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 Replies: 44 / Views: 4,579 |
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Valued Member
United States
112 Posts |
Loss of confidence comes first, paper backed by nothing = Zimbabwe.
Restoration of confidence = backing the money to gold, silver, oil etc.
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Pillar of the Community
Australia
7096 Posts |
Don't get me wrong, I would Love the return of the gold standard and that our money was backed by something solid and was accountable.
Unfortunately that ship has sailed decades ago.
There is absolutely NO way that the powers that be are going to relinquish their control over the very money in our pockets.
For this to happen they would have to be accountable for their lavish and wasteful spending because now all they have to do is print some more money to cover this.
If a gold standard was in place then whatever was spent has to be physically there and replaced they won't be able to create wealth out of thin air as is what is happening now.
I can't see any government giving away that sort of power/control.
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Valued Member
United States
112 Posts |
Trout1105 I agree they will never give up control. But, don't forget
the private international bankers have to get their skim first. They
create our "money" and then give to our governments to waste as they
see fit.
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Pillar of the Community
United States
1000 Posts |
Thanks for the history lesson Conder. I guess I only had modern money in mind. I know they used a live model for the Sacagawea dollar, but skipped that one since it was intended to be a depiction of a deceased individual. The only other instance I knew of was Salmon P. Chase's decision to put his own face on the $10,000 dollar bill. |
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Pillar of the Community
 United States
1602 Posts |
Quote:
Doesn't matter what your politics are, wishing someone dead is pretty extreme  You're right, of course, and I apologize for sounding like I wished a dangerous old man dead. I am not a political person. I pray for compassion and moderation in all walks of life, for all women, men and children. No politics. Nuff said. Removal of the gold in the early thirties was done in a way that practically guaranteed it would stay gone, and removal of the silver in '65 ('66 in Canada, no?) was apparently economic need, depending on which economist is talking. My position is, and will remain, that Liberty should be portrayed in all her diverse manifestations on coins minted for the U.S.A. And maybe Justice for All would be welcome, too? |
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Valued Member
United States
112 Posts |
If all the gold was "removed" in the 1930s why are there so many old coins for sale now?
A free person can decide for themselves to comply or not comply with dictates from our "betters!" And, it looks like many decided not to comply...
Removal of silver from our coinage made possible a "little" undeclared war far, far away and
paying for a "Great Society." I think our coinage and more has suffered from its removal...
Finally, I would rather we have Liberty than "portray having Liberty."
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Pillar of the Community
United States
2023 Posts |
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If all the gold was "removed" in the 1930s why are there so many old coins for sale now? Executive Order 6102, signed on April 5, 1933, granted some exclusions for industry and art (e.g. jewelry), rare/collectible coins, and permitted people to own up to $100 (face value) in gold coins. It's not the sweeping confiscation it's sometimes made out to be. |
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Pillar of the Community
United States
6130 Posts |
Not a total and sweeping confiscation, but a lot of people did lose their rightful property. It's good that we did not completely melt all gold coins, but that executive order is the exact reason why many high mintage gold coins are very rare today; collectors had to work within their allowance, and most everyone saved the key dates over the common stuff.
What really rubs me the wrong way is that people were *still* having their gold confiscated until the 1970s! The fact that the Executive Order did not have an expiration date of 5, 10, 15 years just baffles me.
Someone on here mentioned that in the 50s, 60s, and 70s, there was a prevalent myth that owning gold coins was a jailable offense. To the extent that when Grandpa died and you found a little bag of gold coins in his sock drawer, many felt that they had to throw away the gold or go to jail! I don't remember who posted it, but it was reported that gold coins were shoved into vending machines and parking meters in the hopes that they would be accepted as quarters or nickels.
FDR was a lot closer to a dictator than most are comfortable admitting.
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CCF Advertiser
United States
1533 Posts |
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Personally I don't have a problem with a devaluation so there is enough gold to cover the printed money. Using silver might also help. If you are personally a young person with no savings, it ,may not affect you personally. However, persons that have saved and invested their entire lives to see the purchasing power of their money drop to 6 cents on the dollar would have a problem with it personally. |
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Pillar of the Community
United States
1963 Posts |
If this ever happens, since I'm a YN, I'll spend all my money on coins first.
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Pillar of the Community
United States
1314 Posts |
Personally I like money that is backed with something other than promises.
In the case of John Kennedy, I think they may have been a little too prepared for coining his image on the half.
Edited by Chute72
02/03/2017 5:07 pm
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Pillar of the Community
Australia
7096 Posts |
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Personally I like money that is backed with something other than promises. I also like PM's that are backed by something solid. That's why my small PM investment is in Physical metal and not Paper promissory notes  |
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Valued Member
United States
112 Posts |
Why would we have to worry about devaluation? Our currency is the "reserve currency."
This means that other countries have to "buy" our currency to sell their resources
or goods, or even trade among themselves.
If other countries lose confidence in our money we might have hyperinflation.
You may have seen a Zimbabwe 100 Trillion note. They had hyperinflation.
"Since 2009 in Zimbabwe has used other currencies in lieu of its own, which it abandoned after hyperinflation of more than 5,000 percent made it essentially worthless."
With hyperinflation money becomes increasingly "worthless". Since prices on the
things we need to live are raising so fast our savings buy less and less and
eventually become worthless. People on pensions or fixed incomes are quickly
made destitute.
In any event, I think those with metals have some protection from hyperinflation, or devaluation.
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Bedrock of the Community
United States
17884 Posts |
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So what you are saying is if the gold standard was reintroduced using the formula above the US dollar probably would have the same buying power of a Zimbabwe Dollar. No the new dollar would have the purchasing power of the current $100 note, and it would be at least fractionally backed with gold. Quote:
Someone on here mentioned that in the 50s, 60s, and 70s, there was a prevalent myth that owning gold coins was a jailable offense. To the extent that when Grandpa died and you found a little bag of gold coins in his sock drawer, many felt that they had to throw away the gold or go to jail! I don't remember who posted it, but it was reported that gold coins were shoved into vending machines and parking meters in the hopes that they would be accepted as quarters or nickels. That would be me. Quote:
Executive Order 6102, signed on April 5, 1933, granted some exclusions for industry and art (e.g. jewelry), rare/collectible coins, and permitted people to own up to $100 (face value) in gold coins. And they defined "rare and collectible" to be any gold coins struck before April 5th 1933, which was basically all of them. But they did limit you to no more than four of the same date and mintmark quarter eagle. Don't ask me why, I have no idea. |
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Valued Member
United States
112 Posts |
I believe Texas, Arizona and Utah already have or are planning gold and perhaps
silver depositories. These will serve to break the lock the Fed has on issuing
our currency and create competition. Eventually, as state issued gold and or silver backed
money holds its value better than the Fed "dollar" against inflation more
and more people may want to hold and use them.
Also, I believe in world history there has never been an instance of the world
reserve currency being "devalued" until after reserve status is lost and a currency
crises ensues... (or visa versa)
The value may raise and fall against other currencies and commodities like it does
now influenced by economic conditions and interest rates.
The states I mentioned before are at least positioning themselves to be able to
protect their residents from the reckless amount of debt we have amassed in the
event that the world loses faith in our currency.
I have read nothing about the creation of a "new dollar" backed by gold and
equivalent to 100 greenbacks in current value. I would love to know more about
this topic.
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Replies: 44 / Views: 4,579 |
First Page
Posted 02/02/2017 3:27 pm
