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 Replies: 63 / Views: 5,667 |
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Pillar of the Community
United States
2734 Posts |
Quote: For anyone suggesting a $500 or $1000 bill, ever try using a $100 at McDonald's or Wal-mart or nearly anywhere? The purpose of a $500 Bill wouldn't be for use at fast food restaurants (barring hyper-inflation!), but you can easily spend more than $500 in one purchase even at Wal-mart (flat-screen TV, computer, auto repairs, etc.). I paid for my new TV with with $100 bills, and they took them with NO problem!  The purpose of a $500 bill would be to make large cash purchases and payments easier, and to keep the U.S. competitive with the € 500 (Euro) denomination. Remember, a $100 Bill in the year 1900 is equivalent to about $2500 in today's money (!!), so a modern $500 bill would not even be close to that level of purchasing power! In fact, it's the equivalent of the $20 bill in 1900! |
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Pillar of the Community
United Kingdom
1077 Posts |
Speaking as a foreigner it seems strange to have two types of the same denomination in circulation at the same time. i.e. coin and note.
Although I think they still have one pound notes in Scotland but I am not sure. I wonder if they use more notes or coins up there?
I agree with others that only removing the note will ever result in the coin being used in large quantities.
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Pillar of the Community
United States
2540 Posts |
I wouldn't sign.
Those Saki's are really hard to fold into my wallet.
And it hurts to bend them.
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Moderator
 United States
187446 Posts |
Quote:
Speaking as a foreigner it seems strange to have two types of the same denomination in circulation at the same time. i.e. coin and note. Speaking as an American, I agree!  |
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Valued Member
United States
54 Posts |
I would definutly sign. The reason is simple. The dollar is weak because it's not backed by gold or silver or anything  The only thing it's backed on is the trust that americans put into it. What will happen if it's not backed by anything is what happend in Germany...it'll take a truckload of dollars to buy a loaf of bread. The feds,when they were printing the money,backed the dollar with gold. But when the federal reserve(the bankers) took over printing they got to lazy to back it. But coins usually are metal that is worth circ. value. So at least thats the start of backing bills with stuff that's ,atualy worth something. If eventualy it's not backed the stock market will crash. FOR REAL. |
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Pillar of the Community
United States
3098 Posts |
Whoa! Wait a minute here.
Although I am a gold bug, I have to say that the dollar is resistant to hyperinflation in 2 ways:
1. Most cash reserves on this planet is in Dollars. If there's a major inflationary whatever, the Fed will be sure to step in and prevent it. I mean, the dollar is the Fed's magic checkbook (it can print however many it want without much trouble) through it being the major reserve currency and the currency of choice for commodities, so the Fed would not be so stupid to actually let it spiral out of control, and no central bank in the world would be as rash as to dump all the dollars.
2. It's the dollar! It's the centerpiece of world trade (for some part). If it crashes, then EVERYONE loses. So, naturally everyone holding dollars right now (most of the world) would try and prevent it from crashing.
Now the dollar is different form the economy. Just check the Kitco prices. Dow has been down 2-3k points (25%), while the dollar value compared to other currencies has gone up about 10%.
Anyways, for the reasons of convenience, I would like to keep the banknote.
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Valued Member
United States
54 Posts |
Quote:
1. Most cash reserves on this planet is in Dollars. If there's a major inflationary whatever, the Fed will be sure to step in and prevent it. I mean, the dollar is the Fed's magic checkbook (it can print however many it want without much trouble) through it being the major reserve currency and the currency of choice for commodities, so the Fed would not be so stupid to actually let it spiral out of control, and no central bank in the world would be as rash as to dump all the dollars.
