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 Replies: 33 / Views: 4,159 |
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Valued Member
United States
114 Posts |
I was at a fleamarket today talking to a vender that owns a shop and has a booth and he was telling me that the government could forse a mandatory by back at face value silver and gold coins to help reduce the deficit
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Bedrock of the Community
13014 Posts |
If they were going to do that they would just confiscate it and it has been done before. But its not really a concern. If that happened they would take it from banks, not go door to door collecting ASEs. If they went door to door collecting anything wed have two countries.
Its really not something to worry about since no one is talking about doing it.
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Valued Member
United States
154 Posts |
Well, correct me if I'm wrong, but 1933 Roosevelt made all citizens sell their gold to the government. But according to the wikipedia article, he did it to counter deflation. I don't think the government would reduce the deficit by going on the mother of all gold and silver buying sprees.
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Valued Member
 United States
114 Posts |
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Bedrock of the Community
13014 Posts |
He did but in 75ish Nixon made it legal to own gold again. Now a days gold and silver are just an asset they could sell if they did it. While it would reduce the deficit it would have little to no impact on it. Even if you got a trillion dollars worth that trillion would be right back on the deficit by the end of the next year.
While there are comparisons between then and now the amount of money needed back then was a lot smaller. Now you could take every penny from everyone and not pay off the debt. The only non conspiracy reason to consider something like this would be to get a fresh start or solve the debt problem which it wouldnt do.
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Moderator
 Australia
16808 Posts |
Quote:
...to help reduce the deficit Given that every single scrap of gold and silver ever mined on this planet would only be worth about a third of the deficit, it wouldn't really help much. Quote:
If they were going to do that they would just confiscate it and it has been done before. We've said it before, and I'll say it again: back in 1933, gold coins were NOT "confiscated". They were bought fair and square, paid for with paper dollars for full face value. The difference between gold coins in 1933 and bullion coins today is that those old gold coins had a face value that closely reflected the actual gold value of the coins. Modern bullion coins have a farcical "face value" on them, kept deliberately low so that there would never be a danger of people "spending" them for face value if the bullion price collapsed suddenly. Unless the bullion price does collapse suddenly, nobody would be happy handing over their bullion coins to the government for face value. So while yes, they technically can "force a buy-back at face value", there are a lot of less unpopular, less controversial things they could do to reduce the deficit. Like selling California to China, for example.  Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Valued Member
United States
114 Posts |
there are a lot of less unpopular, less controversial things they could do to reduce the deficit. Like selling California to China, for example.
WOW I never thought about that!
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Pillar of the Community
United States
1200 Posts |
They already sold Hawaii to the Japanese and Chinese and they've already sold the most costly parts of CA to them, too...
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Bedrock of the Community
13014 Posts |
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We've said it before, and I'll say it again: back in 1933, gold coins were NOT "confiscated". They were bought fair and square, paid for with paper dollars for full face value. I should have explained that out a little more I know in 33 they didnt just take, but like you mentioned the different between the price of metal and face wasnt much so people may have been unhappy but it didnt feel like confiscation. If they went that route today I dont see why they would even bother to pay face. Does it really matter if you get 100 dollars for 100 ASEs worth 3 grand? Whether they pay that or not for all intensive purposes its confiscation and that dollar for an ASE or $50 for the gold eagle or $100 for your platinum eagle wouldnt be enough to satisfy people this time. If anything paying actually makes it seem like you dont need the money as much where if you just took it you could at least claim a crisis where its needed. I personally dont see a scenario where it makes sense financially or where Texas/a few others would still be apart of the Union if it happened. If President Obama did sign some bill like this all he would do is assure that his legacy is the man who made sure no Dem was ever elected president again. Hopefully no one in washington finds this thread and gets any ideas  |
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Valued Member
United States
114 Posts |
They already sold Hawaii to the Japanese and Chinese and they've already sold the most costly parts of CA to them, too...
What are you talking about?
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Pillar of the Community
United States
1200 Posts |
A lot of the most valuable, prime real estate in Hawaii and secondarily in CA has been purchased by Asian interests over the course of the last couple decades.
While it's possible to joke about the selling CA to China, the process has actually already been underway on a piecemeal basis for quite some time.
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Pillar of the Community
United States
2335 Posts |
A lot of prime real estate in America is owned by foreign investors. There is no requirement for any individual to sell their property to US citizens. Private party sales are generally to the highest bidder, which is exactly as it should be in a free country. I haven't seen any evidence that land owned by the Government is being sold off to foreign entities on an ongoing basis.
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Pillar of the Community
United States
1200 Posts |
th007---You're absolutely correct, but it should also be noted that nobody said anything about public land being sold to foreign interests. I don't want to be a
part of hijacking this thread off into a foreign interest real estate ownership analysis. Two humorous comments were made and they shouldn't be blown up
into the new subject of this thread. I think we should let that go and let the thread gravitate back to its original content if anybody wants to pursue it further
and on that note, I'm outa here... Sayonara!
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Valued Member
United States
337 Posts |
If they were going to confiscate precious metals, the government would probably start with all the Cash for Gold companies.
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Pillar of the Community
United States
1007 Posts |
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I was at a fleamarket today talking to a vender that owns a shop and has a booth and he was telling me that the government could forse a mandatory by back at face value silver and gold coins to help reduce the deficit Where did he come up with that idea? To me it sounds like he wanted to buy your silver / gold at a reduced price and used a scare tactic to do it. "If you keep it at home the government will come knocking on your door and give you very little for what you have but if you sell it to me I'll give you more". Ignore the comment. |
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Valued Member
United States
114 Posts |
Quote:
Where did he come up with that idea?
To me it sounds like he wanted to buy your silver / gold at a reduced price and used a scare tactic to do it.
"If you keep it at home the government will come knocking on your door and give you very little for what you have but if you sell it to me I'll give you more".
Ignore the comment. He told me Dimes is best to invest with because if you buy a loaf of bread who is going to give you change? |
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Replies: 33 / Views: 4,159 |
Posted 03/24/2013 10:13 pm
