There is an untold story in American monetary history. Some are reluctant even to discuss it.
I’m referring to the U.S. Secret Service’s very own role in the destruction of sound money in America.
As constitutional, sound money in the form of physical gold and silver coins – whether minted privately or not – became an annoying impediment to expanding the size and power of the federal government, central planners began circulating unbacked paper proxies and formed a Gestapo-like police agency to enforce the scheme.
Founded in 1865, toward the tail end of the American Civil War, the Secret Service originated as a branch of the U.S. Treasury Department.
The primary job of this federal police force was to prevent others from counterfeiting the U.S. currency, which had just been nationalized through acts of Congress via the National Currency Act of 1863 and the Coinage Act of 1864.
Together, these acts formed what are commonly known as the National Banking Acts of 1863 and 1864.
“It is labor alone that is productive: it creates wealth and therewith lays the outward foundations for the inward flowering of man.” —Ludwig von Mises
There was a recent video circulating on Instagram of real estate tycoon and friend of Liberty, Grant Cardone, explaining to his 14-year-old daughter how to acquire an income-producing property. It was such a treasure trove of information that I quickly shared it with my friends and connections. What was shocking was the number of adults, well into their mid-20s and older, who still did not understand Grant’s lesson even though he made it simple enough for his young daughter, Sabrina Cardone, to understand.
In this article, I will help explain Cardone’s investment real estate lesson easily enough for the average 14-year-old to understand.
Even 100 years ago, a lump payment in coins would have been perfectly acceptable even though it would have been tedious to count all of them. Since 1923, nearly 1700% in inflation has flowed from our fiat monetary system, and this has caused a shocking devaluation in all U.S. currency denominations and forms of payment.
As of 2023, it takes more than $420,000 to provide the same purchasing power as $23,500 carried in 1923.
Today, we are seeing a mass deterioration in the standard of living and the decay of the Federal Reserve note dollar’s purchasing power while the U.S. national debt is swiftly reaching $34 trillion.
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