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$1 Silver Certificate Still Looking Pretty Sharp

By Patrick   Follow   Fri, 21 Sep 2012, 8:55am   1,257 views   14 comments
In Menlo Park CA 94025   Watch (0)   Share   Quote   Permalink   Like   Dislike  

http://finance.yahoo.com/blogs/the-exchange/1-silver-certificate-still-looking-pretty-sharp-175434007.html

Among several different features that stand out between the two is a very prominent one: The promise on the old bill below George Washington's portrait that the certificate is equivalent to "One Dollar In Silver Payable To The Bearer On Demand." We know that some of our readers love the idea of investing in hard assets and of hard assets backing the U.S. currency. But despite what this dollar says, you can't get silver for it from the government.

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1. iwog Follow Befriend (48) 274 threads 12,571 comments 47 male Lafayette, CA Premium

   1   8:58am Fri 21 Sep 2012   Share   Quote   Permalink   Like   Dislike   Protected   I like these too.

2. Patrick Follow Befriend (54) 5,188 threads 6,158 comments 46 male Menlo Park, CA

   2   9:09am Fri 21 Sep 2012   Share   Quote   Permalink   Like   Dislike   I like the way that the words "Federal Reserve" do not occur on either the $1 or the $20! It would also be cool to be able to redeem them for literally cold hard cash.

3. thunderlips11 Follow Befriend (13) 52 threads 2,639 comments Premium

   3   9:18am Fri 21 Sep 2012   Share   Quote   Permalink   Like   Dislike   Protected   Government Promises - redeem them quickly.

4. iwog Follow Befriend (48) 274 threads 12,571 comments 47 male Lafayette, CA Premium

   4   9:32am Fri 21 Sep 2012   Share   Quote   Permalink   Like   Dislike   Protected   Patrick says I like the way that the words "Federal Reserve" do not occur on either the $1 or the $20! Yup that's because they aren't federal reserve notes. They were issued directly by the treasury based on the supply of silver and gold in government vaults.

5. freak80 Follow Befriend (4) 52 threads 4,416 comments Corning, NY Premium

   5   1:18pm Fri 21 Sep 2012   Share   Quote   Permalink   Like   Dislike   Protected   iwog says Yup that's because they aren't federal reserve notes. They were issued directly by the treasury based on the supply of silver and gold in government vaults. In other words, "real money."

6. iwog Follow Befriend (48) 274 threads 12,571 comments 47 male Lafayette, CA Premium

   6   2:22pm Fri 21 Sep 2012   Share   Quote   Permalink   Like   Dislike   Protected   freak80 says In other words, "real money." There isn't much difference. You can certainly redeem a modern federal reserve note for gold, it just isn't a fixed amount. The nature of money is that it serves as a marker for wealth and not wealth itself. In that sense, all money is fake.

7. freak80 Follow Befriend (4) 52 threads 4,416 comments Corning, NY Premium

   7   2:27pm Fri 21 Sep 2012   Share   Quote   Permalink   Like   Dislike   Protected   iwog says In that sense, all money is fake. Ever see that Onion article about the entire nation realizing that money is nothing but an illusion?

8. iwog Follow Befriend (48) 274 threads 12,571 comments 47 male Lafayette, CA Premium

   8   2:39pm Fri 21 Sep 2012   Share   Quote   Permalink   Like   Dislike   Protected   freak80 says Ever see that Onion article about the entire nation realizing that money is nothing but an illusion? Yeah I loved it. The only thing keeping the whole system afloat is that no one wants it to fail.

9. Patrick Follow Befriend (54) 5,188 threads 6,158 comments 46 male Menlo Park, CA

   9   3:42pm Fri 21 Sep 2012   Share   Quote   Permalink   Like   Dislike   iwog says The only thing keeping the whole system afloat is that no one wants it to fail. And yet public opinion is as strong as iron fetters! If other people won't do stuff for you without your paying them Federal Reserve Notes, you are trapped in this system. At least public opinion can slowly be changed. Sometimes very quickly. iwog says There isn't much difference. You can certainly redeem a modern federal reserve note for gold, it just isn't a fixed amount. There is a big difference though. The Federal Reserve cannot print more gold.

10. iwog Follow Befriend (48) 274 threads 12,571 comments 47 male Lafayette, CA Premium

    10   12:17pm Sat 22 Sep 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   Tecumcari says That's only because the government broke the redemption contract with the People and thus blatantly defrauded them. Funny how great our economy was after that. The problem with you Shrek is that you'll gladly trade some misguided ideological morality for success. This is precisely why you're willing to watch the economy crash and burn as long as you don't have to pay taxes. It's all about you.

11. Patrick Follow Befriend (54) 5,188 threads 6,158 comments 46 male Menlo Park, CA

    11   5:00pm Sat 22 Sep 2012   Share   Quote   Permalink   Like   Dislike   Yes, it's Shrek = Marsattacks = Ruki = Tecumcari. Even the Russian spammers are not so persistent.

12. taxee Follow Befriend 88 threads 457 comments El Cerrito, CA Premium

    12   5:57pm Sat 22 Sep 2012   Share   Quote   Permalink   Like   Dislike   Protected   Patrick says iwog says The only thing keeping the whole system afloat is that no one wants it to fail. And yet public opinion is as strong as iron fetters! If other people won't do stuff for you without your paying them Federal Reserve Notes, you are trapped in this system. At least public opinion can slowly be changed. Sometimes very quickly. iwog says There isn't much difference. You can certainly redeem a modern federal reserve note for gold, it just isn't a fixed amount. There is a big difference though. The Federal Reserve cannot print more gold. If you think it through you will come up with this: Whatever they require you to pay property taxes with will get the ball rolling and rule the day. The fact that they just happen to have an unlimited supply of what they require of you is no accident. Same stuff they give the sheriff so he'll use a gun on you if you think you don't have to be part of the system and refuse to play/pay.

13. taxee Follow Befriend 88 threads 457 comments El Cerrito, CA Premium

    13   6:00pm Sat 22 Sep 2012   Share   Quote   Permalink   Like   Dislike   Protected   And it's the same stuff they key into your account when you can't work any longer so you don't use a gun on them.

14. futuresmc Follow Befriend (1) 1 threads 387 comments Buffalo, NY

    14   8:30pm Sat 22 Sep 2012   Share   Quote   Permalink   Like   Dislike   Tecumcari says Also, foreign governments upped their trade balance balancing redemptions in gold instead of dollars as a result, which led to Nixon taking us off the gold standard instead of telling Fed Chairman Arthur Burns to keep printing money like it was going out of style. It wasn't until Vietnam and the additional spending of the Great Society programs kicked in that foreign governments started demanding gold. We should have either raised taxes or cut spending, preferably spending on a foreign war that was already looking unwinnable. The Great Society did wonders for this country, when you look at poverty and illiteracy rates before it. Personally, I believe we need a new reserve currency based on a basket of physical assets, gold, oil, wheat, etc. The basket should be VERY broad, say 100 different asset types, so that no industry can unilaterally restict or flood the money supply of the world. Then the US dollar, like every country's currency, would be tied to that basket. This would not only allow the US government to bow out of Triffin's dilemna (which I believe is a large part of our current prolems that gets little mention), it would virtually eliminate any country's ability to manipulate their currency. Most importantly, it would force a slowing down of global capital flows, as currencies would need to convert and reconvert as they moved from nation to nation, limiting the effectiveness of offshoring both capital and labor.