George Rebane

The standard kilogram – ensconced under glass in Sevres, France – is losing mass, and the world of standards is all a-twitter, as it should be.  For you see, “its only purpose (is) constancy.”  As Seth Lipsky points out in his ‘The Floating Dollar as a Threat to Property Rights’ in a recent issue of the Imprimis.

Lipsky raises the interesting notion of why keep the kilogram (hence the pound, etc) constant. Why not let it float too according to the whims of government or your local butcher?  From there the thread of reasoning is connected to the floating value of the fiat paper dollar which has been the subject of much discussion in these pages over the years.

This thread winds its way over to the laws on dealing with judges’ pay that the several states have each set up.  The common argument here is that, due to the separation of powers, judges’ pay may be set by legislatures, but not reduced by them.  And this launches a whole new dust-up that can grow into a tornado on setting the value of the dollar.  Since non-legislative branches and organs of government can diminish that value at their whim, thereby reducing the burden and buying power of the judges, what does it mean to keep such payment in “legal tender” constant?

The question is not idle, and as Lipsky points out, there are court cases now pending on just that issue.  From there it is a short skip to property rights, and, using Kelo v New London, the connection is well made.

Seth Lipsky’s short piece is a must read for anyone following the development and downfall of the nation’s fisc, and its broader effects on all of us.