"Regardless of what anyone states, like it or not, the law is clearâyou can use Silver Eagles to pay for goods and services within the U.S., and therefore silver is indeed money. I do not, however, advise this at all, because you would need to pay in âlegalâ terms, meaning âOne Dollarâ per one-ounce silver coin. As we all know (most of us anyway), the face value is far different from the market price. As this is written, it takes about 15 pieces of paper labeled ONE DOLLAR to buy a coin that says ONE DOLLAR." David Morgan http://news.silverseek.com/SilverInvestor/1244782032.php
Want to buy gas for a 25 cents per gallon?
- Thread starter peilthetraveler
- Start date
"Regardless of what anyone states, like it or not, the law is clearâyou can use Silver Eagles to pay for goods and services within the U.S., and therefore silver is indeed money. I do not, however, advise this at all, because you would need to pay in âlegalâ terms, meaning âOne Dollarâ per one-ounce silver coin. As we all know (most of us anyway), the face value is far different from the market price. As this is written, it takes about 15 pieces of paper labeled ONE DOLLAR to buy a coin that says ONE DOLLAR." David Morgan http://news.silverseek.com/SilverInvestor/1244782032.php
You forget to factor in the velocity of money. If i buy a bad ass stereo for one 1oz gold coin today, and tommorrow the store owner buys a beater used car with that 1oz gold coin tommorrow and the car salesman buys a used hot tub the next day with that 1oz gold coin, thats 3oz of gold that has moved even though it was the same 1oz coin.
Make sense?
We should have the dollar pegged to gold at the current spot and the GOV should redeem it if asked. As long as people had confidence in the system, the GOV would not need to have the entire money supply backed by the physical because people would not actually redeem it. Paper and electronic money is much more convenient. If the supply of that paper money is changed EXACTLY by our change in GDP, then the dollar gold ratio would remain fixed. The end product of which would be a stable dollar.
The GOV doesnât want that though, because they use inflation to lower our debt overseas DRASTICALLY.
4% nominal interest rates + 4% inflation = 0% real interest rates
It is not the right way to do things, it is straight up criminal.
By having the dollar pegged to gold, the GOV would have incentive to keep the dollar stable, unlike now where they have incentive to inflate.
The GOV doesnât want that though, because they use inflation to lower our debt overseas DRASTICALLY.
4% nominal interest rates + 4% inflation = 0% real interest rates
It is not the right way to do things, it is straight up criminal.
By having the dollar pegged to gold, the GOV would have incentive to keep the dollar stable, unlike now where they have incentive to inflate.
Eventually the government will have to go back on the Gold standard or the silver standard. But they wont do it until that 11.3 trillion is paid off and that can only be paid off with hyperinflation.
I was about to call me Congresswoman and tell her that I didnât vote for her and donât like her, but if she just cosponsored this one thing, I would vote for her. But the next day I got the email and she had already done that, so I guess that saves me. I suppose I should still call her and tell her I support her on this. Of course she won with like 80% of the vote anyways.
So you mean the poor and middle class are getting shafted by the rich? Cause everybody around here makes it out like people are poor because they lived beyond their means and are lazy and just donât donât want to work and think they are entitled to everything.
That's funny.
I'm subscribed to the Campaign for Liberty newsletter and they sent me a generic letter to send to my congressman (in support of the bill).
My rep, Peter King of Nassau Ct. Long Island wasn't a cosponser, so I sent him the letter. I learned a week later that he also sponsored the bill. I then received a official letter from him saying he supported it.
It's amazing that there are about 214 cosponsers. I'm more worried about this passing in the Senate though. A lot of banks are lobbying this. Let's see if America can be uncorrupted for once.
Look, I am no economist, but I can positively say that any potential problem you see with a gold standard is completely dwarfed by the single fact that no one can print money out of thin air anymore. Also our money doesnât just have to be backed by gold and silver. We could have oil and land and commodities backing it as well.