Modernizing Our Currency: Discuss - Page 2

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Jayman931 Pillar of the Community United States 2651 Posts	Posted 12/14/2011 2:02 pm How much is a 1964 Quarter worth? How much is a 2011 Quarter worth? Back in 1964 the cost of a gallon of gas was $.30 and the cost of a new home was $20,500 Skip to 2011 the cost of a gallon of gas is $3.50 and the cost of a new home is $230,000 For ease of explaination lets just say currerent value of silver for 1 1964 quarter is $5.00. You can still buy a gallon of gas for that 1964 quarter (actually you would get more gas now than you would have in 1964) The house that was $20,500.... 4 1964 Quarters would be $20.00..multiply that by $20,500... $410,000 You would have the same purchasing power if US money was tied to Precious Metals...instead it is tied to Oil and Confidence. Less countries are trading oil with the US Dollar and the Fed has doubled the amount of dollars. Prices haven't gone up....the value of our money has gone down. This is the biggest tax on the American people today.. http://www.1960sflashback.com/1964/economy.asp http://www.census.gov/construction/...ressales.pdf Report this Post to the Staff
AKColdCache New Member United States 11 Posts	Posted 12/14/2011 2:11 pm Captainfwiffo you obviously are well informed but in an alternate banking system the needs, problems, and laws that currently apply would not remain static. I would agree that the fractional reserve banking system is absolutely essential in a credit (debt) based economy such as ours. The discussion thus far has been fractional reserve banking vs. commodity currency (another compromise? option of full reserve banking where debt-free fiat currency is issued has not been discussed). You are right though if we did go to a commodity backed currency the pain would be great and soon. However some (me) feel that the growth of the current system is unsustainable and will be a large bubble at some point as has happened elsewhere. Others of a whole different fabric feel that fractional reserve system mandates an always expanding economic growth (jobs and that "productive activity") that will eventually result in depleted resources, increased populations, and devastated ecosystems/environments that will force contraction. I'm not sure about anyone else elsewhere but my inflation seems to be climbing fairly quickly...Just speaking on my personal level of fuel, food, shelter, utilities and the remaining money that I have to buy barbarous relics with. Report this Post to the Staff
jbuck Moderator United States 189502 Posts	Posted 12/14/2011 3:19 pm I agree with all four steps. No further comment is necessary, most know how I feel from the other threads. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
jbuck Moderator United States 189502 Posts	Posted 12/14/2011 3:27 pm Quote: Understand that the 50 cent piece not circulating is the real reason why the dollar coin won't circulate either. Do you know why the 50 cent does not circulate? It is not because there was/is a competing and established paper version (which is the only reason why the dollar coins do not circulate). It is because they were hoarded; whether it was Kennedy worship or the fact that these coins still had silver in them (until 1971) when the other two (dimes and quarters) did not is not important. What is important is that they were scarce in circulation; it was no problem to adapt and use two quarters (a habit that remains today). We can remove the dollar note like we did the half dollar coin (one being by mandate, the other by hoarding) and we will adapt. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
Earle42 Bedrock of the Community United States 10044 Posts	Posted 12/14/2011 5:26 pm The main problem with discussions like this is that a lot of the "established facts" are only theories from modern economic "experts." The fact is that when we were on a gold standard people were not hoarding it (in general) - our industry grew and the US became a world power. When the American people are given their own money to spend the way they want to (aka low taxes), they SPEND = business = industry = jobs = more money = everyone is more prosperous = SPEND etc. etc. This is what history records as to how America became what she did from a little set of colonies. Only in relatively recent years has the (non-historically-based) concept of more government involvement/high taxes/fiat money = prosperity been circulating. Look what happens. How much squash could a Sasquatch squash if a Sasquatch would squash squash? Download and read: Grading the graders Costly TPG ineptitude and No FG Kennedy halves https://ln5.sync.com/dl/7ca91bdd0/w...i3b-rbj9fir2 Report this Post to the Staff
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