That'll be $22, 22.90 in copper, 22.16 in silver or 22.47 in gold.
I guess the Americans who can't add or subtract now will have no problem converting between 4 different currencies.
Bad idea ping!
..but this price is only good for the next five minutes... oops, the price changed, it is now 22.60 in copper, 22.59 in silver and 40.78 in gold... oh wait, South Africa just dumped a bunch of gold into the system, the prices changed again.. I guess we'll need a 'Federal Commodity Reserve' to stabilize the prices and prevent outside influence from effecting our currency because our overall infrastructure is no longer based on mining and producing these materials.
A dungeons and dragons currency system! Gary Gygax would be so proud!
Fiat money under the Federal reserve has been considerably more stable than the gold backed dollar of the 1800's.
Yes, you read that right! The fiat dollar has not been as good of a long term store of value. So if you're goal is to hoard wealth in your wall or mattress for 100 years, then metal will serve you much better.
But if your goal is currency stability, so that the business engines of wealth creation can perform well, the fiat dollar has significantly outperformed gold.
Goldbugs point to the dollar having lost 70% of it's value in 80 years. But did you know the gold backed dollar did that in just 3 years? The gold backed dollar saw inflation as much as 25% in a single year, and years with deflation almost as bad.
Since the great depression, we've had almost no deflation. And inflation has been relatively moderate most years, far better than gold's performance.
Of course with the Fiat dollar, the year to year changes are always going in the same direction, a slow march of inflation. That does mean the dollar is not a good long term store of wealth. But it's far better than gold for year to year business decisions and economic stability.
We would be better off backing our currency off of the Megawatt Hour.
That would mean that opening a Nuclear power plant would be like mining gold, and energy is always useful.
What’s the difference? It’s now 3.15 in gallons of gasoline.
From Article 1, Section 8:
To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
Therefore all Congress has to do is exercise it's lawful authority to regulate the value of any coinage. For instance Congress could legally declare that a one dollar bill is legally exchangeable for 1/1000th of an ounce of gold or 1/25th ounce of silver at any Federally chartered bank.
This would be far more in line with the wishes of the Founding Fathers than this idiotic paper money shell game they're running now.
You do believe in the Constitution, don't you Toddster?
How ‘bout just a commodity based currency?
Just use a big ‘basket’ of commodities from bread to iron to determine the value of the dollar?
soros wants a dual global currency system.
One for billionares and governments; one for peons
Ron Paul is a NUT!
To read later.
In 1933 we had circulating-----
The Fed isn’t going away, so the hypotheses concerning alternate currencies are not relevant to anything.