"Posterity, you will never know how much it cost the present generation to preserve your freedom. I hope you will make good use of it. If you do not, I shall repent in heaven that ever I took half the pains to preserve it." -John Adams

Welcome to Patriot's Lament. We strive here to educate ourselves on Liberty. We will not worry ourselves so much with the daily antics of American politics, and drown ourselves in the murky waters of the political right or left.
Instead, we will look to the Intellectuals and Champions of Liberty, and draw on their wisdom of what it is to be a truly free people. We will learn from where our Providential Liberties are derived, and put the proper perspective of a Free Individual and the State.
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Tuesday, July 31, 2012

Fool's Gold at Olympics

Writes Butler Shaffer at the LRC Blog:

A news story informs us that a "gold" medal at the Olympics contains 1.34% gold. It wasn't always this way. In 1912, the gold medal contained 100% gold. In 1913 the Federal Reserve Act was enacted, and while there is no apparent causal connection between this legislation and the content of medals, it is interesting to see a parallel development. A gold medal that has steadily gone from 100% gold to 1.34%, finds a similar path in the decline of the value of the dollar: a 1913 dollar is, today, worth about 5 cents. The size of the gold medal has greatly increased — quantity as a substitute for quality — leaving us to ponder whether, with a continuing rise in its price, gold will soon be eliminated completely from this enlarged medal. In a world in which political systems are able to bamboozle Boobus with the empty appearance of things, the Olympics may find it useful to craft this medal entirely from iron pyrite, a bright, yellowish mineral.

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