That's exactely why the dollar is weak. There's too many bills in circ. and not enough gold to back it up. Here is an analogy: 'America is like a giant casino the dollars are the chips. If you win a whole lot of chips your'e happy 'cause you won a whole lot of monney. Then you go to change your chips in to real money. But The guy in front of you got all the money left and so you don't get any muhlah. You try to buy dinner with the chips but they wont take 'em.' So if you try to change $100 into gold at for instance Fort Knox they will not have any gold so all there is is paper. Now the problem with agreeing that it's worth something ok for over here but you go to Mexico and try to buy a coke for one dollar they'll say: "I'm sorry but one dollar is worth $0.50 so it will cost you two dollars for one coke." There's (I'm just guesstimating) $500'000 backing the dollar. But About $2'000'000'000'000'000 in circ so if you divide the gold up between the dollars the're not worth as much. If there was $1 dollar in circ. it would be worth $500'000. So if we did what you said we would we would be making the dollar weaker not stronger. |
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Pillar of the Community
United States
3098 Posts |
hm.... that's right too. It would lead to inflation, but at least not rampant without a war :( But, the dollar is still maintaining its position as the primary world currency. Everyone holds large amounts of it, and surely they won't provoke the US, as to prevent the downfall of their reserves. In fact, that's why the US can be holding a $10 trillion debt without the dollar declining into crap. So, in this case, stability is the key, and comparatively to other currencies, the USD is the most stable. Now I understand the evils of fiat money, but hey, everyone's using it, so you should only conserve your own gold. In a long term (actually just compare 2002 to now) the dollar is declining like hell against everyday must items like corn and rice. That's because it's paper, and only dependent on the strength of the economy. If the economy goes bad, then the dollar goes kaplut for those critical items. And going to your $500,000 argument, yeah, they calculated that with all the dollars in circulation compared with US gold reserves, the actual troy ounce price of gold should be somewhere around $20000. But since the Treas printed all that more for bailouts and stimuli and etc, the price should be around $25k to $30k. Anyways, I saw on SF craigslist that someone was selling a .99999 five nines Maple for $820. Good deal? It's the cheapest 5 nines I've seen, but I know that most of the cost goes towards its novelty as being so pure. Also are you European Sean? You use apostrophes for numbers, not commas... |
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Valued Member
United States
54 Posts |
No I'm not European. I live in the United States of America. But I like using apostrophes because I think it looks better. I also like to say armoUr cause in my opinion it looks better. But I say color(no u) ecause I think it looks better. So if there's two correct spellings I suppose you can use ether. But if I was liveing during the war for indepedance I would shun the very thought of that spelling  |
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Pillar of the Community
United Kingdom
1077 Posts |
Quote:
Also are you European Sean? You use apostrophes for numbers, not commas Since when did Europeans use apostrophes for numbers? |
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Pillar of the Community
United States
3098 Posts |
Quote:
Since when did Europeans use apostrophes for numbers? I think Germany does... |
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Pillar of the Community
Canada
650 Posts |
I must live with the loonie, but have to say after 20 years it's just part of life.
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Valued Member
United States
207 Posts |
I would probably sign it but I would want the US Dollar bill to be cut back in production and not removed (I kind of like the dollar just like I like the 2 dollar bill). The US being like all the other countries is on a fiat currency. Its like everyone in the room agreeing there is a glass on a table but in reality there is no glass or table. Just a bunch of idiots agreeing on something until the kid comes in the room and points out the obvious.  I think it not a smart idea staying on the fiat. Its also whats caused inflation to go crazy over the last few decades. Its a snowball rolling down a hill and its only going to get faster. Hey I'd work for 2 or 3 dollars an hour if I was paid in American silver eagles  . Deflation is not that bad..lol unless silver drops  I would probably add a bit of silver or gold back to the dollar coin and make it smaller with an alloy of metal to change the color (blue or red..lol) thats just my Two Cents.. |
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Valued Member
United States
54 Posts |
EXACTLYThat's what I say. I agree whole heartedly 
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Pillar of the Community
United States
7629 Posts |
You can bark up all the trees you want, but I think a petition to get rid of the $1 note would be a complete waste of time. If the government had the intelligence to see that making the $1 note is a waste of resources, they would have stopped making them in 1971 when the first modern dollar coin was issued. Given we've seen more than a quarter century pass since then, I highly doubt any petition will change their minds.
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Posted 10/21/2008 7:28 pm
