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Pieces of Eight by Dr Edwin Vieira Jr

Dr. Edwin Vieira Jr. – Pieces Of Eight

by Trace Mayer, J.D. on July 19, 2009 · 27 comments

Reading time: 12 – 20 minutes

While I have my own young padowans I teach and train in economic law and monetary jurisprudence; Dr. Edwin Vieira, Jr. is my intellectual mentor.  Dr Edwin Vieira Jr, Pieces of Eight author, is the premier expert in this topic.  He holds four degrees from Harvard, has argued several cases before the United States Supreme Court and is a prolific author.  Dr. Edwin Vieira, Jr’s seminal work is the two volume series Pieces Of Eight.


Dr. Edwin Vieira’s Pieces of Eight is a two volume, 1,700+ page, meticulously footnoted treatment of the monetary powers and disabilities of the United States Constitution.  I have never come across a scholarly work of comparable quality in any topic.  This book is a must have for any serious person’s library. The demand is evidenced by either being hundreds of dollars per volume at Amazon or being sold out (like it currently is).


Hyatt Regency Crystal City Hotel, Arlington, Virginia
Friday, April 18, 2008

Silver and gold are not merely valuable commodities, investments, and media of exchange. More importantly, they are key “checks and balances” in America’s legal and political institutions.

The fight against the use of silver and gold as money that has been waged by bankers and rogue politicians since the 1870s as to silver and the 1930s as to gold — and will intensify as fiat currencies collapse throughout the world — is ultimately directed against America’s national independence, her constitutional government, and every common American’s individual liberty and prosperity.

The Constitution of the United States adopted a monetary system consisting of silver and gold coin, in which the standard is the “dollar,” containing 371 1/4 grains (troy) of fine silver, with the values of gold coins to be measured in “dollars” according to the free market’s rate of exchange between silver and gold. Neither the general government nor any state is authorized to emit paper currency.

These restrictions prevent rogue public officials from turning public debts into currency, as a means for redistributing wealth from society to political elitists and their clients in special-interest groups.

Furthermore, although the Constitution does not mention banks, either public or private, its only correct construction requires separation of bank and state — extirpation of all inherently fraudulent fractional-reserve banking schemes — and rigorous regulation of all other fractional-reserve arrangements that might operate fraudulently. (See Edwin Vieira Jr., “Pieces of Eight: The Monetary Powers and Disabilities of the United States Constitution,” second revised edition, 2002.)

But since the early 1800s rogue politicians and bankers have steadily subverted the Constitution by forging an increasingly tight relationship between bank and state. Through the grant of one abusive special privilege after another, politicians have immunized fractional-reserve banking against the just economic and legal consequences of its own inevitable failures, so that public officials and bankers could turn both public and private debts into currency — thus separating the supply and the purchasing power of currency from the economic discipline of the free market, and rendering those matters largely political in nature.

Under the Federal Reserve System, Americans no longer enjoy “money” in the economic sense but are subjected to what must be denoted as “political currency,” with emphasis on the adjective. Political currency is emitted on the basis of political debts –that is, either 1) public debts or 2) private debts for the payment of which the creditors expect public bailouts if their debtors default.

Unfortunately, the Federal Reserve System is inherently unstable, and must lurch from one self-generated crisis to another, each increasing in severity, until its house of financial cards self-destructs.

Having separated society’s medium of exchange from the production of real goods and services in the free market — and instead linked the currency to creating, packaging, marketing, servicing, and eventually salvaging political debts — the Federal Reserve system encourages, facilitates, and rewards irresponsibility on the part of both lenders and borrowers, in the private as well as the public sector.

For those who benefit from the system to continue to loot society, the supply of political currency must expand. For that supply to expand, political debts must increase.

True enough, political debts can increase, even geometrically, because political currency can be created (as the saying goes) “out of nothing” to float them. But real wealth cannot be generated simply by the emission of paper promises. Neither can new paper promises pay off old ones.

