Want to buy gas for a 25 cents per gallon?

[peilthetraveler]

A gallon of gas cost about 25 to 28 cents in 1960. Average gas prices as of today across the US is 2.62 per gallon. A pre-1965 quarter has .18018 oz of silver in it. Todays silver prices are about 15 dollars per oz. A pre-1965 quarter has $2.71 worth of silver, so a gallon of gas still costs the same amount of silver as in 1960.

Kind of put things in perspective about how the dollar is worth less, but silver has held its value and still purchases much of the same stuff for the same amount of silver.

 

[monty21]

The Fed only needs some paper and ink to create money...

You cannot create gold or silver out of nothing though.


*****

It's simple inflation... its unfortunate when people's wages/salaries do not grow with inflation though.

Back in the 1960s a hamburger at a decent restaurant was 50 cents.

I also remember one point in the 1990s where you could get one gallon of gas for about 90 cents (New Jersey).

 

[426653478]

Quote from monty21:

The Fed only needs some paper and ink to create money...

someone on this forum posted a video of bernanke on '60 Minutes'. I remember him stating that in order to create money they basically login to their system and type in the amount of dollars they want to add

 

[Martinghoul]

Speaking of silver content, ink and paper... If you want to read an interesting article about the options embedded in physical money, this is a good article on the subject:
http://www.wilmott.com/pdfs/090407_haug_stevenson.pdf

 

[Ivanovich]

Quote from peilthetraveler:

A gallon of gas cost about 25 to 28 cents in 1960. Average gas prices as of today across the US is 2.62 per gallon. A pre-1965 quarter has .18018 oz of silver in it. Todays silver prices are about 15 dollars per oz. A pre-1965 quarter has $2.71 worth of silver, so a gallon of gas still costs the same amount of silver as in 1960.

Kind of put things in perspective about how the dollar is worth less, but silver has held its value and still purchases much of the same stuff for the same amount of silver.

I tried to take my silver to the local gas station to get gas, but he just looked at me like I was insane. I had to use cash.

Oh well.

 

[squirly309]

Quote from 426653478:

someone on this forum posted a video of bernanke on '60 Minutes'. I remember him stating that in order to create money they basically login to their system and type in the amount of dollars they want to add

Yup, he said they just 'mark up' accounts held with the federal reserve by institutions. (regarding the bailout package).
:eek:

 

[Acumen]

Good video which is right on topic.

www.bringbackthegoldstandard.com

 

[monty21]

Quote from 426653478:

someone on this forum posted a video of bernanke on '60 Minutes'. I remember him stating that in order to create money they basically login to their system and type in the amount of dollars they want to add

Yup... also don't forget fractional reserve banking. Every time a bank makes a loan, new money is being created.

 

[peilthetraveler]

Quote from monty21:

The Fed only needs some paper and ink to create money...

You cannot create gold or silver out of nothing though.


*****

It's simple inflation... its unfortunate when people's wages/salaries do not grow with inflation though.

Back in the 1960s a hamburger at a decent restaurant was 50 cents.

I also remember one point in the 1990s where you could get one gallon of gas for about 90 cents (New Jersey).

Funny that you said a gallon of gas was 90 cents in 1990s. an ounce of silver in 1990 was 5 dollars. A 25 cent pre-1964 coin with .18018 silver in it was worth exactly 90 cents.

 

[4444CJones4444]

Quote from Acumen:

Good video which is right on topic.

www.bringbackthegoldstandard.com

Help me out here. Approximately 160K metric tons of gold exist in the world today. Assuming gold used in industry is outlawed and gold used for jewelry is outlawed and all the citizens in the world forfeit their gold to central banks, at its current bloated value all that gold is worth $5.1T.

So, once you've done the impossible (removed gold from the general population so it can be used to back paper money and then outlaw its use in industry), you will need to take EVERYTHING in the world now and EVERYTHING that will be created in the future and divide it by $5.1T. How do the gold bugs and Ron Paul plan to accomplish this? One troy ounce would be worth $20,000 now (assuming government rounded up every last gram on earth) and worth $100's of thousands in the future, assuming the world's population continues to grow along with demand.

It's a serious question. What's the plan?