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 Replies: 34 / Views: 4,344 |
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Pillar of the Community
United States
757 Posts |
and when we had the gold standard wasn't the price of gold fixed somehow so as to give our tender stability?
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Pillar of the Community
 United States
1026 Posts |
Edited by Brucec
03/18/2011 8:59 pm
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Rest in Peace
United States
9104 Posts |
Yep. The gubmint would buy or sell to anyone for $20.67 per oz, later raised to $35, but only sold to foreigners, then eventually to $41.22.
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Pillar of the Community
United States
757 Posts |
hmmm. so every time they raised the price of gold--with the dollar tied to gold--we saw immediate inflation?
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Rest in Peace
United States
9104 Posts |
Admitting that the price of gold needs to rise is a response to inflation, not a cause.
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Pillar of the Community
United States
3670 Posts |
Dollars are supposed to be backed by gold via Fort Knox correct? You guys think we have enough blocks of gold in Fort Knox, to account for the amount of dollars in circulation, this poster does not rof  ? |
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Rest in Peace
United States
9104 Posts |
$ have not been backed by gold since 1933. Their only backing is faith in the gubmint.
According to some sources, many gold bars are only gold-plated tungsten.
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Pillar of the Community
United States
757 Posts |
fred do you mean many bars in general or that many of the bars in fort knox are plated?
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Pillar of the Community
Canada
1733 Posts |
While I've seen some interesting information here my knowledge of specific state powers is somewhat lacking. Is it legal for individual states to make their own currency under the current laws governing the Union? I mean, can New York State print and back their own money? Because if not, then a state suggesting that anything at all is money (gold bars or aluminum pots, bundles of twigs or printed currency they made) seems counter productive and relatively pointless and illegal. If they actually can make their own currency then of course they can declare anything at all legal tender within their legislative zone. Then that brings up the last question, how the "h e double hockey sticks" do you enforce precious metals as legal tender.
Seems like it's not a well thought out policy. I'd rather have certificates for currency backed by KWh's of energy than I would gold or silver. "This certificate entitles the holder to 100KW/h of electricity or equivalent in liquid fuel). I say this because in the western world, energy costs are the meat of the price indexes.
Anyhow, this is all a stretch to feel like currency still has some kind of power as it continues to slide.
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Pillar of the Community
United States
2424 Posts |
our money is not backed by gold. a lot of people still think it is in some way, but it isn't. I had a conversation with a retired broker of 38 years. we discussed silver and gold as investments and ha asked me " can I eat gold? does it make money? NO they just sit there. it is on speculation.
my point being, well I'm not sure. lol. I just though I would share because so many people are running to gold and silver as a hedge against the falling dollar. but the dollar is no longer backed by gold at all. just because central and world bank still hold it in their vaults, does not mean the fiat paper currency we use daily is backed by it at all.
im not sure what this all means. but I think people need to remember that since 1933 and the Nixon era, our money has become worthless.
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Pillar of the Community
United States
7194 Posts |
Only the federal government can print or coin money. The states do not have that provision.
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Pillar of the Community
United States
1026 Posts |
"Only the federal government can print or coin money. The states do not have that provision." That is not true I have been printing my own money for years now and no one has been able to tell the difference yet   Edited by Brucec
03/19/2011 2:27 pm
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Rest in Peace
United States
9104 Posts |
Quote:
fred do you mean many bars in general or that many of the bars in fort knox are plated? Both |
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Rest in Peace
United States
9104 Posts |
States would not be printing/minting money. They would require people to accept gold and silver in payment.
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Pillar of the Community
United States
3670 Posts |
Was there not like a coinage act from 1965 passed by perhaps the Feds an current president in 65 that says....No public bus has to accept "The dollar", if it believes or trusts more in another form of currency?
I heard peso's are accepted in places in USA now, and Euro's accepted from Washington up to the Hampton's, with N.Y in between, any thoughts on that being accurate?
Edited by Silverhawk74
03/20/2011 01:48 am
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Replies: 34 / Views: 4,344 |
First Page
Posted 03/18/2011 8:55 pm
