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Originally posted by 00PS
Writing words on paper said worth the value of gold and silver and over time talking all the gold and silver of the world. Is this accurate?
when or what event tipped the scale of balance valuing the bankers notes over gold and silver?
This site notes that:
806 AD: Paper Currency
The first paper banknotes appeared in China. In all, China experienced over 500 years of early paper money, spanning from the ninth through the fifteenth century. Over this period, paper notes grew in production to the point that their value rapidly depreciated and inflation soared. Then beginning in 1455, the use of paper money in China disappeared for several hundred years. This was still many years before paper currency would reappear in Europe, and three centuries before it was considered common.
1816: The Gold Standard
Gold was officially made the standard of value in England in 1816. At this time, guidelines were made to allow for a non-inflationary production of standard banknotes which represented a certain amount of gold. Banknotes had been used in England and Europe for several hundred years before this time, but their worth had never been tied directly to gold. In the United States, the Gold Standard Act was officialy enacted in 1900, which helped lead to the establishment of a central bank
In addition to the State issues, a number of public banks began issuing loans in the form of paper money secured by mortgages on the property of the borrowers. In these early cases the term "bank" meant simply the collection or batch of bills of credit issued for a temporary period. If successful, reissues would lead to a permanent institution or bank in the more modern sense of the term. One of the best examples was the Pennsylvania Land Bank which authorized three series of note issues between 1723 and 1729. This bank received the enthusiastic support of Benjamin Franklin who in 1729 published his Modest Enquiry into the Nature and Necessity of a Paper Currency. His advocacy did not go unrewarded as the Pennsylvania Land Bank awarded Franklin the contract for printing its third issue of notes.
No one realised that as a whole, the country could never get out of debt until all the coins were repaid, but even then, there were those extra 5 on each 100 which had never been lent out at all. No one but Fabian could see that it was impossible to pay the interest - the extra money had never been issued, therefore someone had to miss out.
He planned that eventually some people would misplace their cards and be unable to buy or sell anything until a proof of identify was made. He wanted a law to be passed which would give him ultimate control - a law forcing everyone to have their identification number tattooed onto their hand. The number would be visible only under a special light, linked to a computer. Every computer would be linked to a giant central computer so that Fabian could know everything about everyone.
Originally posted by Seraphim_Serpente
Actually NGO = Non Governmental Organization. You are right about the Money Scene however. The "FED" (Reserve - not actually part of our Constitutional Government - nobody "Elected" Allan Greenspan) so radically changed the appearance of the 1996 Series Cash Notes/Bills (it even looked as if a Foreign European Entity had taken over the U.S. Government) - I am surprised that more people didn't Notice & Resist! Guess most Americans are Stupid after all!
[edit on 23-2-2005 by Seraphim_Serpente]