Currency reset

[Joe Chartreuse]

What you are seeing is quite-normal for fiat currencies....If you care to look, the buying power of ours has presently dropped a total of 945.08% since the first FRN rolled off of the press after the Federal Reserve Act of 1913.

DGW

I'm not being a wise guy, but have to mention that nothing can drop in value more than 100% - making it free. I don't know the actual numbers, but do you mean that inflation has made things cost 960 times as much as they did back then?

 

[mirglip]

I think it’s pretty obvious that the government and the Fed are in bed together. Not just because the President appoints its members but in every action they do. If there was any question about it that should have been erased in the actions of the Fed post 2008. But the signs of gross monetization of government debt by the Fed existed since at least the mid 60s/early 70s when the US went off of any semblance of a backed currency and went into straight fiat currency. Which was obvious to Friedman when he made the video in the link.

And likely has been the case since the 30s. It just got its big boost once our currency was wholly unmoored from any form of objective backing. Ayn Rand wasn’t shy about the dangers of a fiat currency and she wrote her stuff in the 50s IIRC.

Equally obvious is that Wall Street and bankers are in bed with both. Why else would Bear Sterns and Lehman collapse while Goldman Sachs et al survive and be bailed out ?

If you acknowledge that the congressional oversight is owned by the Fed, how can you assert that it isn't just the Fed?
Niether Ayn Rand nor Milton Friedman have gone to even as much trouble as Harry Blazer in the link I posted, to enlighten the public how the Fed is structured. Neither has Ron Paul or any of a half dozen other phony critics of the Fed. Successful obfuscation involves positioning false enemies to captivate the curious and creating the illusion that someone is doing something about the problem. I suggest they are all of the banking bloodline.
Omission is very telling.
The lack of transparency is very telling.

 

[mirglip]

I've been wondering, does Mr. Glip ever post anything about Rugers or any guns or does he just come here when he escapes from his foil lined room?

Words can be used to convey information and words can be used to prevent information from being conveyed. You certainly seem to dislike the Fed being in a spotlight.

 

[Joe Chartreuse]

What does that even mean? We've always been able to exchange precious metals for goods and services. Will your property tax bill say "$2,000 or 1/2 oz gold"? Will McDonald's post prices in both dollars and silver?

It means that they have the choice of taking non-government currency for products. Yes, we have always been able to TRADE precious metals for goods and services- no sales tax paid because it was simply a trade. Those who choose to accept precious metals as currency will be ringing it up and there will be whatever state tax paid. So far it's only states that have removes sales tax from buying and selling metals to start with. How will value / prices be determined will have to be seen. This is why I have all my metals in fairly small denominations for easy use. Gold: 1/2 gram. 1 gram 2.5 gram and topping at 5 gram bars. Silver at 1/10 oz ( now worth almost 6 bucks, so worth it), 1/4 oz, 1/2 oz. and 1 oz rounds. I would also save all COPPER pennies- not just wheats- as they will be used as well.

 

[Joe Chartreuse]

And wouldn’t the ability to legalize precious metals as currency be a federal issue? Not state?

No, because A) it is not government issued, and B) It's the states that collect sales tax.. The fed does not issue currency based on precious metals. Ten such states are Arizona, Florida, Idaho, Missouri, Oklahoma, Texas, and Utah. Other states like Louisiana, Tennessee, and West Virginia have also passed similar legislation. NJ just killed sales tax on the metals, so they are going to allow it soon, there are others that I can't remember right now. I'm thinking New Hampshire and South Dakota?

 

[Jakeintexas]

If you acknowledge that the congressional oversight is owned by the Fed, how can you assert that it isn't just the Fed?
Niether Ayn Rand nor Milton Friedman have gone to even as much trouble as Harry Blazer in the link I posted, to enlighten the public how the Fed is structured. Neither has Ron Paul or any of a half dozen other phony critics of the Fed. Successful obfuscation involves positioning false enemies to captivate the curious and creating the illusion that someone is doing something about the problem. I suggest they are all of the banking bloodline.
Omission is very telling.
The lack of transparency is very telling.

The 2008 meetings involved Paulson and Bernanke. I’m sure GW was involved too although probably didn’t understand it. That means the executive and the fed were tied in together. Tim Geithner (one of the Fed bank chiefs) and CEOs of Citigroup, Wells Fargo, JP Morgan Chase, Goldman Sachs, Morgan Stanley, Merrill Lynch, etc. would also be heavily involved in the bailout plans—Geithner later becoming treasury secretary under a completely different administration. Some of these bank/investment players being directly involved in the setup for the collapse to begin with. Congress would approve it.

In just that one instance you had the Fed, the executive, and Congress all being in on it. As well as most major banksters.

