Guess Year Of Last Lincoln ?

While a fan of bimetalism, the flaw in that was the fixed exchange rate between gold and silver.

I would make it all gold based.

I would make silver and copper (and likely any metal the market demands) legal tender as well along with free coinage of metals via the mint.

Gold would be fixed, all other coinage would float in relation to gold.

I don't buy that there isn't enough gold for this, I would buy that gold wedding rings would be worth more than the average house as a result of remonetizing gold.

I'd probably be willing to add energy to the mix as well, whether that be natural gas, oil, gasoline, coal, or just plain old electricity, though obviously you won't be taking your paper money to the bank in exchange for energy.

I'd nationalize all the insolvent banks, they are all currently insolvent under typical accounting rules, and turn them into utility type companies.


As for the expansion of credit, I would go with Professor Fekete's Real Bills. Basically that is short term commercial paper that is traded on open markets.

https://en.wikipedia.org/wiki/Real_bills_doctrine

You simply change the value of gold, how much we have is irrelevant unless that number is zero and in that case I will donate a few ounces to get us started. I'd much rather give up some gold than even a stranger's blood.

I wouldn't need to make it all gold either, but that would be the only standard value, everything else would float against it.

I would certainly make at least silver and copper coins (and paper notes backed by them) legal tender as well. Bring the mint back to its original purpose. You bring in metal, they assay it and coin it for a nominal fee.

Any other metals the market demands would be fine by me as well. Platinum and palladium are other fairly common precious metals, but I would even monetize aluminum and lead and anything else the market demands. Only gold has a fixed value though, everything else floats against it. Heck, while doing the same thing with energy, I'd probably be willing to issue notes against land and developed land as well. Might even be able to convince me to issue against future labor, but that smacks of indentured servitude.

Then you can not issue currency without backing. You can issue real bills though and let the market discount them as it sees fit. You need both hard money and real bills / paper money based on assets / production / trade for this to work.


Who says debts need to be paid or bailed out anyway? High time for a debt jubilee or at least restoring the right of bankruptcy for all.

Bankruptcy is a fundamental right in capitalism and it is how the weak are culled from the herd.


Real bills are a great solution to the lack of credit. Limited duration paper money backed by whatever assets the private issuer wants to issue against. The market will determine their value based on the merits of that issuer's skills.

Bailing out failing institutions is how we got into this mess in the first place.


The current system will not go quietly into the night for sure. That is why I would reluctantly endorse a global currency to get out of the currency wars without needing to resort to a hot physical war. I don't think this will happen though. War is our future.

I think it happens by 2025.

I like the NIFC idea but if the Lincoln Cent ends completely I won't shed any tears. 100+ years is a heck of a run.

The same year Dansco releases the updated 7070.