So, avarice being unlimited, insatiable, and imprudent, the whole operation must cumulate and culminate in an unsustainable bubble of debts that either implodes in a depression or explodes in hyperinflation.

Although the Federal Reserve System is fatally flawed, the wealth and power of elitists in high finance, big business, and the political class depend on maintaining it — or replacing it in a timely fashion with something of equal serviceability for their ends.

As it cannot long be maintained, it must and will soon be replaced. With what remains a matter for speculation. Not open to the slightest doubt, however, is that, as crises have rocked the system, the establishment has always moved farther away from the Constitution — deeper into the sump of lawlessness — to shore up the banking cartel, and always at the expense of common Americans.

In the 1930s, in response to the collapse of the fractional-reserve racket, rather than reforming the operations of the banks, the Roosevelt administration and a pliant Congress seized the American people’s gold and outlawed almost all public and private contracts promising to pay in gold. In the 1950s and through the 1960s, until the Nixon administration terminated redemption of Federal Reserve notes in gold in 1971, the inflationary policies of the Federal Reserve System drained off more than half of America’s national stock of gold to foreign banks and the profiteers operating through them. And during the last few decades, surreptitious manipulation of the precious-metals markets has kept the price of gold (measured in Federal Reserve notes) suspiciously low, even as this country’s financial structures have become increasingly shaky.

The price of gold has been manipulated for two reasons, one being the suppression of evidence, the other the throttling of monetary evolution.

First, an ever-increasing price of gold reflects the breakdown of the Federal Reserve System — just as an ever-increasing temperature reveals that the human body is sick, and when it reaches a critical point that death is imminent.

Second, those who fatten off of political currency need to prevent ordinary people from realizing that only a return to silver and gold as common media of exchange can stabilize America’s economy, and especially from actually employing silver and gold in preference to Federal Reserve notes in their day-to-day transactions. However, as the Federal Reserve System experiences ever-more-frequent, ever-more-serious, and ever-less-tractable problems, downward manipulations of the prices of gold and silver will become impossible. And that the system is beyond repair will become apparent to all.

At that point, the question will arise — and behind the scenes doubtlessly already has arisen among bankers and politicians — as to how and with what to replace the banking cartel.

When a political currency has failed, the traditional trick of the bankers and politicians has been to introduce a new, supposedly more stable currency — often within a new, supposedly more stable banking apparatus. This was the sleight of hand that moved America from the independent state banks in operation prior to the Civil War, through the partially cartelized national banks created in the 1860s, to the fully cartelized Federal Reserve System established in 1913.

Throughout this devolution, the progression of illegality became increasingly stark.

The state banks violated Article I, Section 10, Clause 1, of the Constitution. But at least they operated only regionally. The national banks violated Article I, Section 8, Clause 2, and operated throughout the country. But at least their emission of paper currency was limited by the amount of public debt a generally thrifty Congress was willing to incur.

The Federal Reserve System, though, is a corporative-state (or fascist) structure that purports to delegate Congress’ supposed monetary powers to private interests; and the system’s bubble of both public and private debts will expand to the limit of the avarice of the cartel’s operators, their clients, and their political henchmen.

Nonetheless, as unconstitutional and economically unsound as they were and are, all these schemes operated and even now operate under color of the national sovereignty and laws of the United States, subject in principle to overarching control by the American people. Indeed, Section 30 of the Federal Reserve Act still explicitly reserves to Congress the right to repeal, alter, or amend the system at will. But with the Federal Reserve System the bankers and politicians have gone about as far as they can go within the economic and political institutions of the United States. And they have separated paper currency from the discipline of free markets about as far as possible, while still pretending to maintain some semblance of a connection to free markets.

So as the Federal Reserve System shakes itself to pieces, the likelihood is that first, a new currency will arise outside of the United States in some regional supra-national entity such as the proposed North American Union; and, second, the value of this new currency will not be controlled by free financial markets but, instead, propping up the currency’s value will be the excuse for extensive governmental intervention in and manipulation of the markets.