So I don’t know where you’re getting the idea the Fed is acting alone in any of this. Or that it’s really any secret. They’re not. Chiefs of most of the banks and investment companies, the executives (from whatever administration), and Congress are all knee deep in the shenanigans and monitization of our public debt. At the loss of our buying power. Even Trump is a part of the act (no matter what I might like about other stuff he does he’s a Keynesian too, and is no stranger to using other people’s money to fund his ventures. Win or lose).

Other than the likes of Ron Paul and some other isolated libertarians and crusaders no one from Congress looks into things much nor do they want to. Why do you think any thoughts of any audit of the Fed brought up in Congress die out quickly and never gain any traction ? Republicans or democrats ? They don’t know and they don’t want to know. They don’t care. They only care that they’re found a willing partner in being able to endlessly spend in debt and when they can’t raise tax revenue enough to cover cash flow borrow endlessly —with the Fed having their back by devaluing our currency (erasing a portion of their public debt) to support their spending habits. You’ll see no supporters of Hayek in our government; it’s a sea of Keynesians. And Keynesian economics always fails because it assumes one can get something for nothing.

Ya never get something for nothing in economics. Inflation is the most evil tax there is because it’s devastating, subtitle, and hits those at lower income levels or fixed income the hardest. Especially those who’ve been fiscally prudent and spent within their means all their life, and put away money for later life. That buying power gets erased.

 

[Yaworski]

You certainly seem to dislike the Fed being in a spotlight.

Nah. I really don't care about the Fed. I never think about it until you or another member of the foil hat crowd brings it up.

 

[mirglip]

The 2008 meetings involved Paulson and Bernanke. I’m sure GW was involved too although probably didn’t understand it. That means the executive and the fed were tied in together. Tim Geithner (one of the Fed bank chiefs) and CEOs of Citigroup, Wells Fargo, JP Morgan Chase, Goldman Sachs, Morgan Stanley, Merrill Lynch, etc. would also be heavily involved in the bailout plans—Geithner later becoming treasury secretary under a completely different administration. Some of these bank/investment players being directly involved in the setup for the collapse to begin with. Congress would approve it.

In just that one instance you had the Fed, the executive, and Congress all being in on it. As well as most major banksters.

So I don’t know where you’re getting the idea the Fed is acting alone in any of this. Or that it’s really any secret. They’re not. Chiefs of most of the banks and investment companies, the executives (from whatever administration), and Congress are all knee deep in the shenanigans and monitization of our public debt. At the loss of our buying power. Even Trump is a part of the act (no matter what I might like about other stuff he does he’s a Keynesian too, and is no stranger to using other people’s money to fund his ventures. Win or lose).

Other than the likes of Ron Paul and some other isolated libertarians and crusaders no one from Congress looks into things much nor do they want to. Why do you think any thoughts of any audit of the Fed brought up in Congress die out quickly and never gain any traction ? Republicans or democrats ? They don’t know and they don’t want to know. They don’t care. They only care that they’re found a willing partner in being able to endlessly spend in debt and when they can’t raise tax revenue enough to cover cash flow borrow endlessly —with the Fed having their back by devaluing our currency (erasing a portion of their public debt) to support their spending habits. You’ll see no supporters of Hayek in our government; it’s a sea of Keynesians. And Keynesian economics always fails because it assumes one can get something for nothing.

Ya never get something for nothing in economics. Inflation is the most evil tax there is because it’s devastating, subtitle, and hits those at lower income levels or fixed income the hardest. Especially those who’ve been fiscally prudent and spent within their means all their life, and put away money for later life. That buying power gets erased.

Many in public office are "part of the team" or part of the tribe, depending on how you look at it.
Those who aren't in on it still work under the supervision of the media which apparently is owned by the banking elite, because they march in lockstep with banking interests.
Put yourself in the shoes of the ordinary politician. You are motivated by social position. You will do whatever is needed to sustain good social standing and you understand at some level that the media is your supervisor who has the power of suggestion, the power of scrutiny, the power of repetition, the power of censorship and the power of smear. If the media suggests some piece of legislation will pass, that is your cue that you had better vote in favor of it since you don't understand it anyway and it's too long to read.
So it still comes down to the banksters being in charge.
The existence of the Fed is not a secret, but how it is structured is a secret. A few of us have a rudimentary understanding of the secret, but it is nonetheless a secret.

 

[Jakeintexas]

Many in public office are "part of the team" or part of the tribe, depending on how you look at it.
Those who aren't in on it still work under the supervision of the media which apparently is owned by the banking elite, because they march in lockstep with banking interests.
Put yourself in the shoes of the ordinary politician. You are motivated by social position. You will do whatever is needed to sustain good social standing and you understand at some level that the media is your supervisor who has the power of suggestion, the power of scrutiny, the power of repetition, the power of censorship and the power of smear. If the media suggests some piece of legislation will pass, that is your cue that you had better vote in favor of it since you don't understand it anyway and it's too long to read.
So it still comes down to the banksters being in charge.
The existence of the Fed is not a secret, but how it is structured is a secret. A few of us have a rudimentary understanding of the secret, but it is nonetheless a secret.

