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To: george76

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.


7 posted on 07/21/2015 10:27:33 PM PDT by faithhopecharity (For in much wisdom is much vexation; and he that increaseth knowledge increaseth sorrow.)
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To: faithhopecharity

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.


14 posted on 07/21/2015 10:46:28 PM PDT by Secret Agent Man (Gone Galt; Not averse to Going Bronson.)
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To: faithhopecharity
Fiat money has NEVER ended well, anywhere in human history.

"It's different this time." Yes, there are people who actually believe that.

42 posted on 07/23/2015 4:22:20 AM PDT by Stentor ("The best lack all conviction, while the worst are full of passionate intensity.")
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