This plan is so alien to the experiences and desires of most Americans that its implementation will probably require a controlled meltdown of the Federal Reserve System to bludgeon them into accepting the North American Union as the only way to obtain a new, supposedly stable currency and to return to something approaching economic normalcy. Yet even a controlled meltdown, along with the accompanying absorption of the United States into a new Northern Hemispheric political order, will unavoidably generate extensive economic, social, and political unrest that will threaten the financial establishment’s power.

Even dumbed-down Americans will not long suffer conditions of depression akin to those of the 1930s, let alone South American levels of inflation as well. Desperate people will ask questions and assign blame. Perhaps not just a few will abandon debt currency altogether and substitute silver and gold as their media of exchange. They and others will conclude that the Federal Reserve System is unconstitutional — and therefore that its operations are arguably a complex of criminal offenses. (See 18 U.S.C. §§ 241 and 242.)

Many will realize that the establishment’s scheme for replacing Federal Reserve Notes with a supra-national currency is a political crime on a more stupendous scale yet, because it depends upon destroying both the Constitution and the Declaration of Independence. Then an aroused people will take political action against the institutions and individuals responsible for foisting the funny-money scheme on their country.

On the other side, the establishment will not be idle. It will do anything and everything possible to maintain its position. Obviously the Constitution and the Declaration of Independence will be expendable, because the establishment has been trying to whittle away the former on a piece-by-piece basis over the years, and intends to do away with the latter at one fell swoop in the near future. So this country, as an independent nation, will be expendable too. And if this country, why not the freedom and prosperity of common Americans as well?

Will ordinary Americans — at least 80 to 90 million of whom are armed — meekly put up with a program aimed at their own country’s assisted suicide? Why should they, when they have nothing to lose economically or politically? If they refuse to knuckle under, the establishment’s only recourse will be to attempt to lock down the whole country under a para-militarized police state, perhaps with the assistance of “peacekeepers” from Canada and Mexico (for the employment of whom negotiations are apparently already in progress).

That is why careful observers conclude that the paranoia being generated by politicians and the big media over “homeland security” — and the frenetic para-militarization of law-enforcement agencies at the national, state, and even local levels in the name of “homeland security” — are not caused by or aimed at foreign “terrorists” at all, but instead target ordinary Americans in their own home towns.

The establishment is preparing to force justifiably angry Americans into line when its financial house of cards comes tumbling down, either in a controlled demolition or otherwise.

Americans will not be the only victims of such repression. The establishment must prevent other peoples, in other parts of the world, from jumping off the financial treadmill of political currency. That will require the use not only of economic and political pressure, but also — indeed, especially — of military coercion. For the provision of which the establishment will attempt to force common Americans to pay, and to send their sons and even their daughters off to fight, die, and be maimed and sickened in foreign lands.

Little good, then, will it do for an ounce of gold to soar to $2,000, $3,000, or higher — and for silver to increase in value proportionately too — if the ultimate consequences are a police state in America, then a supra-national regime replacing the United States, accompanied by endless military conflicts throughout the world.

In the grand scheme of things, gold and silver are far less important as economic investments or hedges against hyperinflation or depression than as guarantors of individual freedom — and then to the fullest extent only when they are actually used as media of exchange throughout society. Silver and gold as currencies supply the foundation necessary for economic democracy and limited government; whereas fiat currencies inevitably function as the tools of fascism, socialism, and every other form of financial imperialism.

Thus, the fight over gold and silver as media of exchange is about more than mere money, let alone making money. For it is a fight with only two possible outcomes: either control of their own lives by the people themselves, or control of the people and their lives by political and economic elitists. To achieve the first and avoid the second no price will prove too great to pay.


Dr. Edwin Vieira Jr. has announced, and GATA has echoed, a new print run for Pieces Of Eight.  I am happy to see this development because I think every serious investor should have a copy of this extraordinary work.


