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.
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.
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.
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.
“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?
I love to tell people I can remember when coins were made out of (90%) silver.
They look at me like I’m ancient or crazy (I’m both).
21 How the faithful city has become a harlot, She who was full of justice! Righteousness once lodged in her, But now murderers.
22 Your silver has become dross, Your drink diluted with water.
23 Your rulers are rebels And companions of thieves; Everyone loves a bribe And chases after rewards. They do not defend the orphan, Nor does the widow’s plea come before them. 24 Therefore the Lord God of hosts, The Mighty One of Israel, declares, “Ah, I will be relieved of My adversaries And avenge Myself on My foes. 25 “I will also turn My hand against you, And will smelt away your dross as with lye And will remove all your alloy. 26 “Then I will restore your judges as at the first, And your counselors as at the beginning; After that you will be called the city of righteousness, A faithful city.”
What exactly are dimes and quarters made of now? I know that they have some copper.
T think that the U.S. should stop making pennies. Pennies have become so worthless that they are simply obnoxious, round pieces of zinc.