Money – the Key to Freedom?
By Duncan Whitmore
In a previous essay concerning the freedom of speech, we noted that, although liberty as a whole is justified by reference to the non-aggression principle, specific freedoms can and should be promoted in their own right. Equally and oppositely, so too should individual examples of state intrusion into freedom be criticised and condemned on their own two feet. In other words, it is possible, and indeed vital, for us to explain the value of free speech, to oppose taxation, to defend against any possibility of forced vaccination and medication, to press for abolition of all forms of state funded medical care, to argue for the freedom of association, to advocate for the legalisation of vices, to promote free trade, and so on. Such arguments are likely to win us at least partial victories in the fight for freedom, victories which may not be achievable simply by repeating the non-aggression principle.
Many of these individual freedoms are enunciated also in bills of rights and charters of so-called human rights, notably the first ten amendments to the US Constitution. Here we find, amongst others, the protection of the right to religion, to speech, to bear arms, to the security of property against searches and seizures, to silence and due process when accused of a crime, and from “cruel and unusual” punishments. The defence of many of these freedoms has now become especially crucial as Western governments have continually sought to dilute them, sometimes in response to crises and calamities such as Islamic terrorism, and other times as a natural consequence of the growth of the state. It has been recognised that the freedom of speech, in particular, has been subject to a grave assault from identity politics and “cancel culture”.
However, a notable omission in many of these schedules of rights and freedoms is the freedom of money. Money is mentioned in the US Constitution, but it is buried in Section Ten of Article One, which limits the rights of the states. It has no prestigious place within the more memorable Bill of Rights, and fails to illicit the kind of passion that surrounds the First and Second Amendments. Freedom lovers today, similarly, will complain about the loss of our freedom of speech and the seemingly sudden transformation of the country into a police state as the result of the government’s reaction to COVID-19. But they will rarely turn their attention to the fact that the state has the power to print its currency, a power which has only existed in its entirety since 1971 when US President Richard Nixon severed the final tie of the US dollar to gold. Continue reading