Originally Posted by Offshore-Wealth.com
Are you serious? Gold standard, what century are you referring to?
Good luck to all, Mike
US Currency has not been specie backed since the early 1970s, and federal reserve notes have never been, but that's not really relevent anymore. The "backing" for US Currency is in fact the productivity of the US GDP, as long as M growth approximates productivity growth the world will turn and the sun will rise in the east tomorrow. It looks like the US is printing money like mad but in fact it's not. The debt is high but easily servicable by current production. The problem is, aside from the US only a very few other countries have the economic muscle to run a money supply this way. The EU si doing it and not doing bad, although the structure they have set up tp regulate it is flawed, they seem to be working it out though. Britain is still doing well, for a lot of reasons, that are in fact pretty productive per capita and that always helps. The US can do it because the economy here is just off scall compared to any other funtioning system and the worst case scenario of the 4th Armor will be out gauding the gates to Ft KNow if it ever gets that bad, (more than 1/2 the gold on the planet is in one building at Ft Knox and they plan every day how to defend it with EVERYTHING the US MILITARY have, if need be.
Anyhow, FRN work because they dono need to question it, you can pay your taxes with it, banks by law must accept it, everyplace that sell anythihng besides HYIP investments and Rambo Brand Post Apocolyspe Survival gear takes it, so just what is the big deal?
Tax Protestor out chanting that his FRNs are useless and worthless, well sparky, send all the useless and worthless FRN to the IRS and let them deal with them, You'll get a genuine tax reciept that will keep them from bothering you for a whole year, if you keep some decent records, you may even be able to keep enough of them to keep you in Old Milwaulkie Light and Winston Reds for most of the year.
I don't like taxes any more that any of you, but keeping soldiers aroudn the world to keep us safe is wirth the investment, send them a few bucks. Preserve the Civil War Battlefields and National Parks, send them a few dollars too.Protect the borders and deliver the mail, yea, worthwhile, send over a few truckloads od $20s,$50s, and $100s to keep them in business (although I hear the postal service can stand on their own these days, good for you)
It all comes down to what you are willing to pay for good government, oours happens to suck, and is still the best in the world. WE don't need to put more money in it, we need to get more involved in it ourselves. But that's another rant for later.
Right now I'm gonna go hang around a little party with Kieth and Mick and the boys, play a few songs, have a few laughs and hope no one falls from a palm tree.
Have fun plotting the revelution without me..
Oh, and the dinar will never, never go suddenly go from 1290/1 dollar to 1.28/dinar like some of you loonies here think. Nivce dream, but it ain't gonna happen, no matter how many times KoolAid Susie says the big RV is next week; Have a good day!