The good thing is I’ll never be in those shoes. While I don’t go out looking for a fight and do choose my battles carefully the things that matter most in life have been my faith, my family, and my integrity.

 

[DGW1949]

I'm not being a wise guy, but have to mention that nothing can drop in value more than 100% - making it free. I don't know the actual numbers, but do you mean that inflation has made things cost 960 times as much as they did back then?

You are correct...what I should have said is that as of 2025, the 1$ FRN has lost about 97% of it's buying power....Either way though, the point is that beings how it's taken a bit over 100 years to loose 97%, it can't be far away from hitting zero.

DGW

 

[Yaworski]

You are correct...what I should have said is that as of 2025, the 1$ FRN

When you can't write American currency amounts correctly, you lose all credibility.

 

[DGW1949]

And wouldn’t the ability to legalize precious metals as currency be a federal issue? Not state?

actually, according to Art 1 sections 8 and 10, it's a constitutional issue....and do note that "coining money" is not the same as printing fiat paper dollars.....just sayin'.

DGW

 

[mirglip]

When you can't write American currency amounts correctly, you lose all credibility.

When you disrupt discussions about the banking system with ad hominem, semantics and ridicule to protect the banksters, you lose all credibility.

 

[DGW1949]

The value denomination is troy ounces.
Green pieces of paper should have the same troy ounce denomination. But they don't because they aren't real money. Why should real money have a phony "dollar" denomination on it?

And not only that, but one of the defining characteristics of money is that is "a store of value"....which the FRN certainly is not.
https://en.wikipedia.org/wiki/Money

DGW

 

[DGW1949]

When you disrupt discussions about the banking system with ad hominem, semantics and ridicule to protect the banksters, you lose all credibility.

Bingo.

 

[Bear Paw Jack]

Interest rates between 1979 and 1991 didn’t go below 10% and as high as 16%. People who weren’t paying attention back then think they are being put upon at 7%.
Between early 2021 and 2024 inflation was 23% and that’s not counting, fuel, food and housing, so probably closer to 30% or more overall.
People think when they retire if they are able to live on what comes in they will be ok. Not so, inflation is cumulative and under the best conditions every 10 years, prices will go up 30% and probably over 40%.

 

[GasGuzzler]

Ah yes, the infamous "too big to fail" crash of 2008. I didn't loose anything out of my 401k on that one because I was in the "low risk-low return group".

Mine was too but it was gone like a fart in the wind. It's why I am behind at my age but fighting to catch up. I have a little over a decade to save a lot.

 

[Yaworski]

When you disrupt discussions about the banking system with ad hominem, semantics and ridicule to protect the banksters, you lose all credibility.

If you can't get the basics right, can you get the details right?

BTW Publix has Reynolds Wrap on sale. The good stuff, extra wide and heavy duty.

 

[blume357]

I do this occasionally. I get an idea that I can't express properly until I start getting some feed back. I'll try to define it better.

OK we all know about the Creature from Jekyll Island.

I don't Dan and I've been to Jekyll Island at least twice and all I saw was a gator in one of the ponds on the golf course... please explain...

 

[vito]

The entire concept of money is more mysterious than most want to acknowledge. Whether it is gold coins or paper money or digital bank balances it is all an illusion supported by mutually agreed belief in its value. We accept money in return for our work or for whatever we provide to a buyer because we have faith that we can use that money to buy something else. When inflation reaches certain levels the general public starts to lose faith that the money paid them or offered them means anything real and the entire system can start to collapse. I can't tell you where that level of inflation is that would trigger a collapse but what happened in post WWI Germany is a good example when literally wheelbarrows full of paper money were hauled around to buy basic goods. Gold has value in exactly the same way and there is really nothing magical about precious metals to give money "real" value. Barter is the only real medium of exchange, although impractical for a modern economy.

 

[DGW1949]

The entire concept of money is more mysterious than most want to acknowledge. Whether it is gold coins or paper money or digital bank balances it is all an illusion supported by mutually agreed belief in its value. We accept money in return for our work or for whatever we provide to a buyer because we have faith that we can use that money to buy something else. When inflation reaches certain levels the general public starts to lose faith that the money paid them or offered them means anything real and the entire system can start to collapse. I can't tell you where that level of inflation is that would trigger a collapse but what happened in post WWI Germany is a good example when literally wheelbarrows full of paper money were hauled around to buy basic goods. Gold has value in exactly the same way and there is really nothing magical about precious metals to give money "real" value. Barter is the only real medium of exchange, although impractical for a modern economy.