Dr. Edwin Vieira’s announcement:


Responding to numerous requests, I have tentatively arranged for a reprinting of my book, “Pieces of Eight: The Monetary Powers and Disabilities of the United States Constitution” (second revised edition, 2002).

In light of the accelerating meltdown of America’s monetary and banking systems, this book is more timely and should prove more useful to public officials, public-policy analysts, attorneys, economists, historians, and patriots in general than ever before.

This will be a first-class reprint of the original two-volume, 1,722-page, hardbound, and Smyth-sewn edition, protected during delivery in shrinkwrap. It will be produced by one of the premier book printers in the United States.

But this reprint of “Pieces of Eight” will be made available on a subscription-only basis, and only if a sufficient number of prepaid orders are received before a deadline.

The terms of this special subscription are as follows:

1. The two-volume set will cost $149.95 plus $6.50 (shipping and handling) for a total of $156.45.

2. By no later than August 31 each potential subscriber must send:

— a personal check for $156.45 payable to Edwin Vieira Jr. with the notation “book subscription” and dated August 31, and

— a self-addressed, stamped envelope.

These should be mailed to:

Dr. Edwin Vieira Jr.
52 Stonegate Court
Front Royal, Virginia 22630

These checks will be held but not cashed until August 31.

3. If subscriptions in a sufficient number are received by August 31, printing of the book will be authorized. Probably about eight weeks will be required for printing, with an additional short time for shipment of the books from the printer to me.

4. As soon as practicable after I have received the books, they will be delivered to subscribers by U.S. Postal Service media mail unless other arrangements, at an additional charge, are made prior to shipping.

5. If subscriptions in a sufficient number are not received by August 31, this offer will terminate as of that date (and, presumably, for all time thereafter) and each potential subscriber’s check will be returned in the self-addressed, stamped envelope the potential subscriber has provided.

I should appreciate as wide a circulation of this information as possible.

Dr. Edwin Vieira Jr.

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ABOUT THE AUTHOR: Trace Mayer, J.D., author of The Great Credit Contraction holds a degree in Accounting, a law degree and studies the Austrian school of economics. He works as an entrepreneur, investor, journalist and monetary scientist. Follow him on Twitter. This is merely one article of 242 by .
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{ 22 comments… read them below or add one }

1 W. Kennedy July 20, 2009 at 12:48 am

I subscribe to your email, and have purchased your e-book. My opinion is you are erudite, being well-versed in law and the science of money. What I also see is an apparent assumption on your part where the players play by the rules. I would offer to you there are no rules, a primary state of nature exists. To state a court (such as the Supreme Court) would look like buffoons if they ignored the volumes of research by Dr. Vieira, ignores the distinct possibility they care not if they look like buffoons. They might look like bufoons to you and to me. However, my belief is the vast majority of Americans would look at the two volumes of Dr. Vieira’s work and immediately decide it was too many pages to read, and not worth much in their daily existence. With this in mind, a Justice (not previously bought in the slave trade of politics and power) might well consider it better to be a live buffoon than a dead idealist caught hanging one’s hat on the Constitution. The stroke of the pen suspending the Constitution has already been etched on the paper representing the law of the United States. Witness the emergency powers of the Executive branch, granted by law passed in Congress, waiting to be activated by the Executive branch at the pleasure of the Executive. Envision a Supreme Court comprised of members increasingly beholden to the powers who placed them on the bench. Where is the allegiance? Certainly, I submit, not to the Constitution, interpreting it as an originalist. Rather, the allegiance is to a revisionist stance, legislating from the bench, unbridled by any law of the land save the law they, the collective justices, by decree without basis, determine to be the facts of the moment.

2 Ted Stoltenberg July 20, 2009 at 10:51 am

W. Kenedy is well spoken and echos my sentiments, too. Case in point 1: Disdain (and refusal) by this recent court to hear the plight of senior debt holders of Chysler; 2) Convoluting ‘. . . public good’ with ‘. . . public use thereof. . .’ as to rights of eminent domain – and so forth. What have we when the Government by Executive decree violates the writ of Habeus Corpus (preventative detention), subverts unlawful search and seizure (illegal wiretaps) and the Congress ignores Federal Laws against cartels/monopolies by tolerating, even aiding and abetting one of the worst kind in the form of a Federal Reserve Bank that monopolizes interest rates (the price of money) to the detriment of all who work and save? Rue the day people, when ordinary citizens in this country appear by reference on CNN as ‘colateral damage!’

