When forced to choose between debasing the currency to try and further the empire, what did Rome choose? Same thing as America...
Posted on 07/21/2015 10:13:21 PM PDT by george76
The Coinage Act of 1965 marked the end of silver coins, contrary to what LBJ promised. July 23 marks the 50th anniversary of the Coinage Act of 1965, which stripped U.S. coins of silver and made legal tender out of base metal slugs. It’s an anniversary that comes at an apt time, as Congress considers monetary reform.
...
The anniversary of the 1965 Coinage Act is a reminder of why reform is needed. Speaking from the White House Rose Garden, President Lyndon B. Johnson called the law he signed a “very rare and historic occasion.” It certainly was; it superseded the coinage act drafted by Alexander Hamilton and passed by Congress in 1792.
The original coinage act established the United States Mint and declared the dollar as the “money of account” for the new republic. It defined the dollar as 3711/4 grains of silver or the equivalent in gold; the penalty for debasing coins struck under the law was death.
When LBJ signed the 1965 act, the value of a dollar was almost exactly the same as it had been in 1792—0.77 ounces of silver. Despite some downs and ups, on average it had been remarkably steady for the long span.
That was because since Hamilton’s day, as the president noted, “our coinage of dimes, and quarters, and half dollars, and dollars have contained 90% silver.” Not any more: The new dimes and quarters would “contain no silver.”
(Excerpt) Read more at wsj.com ...
BTTT.
The ‘Triffin Dilemma’ killed American silver coinage.
maybe for the better but my internet won’t let me read WSJ articles
if anyone can share the most interesting and important parts maybe, to the degree permitted, it will be much appreciated
thanks
Printed, fiat money, manipulated interest rates and debt are the foundation of progressive government
We have gone so far down the devaluation and debt path, without the Fed and a fiat currency, the US Government and the welfare state would, for all intents and purposes, collapse.
copy the headline, open a new window, and put the headline in the google search - you'll get the full article.
however,
the debasement of US currency began long prior to 50 years ago.
Many would date it 1913 with the passage of the Federal Reserve Act, although that law required currency to be backed by gold or other good money (then including US Notes, etc.). It was the Emergency Act of 1933 that removed the requirement for such backing of the currency.
Coinage continued to include some silver content until, as the article relates, that was finally removed some 50 years ago.
Fiat money is the order of the age.
Fiat money has NEVER ended well, anywhere in human history.
Any FReepers out there with a login for this site? lol
Years ago, FReepers had a shared account we all used for such sites, but I haven’t seen it in a long time.
thanks very very much for your helpful note
unfortunately, still can’t read the article here.. but no matter, I’m pretty well up on this subject anyway and I doubt that WSJ has discovered much new about this largely historical topic
you can see the debasement of our currency when a $20 gold piece sells for over a thousand dineros
The 1965 coinage act marks the beginning of the slow progressive destruction of America’s middle class while funneling their money into the upper class.
Works like a charm! lol
Thanks!!!
It is no accident that the same government that “legalized” abortion also replaced real money with slugs. JFK stole the election from Nixon. LBJ murdered JFK. George H.W. Bush was involved in the Kennedy assassination AND bringing down Nixon for Watergate—a matter in which Nixon was totally innocent. Nixon didn’t even participate in a cover-up, because there WAS no cover-up.
Maintaining real money in circulation requires a certain amount of moral integrity. Lyndon Johnson, crook, liar, and murderer, didn’t have it.
fiat money is the last step before the inevitable hyperinflation. the very nature of fiat money is to inflate the money supply’with currency backed by nothing.
When forced to choose between debasing the currency to try and further the empire, what did Rome choose? Same thing as America...
“Debased money” is only a problem if you keep your savings as money (cash). If you instead keep your savings as a balanced portfolio of various assets (stocks, RE, gold, etc. and some emergency cash) you don’t have to worry about “debased money”.
There is no such thing as a stable currency, even gold. In the 1500’s Spain had runaway inflation though they had gold currency because of all the gold that they stole from the Americas.
http://www.sjsu.edu/faculty/watkins/spgold.htm
Anyone who keeps their savings in a single asset class is asking for trouble.
Kennedy was the last pres to issue silver certificate us money
Has there been a single case in history of a country putting its monetary system back on track after a period of debasement?
By analogy, suppose we discover an asteroid containing significant quantities of silver or gold.
what’s your search engine?
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