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What is a Dollar?


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2010 Mar 10, 2:18pm   49,295 views  269 comments

by PeopleUnited   ➕follow (2)   💰tip   ignore  

http://mises.org/daily/4149

Are you aware that a Federal Reserve note "dollar bill" is not a constitutional dollar? Perhaps you are, but if so, do you know what a constitutional dollar literally is? Is it gold? Is it silver?

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250   richwicks   2022 Jun 30, 4:47pm  

NuttBoxer says

Privately, nothing. Publicly, all business's must accept federal debt notes.


No they don't. Some places literally refuse to take cash.
251   Onvacation   2022 Jun 30, 5:33pm  

Patrick says

What is to prevent people from trading with each other in silver or gold?

laws

We can trade with each other in gold and silver, as long as the person that has what you want, wants what you have.

There's some freakiness in the precious metal markets. The price of silver (official paper price of silver) is less than half of what it was in 1980. Gold and silver are currently used as money but there is a middleman (your local gold/silver shop or website) that gets a cut when buying or selling.

Gold and silver are kind of like bitcoin, but you have to actually hold it.
252   Onvacation   2022 Jun 30, 5:41pm  

This is one dollar:



You could spend a couple of them for a candy bar.



253   HeadSet   2022 Jul 1, 6:28am  

richwicks says

NuttBoxer says


Privately, nothing. Publicly, all business's must accept federal debt notes.


No they don't. Some places literally refuse to take cash.

True, but I do not know how that can have that policy. There have even been court cases where a business was forced to take payments in pennies.
254   NuttBoxer   2022 Jul 1, 11:31am  

Some interesting reading on the subject:

https://www.federalreserve.gov/faqs/currency_12772.htm

Notice how they specifically mention currency and coin together, then separately mention federal reserve notes. For anyone who's ever argued Federal Reserve notes are real money, even the Federal Reserve disagrees with you.
They also mention public charges, which would indicate Fed notes are not just for paying debt.

Can a business refuse fiat currency? In theory yes, but in practice, well, I'd wager you wouldn't want to the repercussions of practice if it became popular unless you like rigged courts, and lots of time alone in a cell. You see if refusal of all forms of Federal Reserve notes became popular(paper, coin, check, credit card, etc), the system would collapse. And the collapse would be so quick, and the changes it effected so damaging to their agenda, that there's no way they'd ever let it happen if they can stop it.

You think refusing to pay taxes is bad, try refusing all forms of Federal Reserve payments and see how long before IRS agents show up at your door.
255   NuttBoxer   2022 Jul 1, 11:35am  

Onvacation says

There's some freakiness in the precious metal markets. The price of silver (official paper price of silver) is less than half of what it was in 1980.


You're comparing the price of silver now to the peak when two brothers attempted to corner the market. I've said this before, the highly manipulated paper value is only useful in times of stability. If you can buy silver for spot today, it's isn't silver, or it's not the ounces they're telling you.

Onvacation says

Gold and silver are currently used as money but there is a middleman (your local gold/silver shop or website) that gets a cut when buying or selling.


There's also been a widely successful attempt to label gold and silver as investments rather than money, which means taxes. Tennessee recently passed a law voiding that tax, but they're the exception.
256   NuttBoxer   2022 Jul 1, 11:37am  

Onvacation says

This is one dollar:


It's not. A dollar is actually a weight first, designating a coin with a certain weight of silver. The ones made after the 50's I believe no longer have the required silver, and so become just another form of fiat currency.
257   Patrick   2023 Nov 29, 1:47pm  

A peso was also a weight of silver before it was debased into nothingness.

Inherited from Old Spanish peso, from Vulgar Latin *pēsum, from Latin pēnsum, from pendō (“to weigh”).


The British pound was a pound of silver as well.
258   Patrick   2023 Nov 29, 1:48pm  

https://thepickaxe.substack.com/p/uae-follows-saudi-lead-uae-officially


The United Arab Emirates (UAE) has shifted from using the US dollar to local currencies in its oil trades.

