Liberty Dollar (inflation proof)

Quote from bestfriend:

The only power to coin money or issue legal tender is vested in the federal govenment. The Marianas Islands got in trouble with this.
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WRONG!

Read your Constitution. Those islands are not a state. Also, if I recall correctly it grants the Federal government the power to "coin money", not "issue legal tender". Big difference.

The founders lived through the days of "Not worth a Continental", which is why they only allowed for coined money.

BTW, I think it was New Hampshire that was the most recent state to coin money. But anyway, its a losing proposition for any state to coin real money when the Fed is printing paper like confetti that can be used to buy it. There is some saying about "good' money vs "bad" money that explains it.
 
Quote from thriftybob:
As I see it, owning real gold is REAL savings and REAL wealth that even people like GWB and the million leaches in Washington can't destroy the value of.

There is some saying about "good' money vs "bad" money that explains it.

[/B]
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they can't destroy the value of it(gold) but they can confiscate it.

Gresham's law bad money drives good money out of circulation
 
Quote from ig0r:

Dude, when you see GDP numbers you are seeing them in Real dollars. It is calculated by using prices from a base year, not by using an arbitrary measure of inflation such as CPI (which wouldn't apply as that measures inflation in consumer goods and services, rather than all goods and services produced by our economy). Inflation is not "subtracted" from nominal GDP to arrive at real GDP. It is built into the calculation.

Your anecdotal evidence is irrelevant and closed-minded. It leads me to believe you think inflation is being purposely understated (or miscalculated, which is hard to believe when you take a look at the process for calculating CPI) in some sort of conspiracy.

Also, I'm quite aware of the fact that bond traders watch M3; just because it's still a useful measure of something does not mean that it is a useful measure of U.S. money supply growth.

The fact is, there is no grand conspiracy. The fact that you think M3 is fine because it contains repos and Eurodollars "which do the real trick" makes no sense to me.
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I already posted a St. Louis Fed source of M3 data that shows 10+% growth. You keep denying it. Inflation is due to money supply growth, look it up.

Have you ever even read a CPI report? I'm pretty sure you have not. Try it, interesting to see how the substitution effect is used.
I think you should learn how repos and eurodollars work as well.
 
Quote from thriftybob:

WRONG!

Read your Constitution. Those islands are not a state.
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Your interpretation would also mean that income tax is illegal and Social Security is only available to residents of Puerto Rico & other insular possessions. Interesting views, but not altogether realistic.

Hey, what do I care--pay 40% premium on silver certificates to some guy who hopefully will redeem your certificates later.
 
Quote from FullyArticulate:

Your interpretation would also mean that income tax is illegal and Social Security is only available to residents of Puerto Rico & other insular possessions. Interesting views, but not altogether realistic.

Hey, what do I care--pay 40% premium on silver certificates to some guy who hopefully will redeem your certificates later.
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Oh, he'll redeem them all right, to keep his "business" "legit", but only after laughing about ripping you off 40%.
 
Quote from FullyArticulate:

Your interpretation would also mean that income tax is illegal and Social Security is only available to residents of Puerto Rico & other insular possessions. Interesting views, but not altogether realistic.

Hey, what do I care--pay 40% premium on silver certificates to some guy who hopefully will redeem your certificates later.
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I wouldn't even consider buying those coins.
 
On their site they have all these testimonials (prob fake) of people spending the crap.

Merchants would have to be outta their mind to accept it at face value. The max I'd give for it if I was a merchant is the spot price of silver.
 
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