureman April 23, 2010 at 10:08 am

I would like to thank the gov for adding all these features… without them we might think they are actually worthless pieces of paper we are forced to use instead of *real money.

* http://www.lewrockwell.com/north/north761.html

Nielsio April 23, 2010 at 10:09 am

Now it’s completely uncounterfeitable*!!

*except by the people who designed it and own the printing presses

Cybertarian April 23, 2010 at 5:38 pm

Actually, the counterfeiters (the FED) don’t even print money, they just write off debt, write down credit notes, promissory notes etc. It’s all scriptural money which has been used to bailout the banks. And it’s all happening behind the scenes. Inflation in the USA is not like weimar or zimbabwe, it’s even worse than that, it’s digits in computers.

Sean A April 23, 2010 at 12:58 pm

Why is Ben Franklin on the new Euro?

Matt Pritchard April 23, 2010 at 2:34 pm

I would like to see a video done with some fancy camera work on the Mises Silver Coin which could then proceed to show its amazing anti-counterfeiting measures as seen on the periodic table of elements.

Jorge Borlandelli April 23, 2010 at 8:27 pm

Awesome, me too.

Brian Jones April 26, 2010 at 9:10 pm

Just when I needed a good laugh, I find this. Pricless.

Vanmind April 23, 2010 at 2:37 pm

Meet the new $100 bill. Prettier than your old sawbacks, and with just as much purchasing power.

Lucas Pattison April 23, 2010 at 4:09 pm

“Now it’s completely uncounterfeitable*!!”

I agree with your point, but have any of you also wondered why the largest note in our currency is the LAST note to receive the new security features?
I’m not saying it’s some sort of “conspiracy,” I just find it odd…

Daniel Muffinburg April 23, 2010 at 5:27 pm

Ben Bernanke: 3D? Lol.

Trifith April 23, 2010 at 5:52 pm

Oooh. Still just a piece of paper. They can, and will, still print however many they want. Still backed by the credit of an organization that is over $12,873,000,000,000 in debt. That’s 11,121,382,289 troy ounces of gold. I’d have been more precise, but the numbers of mere millions on the debt clock were climbing so fast I couldn’t keep up.

Cybertarian April 23, 2010 at 8:43 pm

I wonder if there is that much troy ounces of gold on earth ?

Eric M. Staib April 23, 2010 at 8:37 pm

That bill is uglier than hell.

Seattle April 24, 2010 at 1:05 am

They definitely should have replaced Franklin with Woodrow Wilson.

Gene Berman April 24, 2010 at 9:09 am

Seattle:

I’m like most people–very much an admirer of Franklin. I’d like to believe (and do) that, were he alive today, he’d quickly adopt the Austrian point of view in Economics.

But, as far as things went in his day, he was as ardent an inflationist as any. Not only that, but he
also profited handsomely from the actual printing (for which he was a principal contractor). But I don’t accuse him of favoring “funny money” because profitable to him. After all, we’re talking of a man who eschewed protection for any of his inventions by patent–simply because he wanted them to benefit as many people as quickly as possible. That’s an awful lot of money right there!

What must be remembered of Franklin (and, likewise, renders all discussion of the attitudes of the Founders, whether Hamilton, Jefferson, etc.) more or less useless (except as interesting history) is that these folks had not our simple advantage: understanding the subjective nature of value. For the same reason, the Constitution so widely revered (and for different reasons) has to be seen, at least in part, as many have claimed it to be–just a “scrap of paper” (and one in serious need of revision merely to bring it in line with present knowledge of Economics).

Ricardo himself lauded paper money, seeing in it a “path through the air” (something for nothing).
The plain fact is that there’s whatsoever wrong with paper–the problem’s with men (and with the
governments they create).

billwald April 26, 2010 at 1:02 pm

Half of US cash money is outside the country and half of that is under the table. Better to eliminate all folding cash and go 100% electronic except for sufficient coinage to buy breakfast but not in denominations large enough to use in bribing congress.

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