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Coin Money

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Coin Money

Post by CheeseKing on Mon Apr 28, 2008 12:38 am

I am about to embark on a subject in which I know little. This subject has probably already been introduced by greater minds on the forum, but I like repeating subjects, jabbering on and on about them and so on, so please bear with me.

As you may know, we had coin money before we switched to paper. We used gold, silver, and the like. The weighty coins probably led people to switch to bank notes that told the value in gold or silver. Your dollar once would have said it was redeemable for a certain percentage of gold or silver, but now reads "This note is legal tender for all debts, public and private." So basically its worth is not based on a fixed substance, but its value is what is decreed by government. A dollar one day can buy you a 6-pack of rootbeer, the next just one can of rootbeer. Oh my...

If I make this post too long, no one will respond and if I raise no controversy, no one will bother responding. How about this, "The economy is going to crash and what are you and your family going to do about it? Think up some ideas of how to save our country from its fall, in regards to the monetary system."

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Re: Coin Money

Post by ElizabethBennet on Tue Apr 29, 2008 10:23 pm

Well, this isn't really a subject I've thought about. Perhaps something I would like to ponder in the future, I've got too many other things on my mind right now...

I have wondered how the fluctuation of the dollar happens, if there is a way we can influence that, etc. If we switched back to coin money, would the exchange rate still change constantly?

I look forward to hearing how *we* can influence the economy and monetary system. For now, I don't have any bright ideas to share on the topic. Cool
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Re: Coin Money

Post by CheeseKing on Tue Apr 29, 2008 11:18 pm

Ah, so one of you is still awake! Shocked As it stands, the Feds control the monetary system, adding or subtracting the money supply, influenced heavily by government spending and government taxing. We as individuals can only affect this inflation indirectly. When we buy from foreign countries, we send money out of the country and the Feds decide to increase our money supply. Money gets put back into the system through foreign agents and since the money isn't backed by anything, money can be continually produced. As I mentioned, the money was once backed by gold or silver, so we could only produce a limited supply of bank notes, due to the fact that we had limited minerals.

I see the only proper course of action is to elect individuals who would appoint proper men to join the ranks of the Feds. For now, I recommend hording valuable minerals, pirat which means less are in circulation, which means their prices will increase dramatically. For those with a low budget (like myself) I say shoot for collecting pennies. One penny=2.6 cents in copper value. That only works for pennies in 1982 and before. All later pennies are made mostly of Zinc (a chemistry note. Zinc and Copper are right next to each other on the periodic table. Almost the same mass. It must mean something...) Smile

I am hoping someone will answer your questions. I can't give you adequate answers, seeing how I don't really know. I would like to point out that coins can continue in circulation for many years. I found a penny from 1926 that was in perfect condition. A paper dollar, however, has a very short life-span. Every year dollars are burned and are replaced with new dollars, costing the nation large sums of money. Sad

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Re: Coin Money

Post by tuubaaku on Wed Apr 30, 2008 11:30 am

this topic fascinates me, but I don't know much about it, either. My great-uncle told us that our economy was going down in flames before long. Smile I'd like to study it more...

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Re: Coin Money

Post by BrianEschen on Sat May 03, 2008 6:49 pm

The best way to start changing the economic system is to change our idea of what government should do. We need to get back to the biblical limits (ie punishing the wicked as defined by God, protecting the righteous, only defensive wars, backed currency, no health education and welfare etc). Two problems with an unbacked currency are 1) unjust weights and measures - the value of the dollar is continually decreasing and 2) a "blank check" to the politicians - if they can't tax the people for a program, they can "print" the money.

With a gold or silver backed currency, inflation (an increase in the money supply) still occurs. However, which is easier . . . to print numbers and colors on paper or to mine and process gold and silver? Inflation is not a problem with a substance-backed currency.
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