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James Turk: The money of the American Constitution
By James Turk
Free Market Gold and Money Report
Thursday, August 28, 2025
The U.S. dollar is not what most people think it is. There are a constitutional dollar (C$) and a Federal Reserve dollar (F$). The former is money; the latter is a money substitute circulating in place of money. They are fundamentally distinct with different definitions.
Many modern economists struggle to define money. Often beginning with an historical overview of the concept of moneyness, they generally end by describing the functions of money. What money "does" is not a definition of what money "is."
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Throughout history money has always been defined as a specific weight of gold or silver. In colonial America a silver coin called the "dollar" circulated widely, and after the War for Independence, "he ‘dollar" as the then prevailing common currency was used in the Constitution.
The original intent of this venerable document is today generally misunderstood or ignored, which is unfortunate because it has led to the willful abandonment of constitutional money by politicians and the courts.
That result has been accepted by the general population out of ignorance or apathy to their detriment, as evidenced by the scourges of inflation, rising taxes, bank failures, burdensome regulations, and the soaring national debt, all of which plague economic activity. ...
... For the remainder of the commentary:
https://www.fgmr.com/money-of-the-american-constitution/
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