Posted on 05/29/2007 4:06:42 PM PDT by processing please hold
But the dollar's privileged status as today's global money is not heaven-bestowed. The dollar is ultimately just another money supported only by faith that others will willingly accept it in the future in return for the same sort of valuable things it bought in the past. This puts a great burden on the institutions of the U.S. government to validate that faith. And those institutions, unfortunately, are failing to shoulder that burden. Reckless U.S. fiscal policy is undermining the dollar's position even as the currency's role as a global money is expanding.
(Excerpt) Read more at foreignaffairs.org ...
No prices are offered for one variety of silver coin (which suggests that none are known), only one price is presented ($95,000 for an example in fine condition) for the other variety of silver coin, which suggests that the copies that are known are all in fine condition. However many were minted, it appears that very few exist today.
By contrast, a 1794 silver dollar (the first issued by the US mint) in fine condition is worth $16,000; there were a total of 1,758 1794 silver dollars minted. There were 160,295 minted in 1795; an example in fine condition was worth $1200-1500.
Fats Kennedy and the Capitol Hill Gang!
Suffice it to say, go Hunter! lol
Hunter Bump!
;-)
Hey, I’m reading along here, interesting thread. I’ve done a little Forex trading here and there, and I know a little about the nature of currency.
Here’s a site that will freak you out, especially as it relates to the international banking system: http://www.augustreview.com/index.php
a more precise link: http://www.augustreview.com/c/global_banking/
Thanks. I will read that tomorrow. Yours are posts I follow.
Wasn’t the article you quote published today?
I searched in google. I got one hit and that was the quote from the hit. It was reference in your Hugo article.
Regional and Global Currencies: SDR's, Euros and Ameros
There is no doubt that the BIS is moving the world toward regional currencies and ultimately, a global currency. The global currency could well be an evolution of the SDR, and may explain why the BIS recently adopted the SDR as its primary reserve currency.
The Brandt Equation, 21st Century Blueprint for the New Global Economy notes, for instance, that Since the SDR is the world's only means of meeting international payments that has been authorized through international contract, "The SDR therefore represents a clear first step towards a stable and permanent international currency"22 [bold emphasis added]
As to regional currencies, the BIS has already been hugely successful in launching the euro in Europe. Armed with new technical and social know-how, the BIS' next logical step is to focus on America and Asia.
For instance, according to BIS Papers No. 17, Regional currency areas and the use of foreign currencies, "Canada, Mexico and the United States are members of the trade group NAFTA. Given the high proportion of Canada and Mexico’s trade with the United States, a NAFTA dollar or “Amero” has been proposed by some Canadian academics such as Grubel (1999). See also Beine and Coulombe (2002) and Robson and Laidler (2002)."23
Assuming that NAFTA permanently identifies Canada, the U.S. and Mexico as one trading block, then North America will look like the European Union and the Amero will function like the Euro. All of the work put into the SDR would be perfectly preserved by simply substituting the Amero for the U.S. dollar when they choose to bring the Amero to ascendancy over the dollar.
For those American readers who do not grasp the significance of the adoption of the euro by European Union countries, consider how one American globalist describes it.
C. Fred Bergsten is a prominent and core Trilateral Commission member and head of the Institute for International Economics. On January 3, 1999, Bergsten wrote in the Washington Post
"The adoption of a common currency is by far the boldest chapter of European integration. Money traditionally has been an integral element of national sovereignty ...and the decision by Germany and France to give up their mark and franc ...represents the most dramatic voluntary surrender of sovereignty in recorded history. The European Central Bank that will manage the euro is a truly supranational institution".24 [bold emphasis added]
Bergsten will have to rephrase this when the U.S. gives up the dollar for the amero -- that will become the most dramatic voluntary surrender of sovereignty in recorded history!
We've already been sold out.
In what sense? Are you asking why we no longer use gold and silver as currency? Or are you asking what the government did with the gold and silver it possessed?
ML/NJ
This is true, but it is really a distinction without a difference. The history I use (Vieira's Pieces of Eight) indicates that, "The draftsmen of the Coinage Act of 1849 were careful, therefore, to refer to the 'gold dollar' not as a dollar or the dollar, but as 'be[ing] of the value of one dollar.'" (Vieira's emphasis)
ML/NJ
You have alot better background on the gold/silver usage than I do. I thought you would know what the government did with it.
Sucks, doesn’t it?
ML/NJ
Thank you ML!
The big one.
pph, Paul's articles should be read and re-read until every thought becomes crystal clear. Freepmail me if you are still having a mind block on this. The essential truth here is that faith these days means that if you don't honor the dollar in exchange for your products, your products may be stolen from you in other ways -- perhaps militarily.
No need to conquer a nation to capture its resources anymore. Just force them to accept the value you have established for your dollar even though they have the right to accept another's currency which has more value.
FRN's are a substitute for war and are backed by military might.
The battle today seems to be over which nation or block of nations can print prettier reserve notes.
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