U.S. Dollar Discussion

[MJ]

I saw gold shoot up a bunch, did you see the sale of 200 tons to India?

[pokerworx]

For me I see it falling more n more n more so all the 'guys' can buy up everything at minimal cost then it'll shoot back up.

[Spry]

Nathan Lewis: It's Ponzimonium in the Gold Market

pretty interesting read for anyone interested in gold... saying a whistle blower is reporting a reports of not actually having any gold there.

For many years, people assumed that the London Bullion Market Association (LBMA), the world's largest gold market, was a simple bullion market. Cash for gold. However, just in the past few months, more people are realizing that there is actually very little gold within the LBMA system.

Even long-time gold specialists like Maguire have been amazed to learn that there is no gold corresponding to the vast "gold deposits" at the major LBMA banks.

During the CFTC hearings, Jeffrey Christian of CPM Group apparently informed us that the LBMA banks actually have about a hundred times more gold deposits than actual gold bullion.

hang on if drudge picks this up.

[MJ]

Ive seen rumors of fake gold tungsten bars being mixed up in country reserves too - what I would give for a peak inside ft Knox these days.

[ak]

The us dollar is a "credit note"

Obviously usa is not very solid on credit. When the dollar was backed by silver was when the currency was sturdy.

[jdwanchalk]

The us dollar is a "credit note"

Obviously usa is not very solid on credit. When the dollar was backed by silver was when the currency was sturdy.

Are you even being serious?

[ak]

Are you even being serious?

It's called the silver standard and Yes I'm Serious maybe You should go back to college and take some courses.

History of the US Dollar

Regarding the us note being a value of credit right from Wikipedia.

The authority of the Federal Reserve Banks to issue notes comes from the Federal Reserve Act of 1913. Legally, they are liabilities of the Federal Reserve Banks and obligations of the United States government. Although not issued by the Treasury Department, Federal Reserve Notes carry the (engraved) signature of the Treasurer of the United States and the United States Secretary of the Treasury.

Section 411 of Title 12 of the United States Code provides that Federal Reserve Notes "shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank".[2] Before 1964, some notes were "backed" by silver and before 1933, by gold: that is, the law provided that holders of Federal Reserve notes could exchange them on demand for a fixed amount of metal (although from 1934–1971, only foreign holders of the notes could exchange the notes for gold on demand).[5] These notes stated on their face that they could be converted to gold or silver "on demand"[6] and were "demand notes". Demand notes for silver were also called silver certificates, while demand notes for gold were called gold certificates. Since 1964 (see Silver Certificate), Federal Reserve Notes have not been backed by any single specific asset, but are backed by all assets held in collateral by the Federal Reserve, and by the power of the government to collect assets in taxes. While 12 U.S.C. § 411 states that "Federal Reserve Notes. . . shall be redeemed in lawful money on demand" this means U.S. coins.[disputed – discuss] Thus today the notes are backed only by the "full faith and credit of the U.S. government"—the government's ability to levy taxes to pay its debts. In another sense, because the notes are legal tender, they are "backed" by all the goods and services in the U.S. economy; they have value because the public may exchange them for valued goods and services in the U.S. economy.[7]

And if your having a hard time understanding Wikipedia feel free to watch this video.

YouTube - Money, Banking and the Federal Reserve

[jdwanchalk]

Christ, you are retarded.

You are the one who confuses "accept" with "except," but I am the one who needs to take "courses."


"Regarding the us note being a value of credit right from Wikipedia."

-No shit clown, I wasn't referencing that. I was laughing at how you think the silver standard bore any relevance to today's situation, when, if anything, it is the Gold standard that shouldn't have been dropped.

"United States silver certificates were a type of representative money printed from 1878 to 1964 in the United States as part of its circulation of paper currency.[7] They were produced in response to silver agitation by citizens who were angered by the Fourth Coinage Act, and were used alongside the gold-based dollar notes. The silver certificates were initially redeemable in the same face value of silver dollar coins, and later in raw silver bullion.

Since the early 1920s, silver certificates were issued in $1, $5, and $10 notes. In the 1928 series, only $1 silver certificates were produced. Fives and tens of this time were mainly Federal Reserve notes, which were backed by and redeemable in gold. In 1933, the Agricultural Adjustment Act was passed, which included a clause allowing for the pumping of silver into the market to replace the gold. A new 1933 series of $10 silver certificate was printed and released, but not many were released into circulation.

In 1934, a law was passed in Congress that changed the obligation on Silver Certificates so as to denote the current location of the silver.

The last government regulation regarding the silver standard was in 1963, when President John F. Kennedy issued Executive Order 11110, authorizing the Department of Treasury to issue silver certificates for any silver held by the U.S. Government in excess of that not already backing issued certificates. These redeemable silver certificates were issued for a short period in notes of $5, but they were eventually discontinued."





In other words, virtually NO ONE had any use for these. It is the GOLD standard that backed all paper money. You clearly have no idea WTF you are talking about, "Super Affiliate."


PS-You can go back to being shady.

[ak]

The Gold and Silver standard protected the value of the dollar. Also I mentioned the value of a dollar is a credit base. You cannot dispute these facts and yet have been able to disprove them.

Spin it however You want. So much easier to explain your thoughts then to try and attack a internet poster who You have a vendetta out for because your unable to come up with $100 to improve your page ranking

[jdwanchalk]

The Gold and Silver standard protected the value of the dollar. This is what I was saying. Also I mentioned the value of a dollar is a credit base. You cannot dispute these facts and yet have been able to disprove them.

Spin it however You want. So much easier to explain your thoughts then to try and attack a internet poster who You have a vendetta out for because your unable to come up with $100

LOL at you thinking I don't have $100. Since you are so sure of this, I openly challenge you to a $1000 HU SNG on Stars or UB. I can be perma banned if I don't play it. I am waiting.

Perhaps I am not retarded enough to waste money on a list that does me no good. Trying to shoot unfounded insults just makes you look like an idiot, not that you haven't done that 10000 times before.

Also, your first paragraph just further proves you are a moron. GOLD backed US paper money, GOLD. It was called the GOLD standard, not the SILVER standard that backed paper money. DUMBASS.

I hope I meet your bitch ass in person, but you are probably unable to come up with $400 for a plane ticket.

Keep taking pitchers of yourself in a coat with misaligned pictures hanging from the wall. Ball hard, "Super Affiliate."