Bankruptcy of Our Nation (Revised and Expanded). Jerry Robinson

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СКАЧАТЬ topic, including faith, hope, heaven, and hell combined! In fact, over 2,350 verses of the Christian Bible contain a reference to money, wealth, and possessions. Obviously, financial matters are an important topic to the Christian faith.

      Considering that the Bible has so much to say about the topic of money, is it possible that it has anything to say about fiat currencies? While this may seem like a strange question, you may be surprised to find that the Bible has a very strong opinion on the topic of fiat currencies. Of course, you will find no scriptural reference to the word “fiat.” That is because this is a relatively modern word. Instead of denouncing fiat currencies, the Bible condemns what it calls “unjust weights and balances.” Interestingly, this phrase is a direct reference to the concept used to manipulate fiat currencies in our modern era. Allow me to explain.

      In ancient times, business and commerce were conducted through the use of scales and measures. For example, if a person needed a pound of grain, he would go to the local grain merchant with an acceptable form of payment. The merchant would then weigh out a pound of grain on his scale. When the Bible denounces “unjust weights and balances,” it is referring to the unscrupulous merchants who swindle the average consumer through the use of inaccurate scales and balances. By readjusting their scales in their own favor, merchants could easily cheat and deceive their customers. The Bible obviously takes issue with this practice, equating it with thievery. Apparently, this was a pervasive problem in ancient times as the Bible condemns the practice on numerous occasions.

      Proverbs 11:1 — “Dishonest scales are an abomination to the Lord, but a just weight is His delight.”

      Proverbs 20:10 — “Diverse weights and diverse measures, they are both alike, an abomination to the Lord.”

      In Leviticus 19:35–36, the Bible instructs the Israelites that all of their economic transactions (buying and selling) should be conducted with honest weights. “You shall do no wrong in judgment, in measurement of weight, or capacity. You shall have just balances, just weights . . .” (NASB).

      Obviously, the Bible expressly forbids the unscrupulous practice of using “unjust weights” and “false balances.” In our highly advanced modern economy, we may be tempted to think that unjust weights and balances are an irrelevant practice of the past that no longer applies to us. But is this true? And if not, what would an example of this practice in our modern world look like?

      I would suggest to you that fiat currencies perfectly fit the biblical definition of an “unjust weight” and a “false balance.” But before I explain how, let’s consider some other modern examples that are easier to grasp, using automobiles.

      One example of a “false balance” would be if an automotive mechanic were to charge you for installing a new part on your vehicle but secretly installed an old used part. That would be considered a “false balance” by biblical definition.

      Here’s another example: Imagine that an auto dealer secretly manipulated the odometers on their vehicles so that they would display fewer miles than the engine actually had in order to charge a higher price. This would clearly be an example of an unjust weight and balance.

      Likewise, a “false balance” would include our current fiat-based monetary system where the currency is backed by nothing but debt and can be printed at will. In fact, each one of the cases of hyperinflation discussed in this chapter provides a classic example of a biblical “false balance.” The governments of each of these countries violated biblical principles regarding just weights and balances when they began destroying the purchasing power and life savings of their citizens.

      A fiat currency system, in which the currency is backed by nothing and its value can be manipulated at will, is by definition an unjust weight. And so therefore, by biblical definition, fiat currency systems are clearly unjust systems.

      What a tragedy it is that Christianity de-emphasizes economic literacy among the faithful, thus allowing its billions of adherents to misunderstand one of the most basic of biblical principles. This economic ignorance on the part of Christians is even more pronounced when one realizes that they are the ones insisting that the absurd statement, “In God We Trust,” remain upon the nation’s fiat currency. Based upon a proper biblical understanding of fiat currencies, I would say that it is highly unlikely that the God of the Bible is interested in having His name plastered on such an “abomination” as the fiat U.S. dollar. How the faith-based community fails to comprehend this is beyond me.

      To further understand America’s currency system of “unjust weights and balances,” consider these two very different dollar bills.

      1923 One Dollar Bill (Silver Certificate)

      Notice what the 1923 U.S. dollar says at the top of the bill: Silver Certificate: This certifies that there has been silver deposited in the treasury of the United States of America.

      Then notice toward the bottom of the bill it states: One silver dollar payable to the bearer on demand.

      What does this mean? It simply means that the owner of this dollar bill could trade it in at any time for one dollar’s worth of silver. This is because in 1923, the dollar was a form of receipt money which could be redeemed in a fixed rate for gold or silver.

      Compare the above language to a modern U.S. dollar as seen below. Notice that the language on the front of this U.S. dollar bill has changed. At the top, it simply states: Federal Reserve Note. And at the bottom, the language has changed from One Silver Dollar payable to the bearer on demand to simply One Dollar.

      Modern U.S. Dollar Bill (Federal Reserve Note)

      Did You Know?

      On April 2, 1792, the United States Congress passed the Coinage Act. This act established the United States Mint and regulated coinage of the United States. President George Washington and the Congress strongly detested paper currencies and therefore made special provisions within the act to ensure that anyone who attempted to debase the currency would be put to death. Ironically, today George Washington's face is plastered on the front of the fiat U.S. one dollar bill — the same kind of currency that would have brought the death penalty just two short centuries ago.

      The difference between these two dollar bills is a visual representation of America’s shift from receipt money to fiat money. You should try taking these modern “Federal Reserve Notes” into your local bank and asking the bank teller for some silver in exchange. You will either be laughed out, or thrown out, of the bank.

      In summary, today’s U.S. dollar is a completely worthless piece of paper that derives its value through the faith of the public and the policies dictated in Washington. Isn’t it amazing that after all of the fiat failures throughout history, here we are standing at the same cliff of disaster yet again?

      Quick Summary

       Fiat currencies require an enormous amount of faith and trust in the monetary authorities by the public.

       Inflation is defined as an increase in a nation’s money supply.

       Hyperinflation occurs when a nation’s money supply becomes out of control.

       Every fiat currency devised throughout history has faced the same embarrassing and miserable death: utter collapse by overproduction.

       While the landscape of world history СКАЧАТЬ