Trump pick for the Treasury Secretary hinted that he will implement the gold standard

originally posted by: intrptr
An honest mistake about the date the fed reserve was formed...

There is nothing honest or authentic about that, you parrot garbage from a garbage site and when called out on it try to back pedal and say you made a boo-boo. It is not the first time nor I suspect will it be the last time.

a reply to: FamCore

When you peg a currency to a real-world substance like precious metals, the limitations of that substance also limit how much money can be out there.

Right you are. Gold and Silver certificates, paper dollars with red and blue treasury seals, were 'backed', payable in gold from the Treasury (ostensibly, Fort Knox). That way the amount of currency in circulation can't lawfully exceed the amount of Gold and Silver on 'Reserve' . This prevented the rise of inflation until America was taken off the gold standard, freeing up the "Fed" to print as much paper as they wanted, no longer backed by hard assets.

Heres an example of the difference. A twenty dollar gold certificate. Read the notation upper left, "...redeemable in Lawful money..."

Twenty dollar gold certificate

Thats why they called them "Bills". Because it was a 'bill' to the gubment for "lawful money" (gold) at the treasury.

Nowadays they just say "legal tender for all debts, public or private". We been screwed a long time ago, and most people don't know it. Besides the ones here that misinform on purpose, that is.

a reply to: AugustusMasonicus

I just made a mistake about the date the Federal reserve was formed. Thanks for making my point for me-- all down the street, around the corner and into the insult parking lot.

Meh

originally posted by: intrptr
Thanks for making my point for me...

What point was that? The site you used, bushstole04, is loaded with crap?

a reply to: AugustusMasonicus

My original point, Genius: after the Fed reserve was formed, within twenty years the 29 Crash happened, the New Deal was issued and all private gold was confiscated. It was the worst period in American history... for Americans.

You, I don't know about...

originally posted by: intrptr
...and all private gold was confiscated.

All the private gold was confiscated? Really?

You may want to check that information since you are not correct. Again.

If you are gonna try and insult me at least get your facts straight.

a reply to: AugustusMasonicus

Not an insult. That 'requiring' Americans to turn in their gold isn't the same as 'confiscating' it? Okay...

and you're right, once the 'Federal' Reserve had it, it was in private hands... of bankers.

originally posted by: intrptr
That 'requiring' Americans to turn in their gold isn't the same as 'confiscating' it?

Not what I was referring to my cruddy website-reading friend. Not ALL gold was addressed in EO 6102, only monetized gold. All other gold was still legal and never confiscated.

...and you're right...

You never have to tell me I am right when we speak, we will just assume it.

a reply to: AugustusMasonicus

Are people really that ignorant of history?

Roosevekts speech on privately held gold

originally posted by: intrptr
Are people really that ignorant of history?

Yeah, I guess you are:

Order 6102 specifically exempted "customary use in industry, profession or art"—a provision that covered artists, jewellers, dentists, and sign makers among others. The order further permitted any person to own up to $100 in gold coins (a face value equivalent to 5 troy ounces (160 g) of gold valued at about $6,339 in 2016). The same paragraph also exempted "gold coins having recognized special value to collectors of rare and unusual coins." This protected recognized gold coin collections from legal seizure and likely melting. Sauce

'All' gold. Hehehehehe. You are funny.

Trump pick for the Treasury Secretary hinted that he will implement the gold standard

Don't count on it.

Governments around the world have too much to lose.

Even ours that created the FED, and gets to call them anytime they want to print money out of thin air.

a reply to: AugustusMasonicus

Deliver to caesar that which belongs to him...

the actual wording of the posted proclamation

originally posted by: intrptr
the actual wording of the posted proclamation

....is exactly like I said, monetized gold only.

Oh, hahahahaha.

Don't know why this thread is getting trolled.

FDR did confiscate private citizens gold.

They can play semantics with the word 'monetized'.

THAT was the point people bought it in the first place.

That is the reason ALL the remaining 1930's gold like liberty $20 gold pieces are worth a snip load today.

originally posted by: neo96
They can play semantics with the word 'monetized'.

Are you confused as well between the difference in saying ALL gold was addressed in the Executive Order when it was just monetized gold?

Do you need me to explain this to you too?

THAT was the point people bought it in the first place.

Oh, and people did not buy gold like they did today pre-EO 6102 because it was not a high growth investment, the price of gold remained unchanged from $20.67 for over five decades preceding EO 6102. Meaning, gold bullion was worth exactly what you paid for it 50 years earlier.

a reply to: AugustusMasonicus

Same damn difference since we all know Gold Jewelry can be melted down in to COINS.

But hey IGNORE that FASCISM.

$20.67

And for the RECORD again.

That $20.67 in 1941 would be worth over $339.90 depending on how many 'monetized' coins a person had.

Does someone need EXPLAINED to them the biggest reason people buy gold in the first place ?

Keeps up with inflation unlike FIAT currency that is the cause of it.

data.bls.gov...

originally posted by: neo96
Same damn difference since we all know Gold Jewelry can be melted down in to COINS.

No, it was not the same, since one was affected and the other was not.

Does someone need EXPLAINED to them the biggest reason people buy gold in the first place ?

Keeps up with inflation unlike FIAT currency that is the cause of it

No one bought gold pre-1932 to 'keep up with inflation', its value did not change for 50+ years. The $20.67 you invested in 1890 paid you exactly $20.67 in 1930. Use your awesome math skills and tell me how much you made.

I seriously hope you are not doing your family's retirement planning.

a reply to: AugustusMasonicus

Keep on spinning crap.

True story.

FDR that FASCIST violated the 7th,8th, and 14th amendments confiscating private property from American citizens.,

Because he thought governments needs were better than the peoples needs.

Just stop with the non sequitur.

originally posted by: neo96
Keep on spinning crap.

Feel free to point out the historical or mathematical inaccuracies.

FDR that FASCIST...

I am not discussing Roosevelt, only the facts of historical gold pricing and what type of gold was impacted. Did you miss that?

a reply to: AugustusMasonicus

Feel free to point out the historical or mathematical inaccuracies.

Already been pointed out.

In this thread and a simple two second search.

Like here.

FDR's 1933 Gold Confiscation was a Bailout of the Federal Reserve Bank. 20,000 metric tons of gold were 'circulating naked' in 1933.” President Franklin Delano Roosevelt's 1933 executive order outlawing the private ownership of gold in the United States was arguably unconstitutional.

But hey don't let real American history get in the way of trolling