The Eventual Return Of The Silver Dollar...

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Plus, the idea that the President of the United States could, much less should, direct the Congress to undertake such folly is frankly unsupportable under our Constitution, which, among other things, specifically excludes the coining of money from Presidential powers and gives it to Congress

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Funny you mention this....I was having nearly the same conversation with my cousin a few weeks back... basically, after hours and hours of points and counter-points we came to a stand still--In order for the President to bring about 100% reform (or any reform at all) and undo some of the illegal laws and such that exist, the President would have to use powers that were not granted to him in the first place. The Constitution would have to be broken in order to nullify laws that are, by their very nature, illegal--Is it okay to break the law to fix the law? I say no, it would defeat the purpose of the Revolution and make us no worse than the "enemey"--sorta like a Punk band getting its message out by selling out to the industry. Flawed in principle....but whatever, my heads spinning just trying to think about it...


I honestly can say that I truely believe over the coming decades we should be slowly weened back onto the Standard. I can see a system in place one day where we have, idk, say a 10 dollar silver coin instead of the old 1 dollar coin. An ounce of silver=a 10 dollar Silver coin/a 10 dollar Silver Certificate? IDK, just throwing even numbers around. hmmm...kinda like the old Eagles, only using silver instead of gold, simply because it would cause less turmoil during the initial conversion. Maybe gold could be used in bigger denominations? Like, at roughly current prices, 1/8 ounce of Gold=$100? IDK just typing whats popping in my head.

Thoughts?

--Gary

what about 5 and 10 dollar coins ? 5 dollars in silver might be around the size of Canada's 2 dollar coin.

1 dollar coins could be half silver half copper and be the size of the Sacagawea dollar.

because silver prices fluctuate a lot, look at its trends for the last 40 years and peg the price to the average number. 20 dollars an ource sounds about right.

Neuron wrote:
"Most of the major media outlets are owned by the same banks that comprise the Federal Reserve, so criticism of the current system is largely repressed."

Could you please give an example? I didn't know Rupert Murdoch was a banker.

I probably spend no more than $100 in cash every month. Everything else is with a plastic card or EFT. I could easily make it less than $20, but I like to get the change and look through it!

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What happens when technology advances to the point where gold and silver are manufactured through atomic manipulation ?

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Star Trek shows aside, that would be a very costly and dangerous process--and would produce numerous unstable isotopes that would make the metal unsafe for everyday use. This is how Polonium and other short-lived elements are produced.

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Could you please give an example? I didn't know Rupert Murdoch was a banker.

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Hey Stephen, I'm having difficulty locating a specific example from the book I'm reading ("Web of Debt" by Ellen Brown), but there are several times wherein the author discusses collusion between banks and the media (along with other large corporations). Perhaps "own" isn't the most appropriate term, although it wouldn't surprise me if investment banks own significant portions of stock in media conglomerates. But they are certainly bedfellows if nothing else. Apparently it is quite common for banks, media, and other large corporations to share directors on their boards:

http://www.fair.org/index.php?page=2870

http://www.progressiveliving.org/ma...politics.htm

I don't think Rupert Murdoch is a banker per se, but someone worth billions of dollars is certainly keen on the banking industry. As of August he owns Dow Jones, which publishes the Wall Street Journal.

I'll keep looking for more specific information and post it here if I find some.

Oh, and I rarely use cash nowadays... that stuff burns a hole in my pocket for some reason. I find that I don't spend as much if I put it on my credit card. Doesn't make much sense, I know, but that's how I operate for some reason.

Regards,
~neuron

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Are you sure that's a good idea? At last the Fed tries to exert some control over the economy. You're talking about turning it over to a group that thinks "We've spent more than we have. Just take more money from the people. We'd like to spend an extra hundred billion here, just print it. We have a three hundred billion dollar budget deficit, that's OK we still have ink and paper." In short they think the same way Germany did in the early 20's. We have to pay all these reparations, so we'll just print the money we need. The result would be hyperinflation. The whole point behind the creation of the Fed was to take the creation of the money out of the hands of the special interest politicians who cared more about their own careers or maybe their local constituents that the country as a whole.

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An excellent point, and I'll do my best to explain the answer. However, I won't be able to do justice to the thorough review of material presented in "Web of Debt", so consider picking that up or borrowing it from the library for a very detailed analysis.

The government handed the ability to create money to a private for-profit entity, who are largely unconcerned with the state of a nation so long as it is owed plenty of debt. I used to think that politicians were promising billions of dollars for projects and simply running the printing presses and raising taxes to pay for it, but that's not exactly what happens. What happens is the government asks the Federal Reserve for a loan for the billions, who then create it with a ledger entry. This money, created simply with a mouse click out of thin air, is then used to purchase US Government bonds, aka debts, and charges interest on repayment. Taxes are raised by the government to cover the new loan and its interest charges.

Since this is how our system works, there is literally no way that our debt can ever be repayed unless the system changes. The debt and interest charges will both simply continue to increase until the taxpayers can no longer cover the exorbitant fees and default on the loan.

So what is the difference if the US Government made the money out of thin air instead? We wouldn't owe the money to any private entity, and thus there would be no national debt. Without a debt, we wouldn't need taxes such as the income tax. The government could still cover costs of social programs and infrastructure by making loans to individuals and corporations but also charging interest... but they have to create the interest money at the same time so that it actually exists. The interest money is used to pay workers for infrastructure and social projects.

The concern about hyperinflation is legitimate, but this has happened several times in the past in various countries (including our own) and hyperinflation didn't occur. The reason for this is because as the amount of debt-free money increases, goods and services also increase... that is, more people work and produce when more money is available. So long as the money is issued for completed work, inflation won't result. The hyperinflation of Germany's currency was caused by foreign speculation on the privately-issued Reichsbank mark, and the problem was fixed by adopting a Greenback system in which Germany produced its own currency.

Look no further than China for an example of a modern-day economic success story. Although they still have some reliance on foreign countries, they issue their own money and are not in a state of inflation... they are in a state of a very strong and growing economy. Part of their success is not allowing their currency to float on currency exchange markets, so it is not available for speculation.

"Web of Debt" explains both the Germany and China situations in much more detail, if you are interested. Hope I at least gave you something of a coherent answer though.

Regards,
~neuron