3 Ted Stoltenberg July 20, 2009 at 10:58 am

I have a copy of ‘Pieces of Eight’, bought a few years back. This is a desk reference and a must have for anyone concerned about the History of Money and why ‘Honest Money’ matters so much.

4 peter s July 20, 2009 at 1:56 pm

How can overseas readers from Australia subscribe for the two volume work PIECES OF EIGHT?

5 Stephen Kovaka July 21, 2009 at 11:40 am

W. Kennedy is correct. To paraphrase another famous American, “Rules (like taxes) are for the little people!”

6 Jay H Gomez July 22, 2009 at 8:38 pm

Mr Kennedy, well spoken and well written.
As mentioned in another comment, “the laws are for the Little people’.

I beg your pardon, I do not consider myself little nor the misapplication of the Constitution a call for subservience but rather a call to arms by the people of this great experiment.
As long as we are idle and allow the usurpers to run roughshod over our forefathers sacrifices we are but swine in a slaughterhouse.

I prefer to be shoulder to shoulder with Patrick Henry.

How much Lead, Silver and Gold do you have to use for freedom?

7 looney tunes July 22, 2009 at 9:11 pm

can you say pilgrim soc. you sly rhodes scholar guy you!!!

8 Richard Sims September 1, 2009 at 9:58 pm

I just now saw that you could get a copy of Pieces of Eight and I am one day too late. If anyone ordered extra copies to sell I might be interested.

9 Kyu Sung Park March 10, 2010 at 8:24 pm

Hey it is possible to buy this book?

10 Trace Mayer, J.D. March 10, 2010 at 8:58 pm

Only on the used market :( And they are extremely hard to find.

11 dd March 30, 2010 at 2:41 pm

Please inform me when Dr. Vieira is running a reprint again

12 Roderick Davis November 25, 2010 at 11:43 am

I’m a retiree from General Motors and my wife hasn’t work in several years.I’m interested in purchasing the”Piece of Eight” at the current price. Just want to know if it nas been printed.I noticed the 8/2010 date.

13 Trace Mayer, J.D. November 27, 2010 at 4:09 pm

Hi Roderick, unfortunately it was not reprinted. Many of us are disappointed as we would have liked a few copies.

14 Michael Makovi December 20, 2010 at 5:18 am

Why not a print-on-demand or a Kindle version?

15 Michael Makovi December 20, 2010 at 5:18 am

And if Dr. Vieira isn’t making any money off it anyway, why not just put it up for free on Google Books? But if not, then Kindle for crying out loud!

16 Kevin Innes September 19, 2011 at 10:48 am

Has Mr. Viera written any articles on the topic of “Monetary Civil Rights” or one closely related to that topic. I plan to one of the speakers in a panel discussion next Monday on this topic and would like to reference Mr. Viera’s work in this area. A prompt reply would be very much appreciated. Thank you.

17 Trace Mayer, J.D. September 19, 2011 at 3:08 pm

Kevin, Dr. Vieira has written a whole host of things, including the 1,800 page Pieces of Eight, but I am not sure exactly what you are after. This speech at GATA Washington is great for that topic.

Here are a few articles on Run To Gold and How To Vanish that have cited to Dr. Vieira or Dr. Paul’s work with regard to monetary systems and civil rights:

Define The Dollar Or Else
HR 4248 Free Competition In Currency Act Of 2009
Liberty Dollar – Part I
Liberty Dollar – Part II
Liberty Dollar – Part III
Robert Landis GATA Presentation

18 Ronald West December 24, 2011 at 3:18 pm

Wow! Who would want to live under such a system? The land of the FREE, indeed. I’m a Canadian and I always secretly admired the USA for having a more FREE enterprise business system, or so it seemed.