I've heard those same arguments many times....then again, no one can site a single instance from history wherein it took a wheel barrow full of gold or silver to buy those same "basic goods"....No, in fact it's just the opposite. Today, a mere 1/4000th of an ounce will buy whatever our so-called "dollar" will buy...Or leastways it will if you hurry...Oh wait, it's too late already. I just looked and today it only takes 1/4227th of an ounce...I guess the dern dollar is dropping faster than I thought..LOL.

DGW

 

[Kevin]

It means that they have the choice of taking non-government currency for products. Yes, we have always been able to TRADE precious metals for goods and services- no sales tax paid because it was simply a trade. Those who choose to accept precious metals as currency will be ringing it up and there will be whatever state tax paid. So far it's only states that have removes sales tax from buying and selling metals to start with. How will value / prices be determined will have to be seen. This is why I have all my metals in fairly small denominations for easy use. Gold: 1/2 gram. 1 gram 2.5 gram and topping at 5 gram bars. Silver at 1/10 oz ( now worth almost 6 bucks, so worth it), 1/4 oz, 1/2 oz. and 1 oz rounds. I would also save all COPPER pennies- not just wheats- as they will be used as well.

Well, if it's a business, someone will have to pay the sales tax. They can't say it's a "trade" and get away with it tax free.

And this also means the scales used to weigh the precious metal will have to be regulated and checked.

So this might be a thing like you mention, but it certainly will not become mainstream.

 

[Dan in MI]

I don't Dan and I've been to Jekyll Island at least twice and all I saw was a gator in one of the ponds on the golf course... please explain...

The birth of the Fed

 

[mirglip]

Well, if it's a business, someone will have to pay the sales tax. They can't say it's a "trade" and get away with it tax free.

And this also means the scales used to weigh the precious metal will have to be regulated and checked.

So this might be a thing like you mention, but it certainly will not become mainstream.

If you trade US dollars for Canadian dollars at the border, is it taxable?

 

[Ale-8(1)]

The birth of the Fed

Classic book . . .

https://www.amazon.com/dp/091298645X

Of note . . . G. Edward Griffin, the author, has written similar books about every well-known conspiracy. He writes quite well, but still . . .

Yes, I've read this one.

 

[Yaworski]

I've heard those same arguments many times....then again, no one can site a single instance from history wherein it took a wheel barrow full of gold or silver to buy those same "basic goods"....No, in fact it's just the opposite.

You should look into the cost of consumer goods in California during the "gold rush."

Your old $20 gold coin was worth $20 because the government said that it was worth $20. Gold is now a commodity like iron ore or FCOJ.

 

[mirglip]

G. Edward Griffin does not really try to explain how the Fed is structured, he only criticizes it. I have the book, don't waste your money.
What people want and need to know can be explained in 1000 words.

 

[jack black]

1000 ounce Comex silver bars require an assay to re-sell to comex, that's what the hole is about.
I can take two 100 ounce silver bars and ding them together and tell acoustically whether they are silver.

Really,

 

[Bear Paw Jack]

Mine was too but it was gone like a fart in the wind. It's why I am behind at my age but fighting to catch up. I have a little over a decade to save a lot.

For what it’s worth, go to Ramsey Solutions then go to retirement calculator. The handy thing about the calculator is gives you the opportunity to run various scenarios and and decide what may be best for you, and how much time you are looking at to get to where you want to be.
Start with using 5 year increments including 5 years past when you currently want to stop. Even add one year at a time. But
5 years can make a tremendous difference in the money you could end up getting.
It’s based on using a low cost S&P 500 Index Fund. Keep that in mind.
Also the amount of “seed” money you start with can make a significant difference.
Everyone wants to retire early but that scenario doesn’t work for everyone.
Plus the earlier you retire, the more likely you are to run out of retirement money. No one needs that. Also consider the earlier you retire, the longer inflation will be working against you.

 

[MagnaHombre]

For what it’s worth, go to Ramsey Solutions then go to retirement calculator. The handy thing about the calculator is gives you the opportunity to run various scenarios and and decide what may be best for you, and how much time you are looking at to get to where you want to be.
Start with using 5 year increments including 5 years past when you currently want to stop. Even add one year at a time. But
5 years can make a tremendous difference in the money you could end up getting.
It’s based on using a low cost S&P 500 Index Fund. Keep that in mind.
Also the amount of “seed” money you start with can make a significant difference.
Everyone wants to retire early but that scenario doesn’t work for everyone.
Plus the earlier you retire, the more likely you are to run out of retirement money. No one needs that. Also consider the earlier you retire, the longer inflation will be working against you.

I think gold & silver coins were by force taken from our people my grandparents and paid in green backs. the government then sold some of the coins at higher price. Federal G could take our bank accounts and give us a less buying power digital money. Next birthday 80. "None Dare Call It, Conspiracy" by Gary Allen