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Nobody is entitled to someone else's money, that is the bottom line. People think they are entitled to it because they think they paid into it, nobody paid into anything, it was a fraud. Every single dollar that the gov collected in social security taxes, has already been spent, there is nothing there, there is no money, so the only money the government gets to make current payment is the money it can take from people who are still working. Its a transfer from the working poor in many cases to the retired rich. We don't have the money, I feel bad for the fact people made promises we can't keep, I feel bad for the people that invested with Bernie Madoff and lost their money, but its the same principle, its the same Ponzi scheme. We have to put an end to it, we have to find real solution to these problems because if we keep on denying that they exist and keep on spending money, we're going to destroy the value of everyone's benefits.
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.
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… but I am under no apprehension of a capital injury from any other source than that of the continual depreciation of our Money.
This indeed is truly alarming, and of so serious a nature that every other effort is in vain unless something can be done to restore its credit.
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Where this has been the policy (in Connecticut for instance) the prices of every article have fallen and the money consequently is in demand; but in the other States you can scarce get a single thing for it, and yet it is with-held from the public by speculators, while every thing that can be useful to the public is engrossed by this tribe of black gentry, who work more effectually against us that the enemys Arms; and are a hundd. times more dangerous to our liberties and the great cause we are engaged in.
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