posted on Apr, 27 2012 @ 07:03 PM
Originally posted by OutKast Searcher
But I don't want to go back to a gold standard that would turn us into a third world country.
That's good, I agree a gold standard is a mistake.
We should go with Silver.
Why? Because it's more plentiful and the US has vast deposits of it still not yet tapped.
Here is a little history for you buddy.
Coinage Act of 1873
The Fourth Coinage Act was enacted by the United States Congress in 1873 and embraced the gold standard and demonetized silver. Western mining
interests and others who wanted silver in circulation years later labeled this measure the "Crime of '73". Gold became the only metallic standard
in the United States, hence putting the United States de facto on the gold standard.
The U.S. did not actually adopt the gold standard de jure until 1900, following a lengthy period of debate that was made famous by William Jennings
Bryan's cross of gold speech at the 1896 Democratic convention. By this time, most major nations had moved to a gold standard. The only major nation
that continued on the silver standard into the twentieth century was China. China and Hong Kong abandoned the silver standard in 1935.
So actually Silver was one of the primary mediums for coinage historically, and it worked quite well.
Anyways, we need gold for our high-tech industry, microchips, spacecraft, etc. By freeing up all of that gold it will make it cheaper to acquire the
materials for scientific development.
If you ever wanted a global currency, here is an idea. Just use a metric weight # of silver (unmarked). No writing on it or anything. Testing if it's
real silver is fairly easy for the average consumer also, for example silver is not magnetic (but plated stainless steel is also not magnetic). Also
you can dunk it in water ala Archimedes' principle and determine it's buoyancy thus density. Among various other methods that have popped up over
I have never really been a fan of gold, but I am a fan of silver.
edit on 27-4-2012 by muzzleflash because: (no reason given)