•This move aligns with the broader de-dollarization efforts of the BRICS economic alliance, which the UAE recently joined.

•The UAE’s decision could significantly impact the dominance of the US dollar in the global oil market.




259   RayAmerica   2023 Nov 29, 2:10pm  

I started reading this thread and found a post that I made way back in 2010. In my not so humble opinion, I believe it was spot on regarding the future, which we are now living in:

"The financiers I'm referring to are those that expect the U.S. dollar to maintain its value due to fiscal responsibility by the federal government. We are spending at an incredible pace and the big money players of the world know it. We have only four basic options available to pay down our debt: 1) dramatically cut government spending and balance the budget, 2) dramatically raise taxes, 3) continue to borrow enormous sums from foreign sources (currently $3 + Billion per day), 4) monetize our debt via the printing press. I would argue that #1 & #2 will not happen due to the political suicide it would require by our self serving politicians. #3 is more palpable politically because most voters cannot comprehend that their government is basically broke and forced to borrow in order to function. #4 is the most likely scenario because it is the most acceptable to voters that do not have the capacity to understand inflationary economics, i.e. debasing of the currency. When Nixon closed the gold window in 1971, the government literally held its breath, not knowing how the world would react. We have abused our currency since that time and, although we are currently experiencing deflation in some sectors and inflation in others (along with high unemployment, i.e. stagflation), the day is absolutely coming when the excessive amounts of fiat money will finally push inflation into at least the double digits. When the big money players begin to unload their U.S. dollars, we will be forced to raise interest rates in order to attract investments in the dollar. With the economy already weakened while enjoying historically low interest rates, what do you think will happen when interest rates are forced higher?"
260   RayAmerica   2023 Nov 29, 2:14pm  

Back to the original thread "What is a Dollar?"

A Dollar, as of 5/14/2010 was 1/1237 of one Troy ounce of Gold.

NOTE: as of today, 11/29/2023, the dollar is 1/2044 of one Troy ounce of Gold.
261   PeopleUnited   2023 Nov 29, 7:09pm  

RayAmerica says

Back to the original thread "What is a Dollar?"

A Dollar, as of 5/14/2010 was 1/1237 of one Troy ounce of Gold.

NOTE: as of today, 11/29/2023, the dollar is 1/2044 of one Troy ounce of Gold.

So it’s going pretty well then :) for the globalists.
262   PeopleUnited   2023 Nov 29, 7:11pm  

Patrick says

The United Arab Emirates (UAE) has shifted from using the US dollar to local currencies in its oil trades.

And just like that Nicki Haley started looking for a reason to invade UAE.
263   AmericanKulak   2023 Nov 29, 7:24pm  

There is some good news about a weak dollar: It will help us manufacture for export again.
264   FortwayeAsFuckJoeBiden   2023 Nov 29, 8:20pm  

AmericanKulak says

There is some good news about a weak dollar: It will help us manufacture for export again.


no it won’t, unless you want to live on $10 a day
265   PeopleUnited   2023 Nov 29, 8:20pm  

AmericanKulak says

There is some good news about a weak dollar: It will help us manufacture for export again.

And a million new workers crossing the southern border to run the factory!
266   GNL   2023 Nov 29, 8:31pm  

Honest Abe says

Show me where a sound dollar and capitalism causes anywhere near the pain, suffering, tragedy, misery and number of deaths that a fiat currency and a powerful socialistic central government has caused.

I believe the "need" for social justice comes when the income/wealth inequality gap becomes too large.
267   PeopleUnited   2023 Nov 29, 8:34pm  

Inflation hurts the poorest people most, and favors the wealthy. It is a stealth tax on the working class. It promotes inequality and is an injustice to retirees with savings in cash.
268   HeadSet   2023 Nov 29, 9:04pm  

Patrick says

from pendō (“to weigh”).

Intereasting. "pendo" like "pendulum" the swinging clock weight, and "pendular" like the weighed down sagging breasts.
269   Patrick   2023 Nov 29, 10:05pm  

I love etymologies.

I look them up all the time on https://en.wiktionary.org/ which is blessedly non-woke so far.

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