The last time the Treasury printed money was under Kennedy with silver certificates. He was dead not too long thereafter and LBJ quickly nixed the silver certificates.
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Well that isnât true. The printing presses are rolling constantly and literally owned and controlled by the Treasury Department.
See the US Mint System.
They are not Treasury Notes but Federal Reserve Notes.
Do you give a business card printer credit for the business cards or the guy whose name is on them?
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They are printed by the Treasury and the fiat currency is guaranteed by the âFull Faith and Creditâ clause and the FR.
The Federal Reserve isnât actually a federal entity.
As for the clause, the Constitution also requires that the States only pay their obligations in gold or silver coin. And it should be clear that Money, as mentioned when addressing Congressional appropriations is Money, likewise physical currency, and not any old thing you call money.
Federal Reserve Notes may be âmoneyâ but they arenât Money and certainly arenât gold or silver coin.
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Which many have promoted since itâs creation but since many acts of congress have stood every challenge to the claims they remain the law of the land.
Thatâs simply the reality of the nation we live in.
In practical terms there arenât enough hard assets on the planet to back up every dollar we have and with all of our major trading partners also using fiat currency it would destroy the dollar for us to even attempt to go back to a hard asset backed dollar.
It would also cause huge economic turmoil worldwide for every country that trades with us or uses US currency for trade or as their reserve currency.
Have you noticed that the value of gold has increased faster than the literal money supply since 73?
But that aside, had that scumbag FDR not lawlessly seized the peopleâs Money we would have done fine. The dollar might have experienced deflation, increasing its purchasing power, much as it had been on and off since the country was founded.
What would have been different is the Federal wouldnât have been able to rob savers through decades of steady inflation. Progressivism would have been crippled.
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Gold shoots up in times of economic turmoil then levels out and then goes back down. That has been the same as long as gold has been traded as a commodity.
It always has intrinsic value as to other precious, semi precious, even non precious metals like copper as well as precious and semi precious stones.
Whenever there is a threat to the stability of the dollar gold shoots up because it is traded in dollars thus itâs currency value increases in an opposite reaction to that threat.
When stability returns, it reverses because the actual intrinsic value remains relatively stable no matter what the currency is doing.
They print federal reserve notes which are essentially worthless.
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Really? Travel anywhere in the world and try paying with them.
Then come back and tell me they are âessentially worthlessâ.
The FR simply grantees the notes along with the âFull Faith and Credit clauseâ of the US constitution and it is the reserve currency preferred by the majority of the worldâs nations.
It is also the currency most appreciated when you use it around the world because of that value.
It has value as long as people âbelieveâ it has value.
That is the case for everything of value.
If no one assigns any value to something it is worthless, anything is worth what people are willing to pay or trade for it.
Supposedly, all the gold ever found would only cover a tennis court to the height of two stories. I gotta research that. ------------------------------------------------------------------------------------------------------------------------------------------- . If every single ounce of this gold were placed next to each other, the resulting cube of pure gold would only measure around 21 metres on each
Iâm not sure Iâd buy that but thereâs certainly not enough gold on the planet to to equal all the dollars in circulation.
Wowâ I am laughing right now because Didgevillidiot just exposed his own ignorance by contradicting himself!
You think that because it is not backed by something tangible, however they are guaranteed which is why it retains value as a vehicle for transactions world wide!
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Do you even know the difference between a Federal note and a government Treasury issued note?
Do you? I canât wait to hear the difference.
Only the treasury can print US currency.
Federal Reserve notes are âBank Notesâ or loans/loan guarantees.
I do but I asked you first! If you are not up to answering my question, then donât try to mask your ignorance by answering a question with another question it only exposes your obtuseness further!