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Old 09-17-2009, 07:55 PM
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That whim seems to be the problem.

Hopefully the Treasury still knows how much money has been printed and destroyed. They could decide on a reasonable percentage to back the dollar with, whether it be 5% or 75%, and restrain their printing presses there.
A fractional reserve is only a starting point, not an end point. All currency must be backed by an object of objective value; the most likely candidate for smaller denominations being silver.
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Old 09-17-2009, 08:06 PM
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Originally Posted by Sam Reeves View Post
That whim seems to be the problem.

Hopefully the Treasury still knows how much money has been printed and destroyed. They could decide on a reasonable percentage to back the dollar with, whether it be 5% or 75%, and restrain their printing presses there.
AHHAHAAHHAHAHAHAHAHAHAAHHA, that was funny.
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Old 09-17-2009, 08:07 PM
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A fractional reserve is only a starting point, not an end point. All currency must be backed by an object of objective value; the most likely candidate for smaller denominations being silver.
This multiple metals might be a solution to the limited amount of gold, but didnít we already have Gold dollars, silver quarters, and copper pennies?

Everyone one knows it cost more than one penny to create a new penny coin and I ask why the government spends more money to produce something and assigns less value than it cost to make it, thus losing money to make it? Typical government business as usual.

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Old 09-17-2009, 08:09 PM
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I am always hearing people say we as a nation need to go back to a gold standard for backing our currency. For those who havenít given this any real thought even if we as a nation wanted to do this, there simply isnít enough gold in the world to back every US Dollar that is currently in circulation and the compounded dollars amounts that are added each day in just the values of interest.

If I am wrong I invite anyone to point this out with a source.
correct, we are past the point of no-return..............
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Old 09-17-2009, 08:10 PM
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A fractional reserve is only a starting point, not an end point. All currency must be backed by an object of objective value; the most likely candidate for smaller denominations being silver.
I agree that the whole shebang need not be only backed by gold. They could use iron deposits as a reserve even though it fluctuates often. I can't fathom what it would require to "reback" the national currency completely.
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Old 09-17-2009, 08:10 PM
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AHHAHAAHHAHAHAHAHAHAHAAHHA, that was funny.
Sad, isn't it?
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Old 09-17-2009, 08:13 PM
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This multiple metals might be a solution to the limited amount of gold, but didnít we already have could Gold dollars, silver quarters, and copper pennies?

Everyone one knows it cost more than one penny to create a new penny coin and I ask why the government spends more money to produce something and assigns less value than it cost to make it, thus losing money to make it? Typical government business as usual.
We wouldn't need the gold, silver and copper in circulation. It would just need to be held in reserve as collateral for the paper money that is in circulation.
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Old 09-17-2009, 08:16 PM
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We wouldn't need the gold, silver and copper in circulation. It would just need to be held in reserve as collateral for the paper money that is in circulation.
Right. The paper would be a 1:1 certificate of ownership for the metal-based currency. Easier to deal with.
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Old 09-17-2009, 08:28 PM
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Right. The paper would be a 1:1 certificate of ownership for the metal-based currency. Easier to deal with.
A lot better than totting around a five pound burlap sack full of pesos the way Jose did in those old Western movies.
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Old 09-17-2009, 08:34 PM
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We wouldn't need the gold, silver and copper in circulation. It would just need to be held in reserve as collateral for the paper money that is in circulation.


Well if you did this, meaning storing the metals like the gold at Fort Knox and the metals in other places then you are having to still pay for the metals and the storage place, the guards and the fact what’s not seen often disappears, where as if the metals are actually in the coins the coins have their value and don’t need to be backed as they are worth what they are.

This solves many problems all at once for coins but doesn’t address paper money or the computer transactions we have these days but I would think it would help stabilize the value of the dollar
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Old 09-17-2009, 10:37 PM
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I don't think it really matters what you base the monetary system on. The real problem with any money system is and will always be the idea of interest.

Charging interest always moves the gold, or silver, or bananas to the interest earning individuals hands; given enough time, all of it will go to them.

So pick something to base it on, but you won't have real change until you abolish the principle of interest.
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Old 09-18-2009, 07:57 AM
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I think all the Gold has been stolen long ago.

I think it could be done,Money would be real.

A house would cost ya around a 1000 bucks.

A dime would buy ya a lot.

A dollar would be real, Not a ''concept''
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Old 09-19-2009, 11:49 AM
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Originally Posted by Von Helman View Post
Well if you did this, meaning storing the metals like the gold at Fort Knox and the metals in other places then you are having to still pay for the metals and the storage place, the guards and the fact whatís not seen often disappears, where as if the metals are actually in the coins the coins have their value and donít need to be backed as they are worth what they are.
That would create a problem of the possibility of part of the nation's gold reserves being horded or leaving the country.

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This solves many problems all at once for coins but doesnít address paper money or the computer transactions we have these days but I would think it would help stabilize the value of the dollar
If the currency is back by something it shouldn't matter.
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Old 09-19-2009, 11:57 AM
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Originally Posted by PrepperCon View Post
I don't think it really matters what you base the monetary system on. The real problem with any money system is and will always be the idea of interest.

Charging interest always moves the gold, or silver, or bananas to the interest earning individuals hands; given enough time, all of it will go to them.

So pick something to base it on, but you won't have real change until you abolish the principle of interest.
Returning to a gold standard would be to kill the FED and should have happened a long time ago. A bank loaning John Doe with interest does not have the same effect on the nations currency that the FED loaning the printing press ink does.
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Old 09-19-2009, 12:19 PM
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The dollar is braindead and on life support, and the fuel for the generator keeping it going is running out, only a matter of time now. Maybe some of your new local currencies can be backed by gold, or silver, or copper, or trees, or a combination of those or whatever real stuff that has value.
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Old 09-19-2009, 04:42 PM
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There is most definitely enough gold in the world for us to have a gold standard. Technically there is enough gold in my house for us to have a gold standard. The dollar would just be worth far less than it is now.
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