And, for a time (not so long ago), Canada was considered to be, by and large, a PINKO state, and yet the USA, being the land of the FREE, seems to have undergone a reversal of fortunes, and has now been bitten by its own snake.

The “Little People” of the USA have lost their freedom and have become enslaved by the elitists and all those nice folks on Capitol Hill but being the Pillars of Society that they are, you can be sure that they will soon be spewing out more “solutions” to further erode the Freedom that was, for 200 years, the hallmark of the USA.

Canada is not far behind because our currency is counterfeit too.

Great work Trace, keep it up! I

Ronald West

19 Javier November 13, 2012 at 11:58 am

Why cant you all make these available in a quality paperback version so that us folks who are aeger to buy one can afford to do so. Why the need for such a extravagant binding? I bet that why no one is after this book(s)

20 Clint April 1, 2013 at 10:33 pm

I am a self educated man with less than a high school degree and I am also currently serving on active duty for our US Marine Corps, so please judge me not on my ability to wordsmith in a grammatically acceptable fashion. I am a Grunt and have developed a layer of calluses over the knuckled portion of my hands. I am not well versed in academia as it relates to a classroom or campus environment but I have been a studious pupil of the world’s people in my journeys across the seas.

As a people, we have given control of our destiny over to the care of evil men that have no end to the depths of their own greed. Their care is not in line with the liberty of this nation but rather it is entirely existential upon the pilfering of our pockets, the degradation of our morals and values and the brainwashing of our children so that they will someday accept this tyrannical destiny. All done to advance the concept of keeping the people uneducated so they are easier to rob.

So much of what I was raised to cherish and believe in is all based on the corruption of men with the insatiable appetite for power. However, I was also raised to believe in the Constitution not because I knew what it meant when I was a child but because my Father constantly referred to it in his conversations with others. My Father did not make me a believer in the Constitution. The Constitution itself made me believe, for being witness to all the civilized nations and far off dark places of the world, I have never been witness to its equal. In itself it is as close to perfection that written language can approach to defining natural laws of man and it is the document that guides the unbreakable American spirit.

For any American of my age not to feel the emotional turmoil over the thought of the coming collapse of our country is doubtful. Those who feel nothing are those who have never experienced the complete deprivation of freedom and liberty.

When the time comes politicians will push and the military will give orders to its own. Orders that will be in direct conflict with the oath we all took when joining and it will become incumbent upon the individual soldier, sailor, airman, or Marine to decide what side of history he or she will choose to stand. Wars, at their most primal level are fought by very very few. Most people in the military act solely as a support mechanism for the warfighter. It is the warfighter that physically changes the scope of the battlefield. It is the warfighter who drags himself to that place where no human wants to experience. That place where high principle leads to sacrifice. We kid ourselves about this everyday in the media… everyone is a damn hero! And we all did it for God and Country. Right! The thing is…. when the only grim face you see standing by your side in hell is your buddy, you quickly realize that God and Country have all but abandoned you and left you to fend for yourselves. And you do it. Not because you are a hero… but because you are afraid that you will let your buddy down. And it is the warfighter that will stand up to this evil and lead the unwilling and fearful to the right side of morality. You are the warfighter’s buddy and he will not let you down.
Together we will not let each other down…. Together we will save America.

I cry out …. “Gold” as if it were somehow completely connected to the word “Liberty”.

I cry out “Beer” because I have yet to finish those pints that have yet to be drunk!

I would purchase your works with payment in Gold if sir, you would allow me….

21 Anthony June 3, 2013 at 8:06 am

I am only at Page 228 of a Library copy, revised 2002, I read 10 pages per day as possible, this book is a reminder as to why our founders created our Constitution, Great Book, I am going to purchase my oun copy

22 Trace Mayer, J.D. June 3, 2013 at 10:09 pm

Great job Anthony.

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