13 States Now Considering Gold and Silver as Money

Then you clearly didn't read what I posted. I said the US government guaranteed gold currency from 1792 to 1933. I said nothing about ancient gold history.

There shouldn't be any confusion here. The point being addressed was that it wasn't possible for government managed gold backed currency to work well. In fact aside from the acnedote about a man dead before this period we also got LOL LOL LOL LOL. (Something that doesn't seem to be an issue for you at all.) None the less, we have 141 years where it did work, it's not under dispute, and it's clearly part of very easily verifiable United States history.

What is happening in this topic, and often done in general these days, are distractions being brought up because it's the only way to address reality when one doesn't want reality addressed.

 

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People don't just up and abandon a system thats has worked for 141 years unless there is a problem. So I suggest there may just be some dispute.

 

The people didn't abandon it. They were forced to give it up. FDR and the central bankers seized the gold from the people through executive order under the threat of a $10,000 fine and/or imprisonment. Did you not know this happened in 1933?

The fact they were forced with the threat of imprisonment if they didn't, is testimate at how well it did work for the people.

 

One can simply read of the panics and other economic turmoil experienced regularly, and couple this with the fact the size of the US economy then was not nearly the size of just CA's economy today and see why there could have been reasons to abandon it.

 

"Gold certificates, colorful and vivid, were first issued in 1863 and put into general circulation in 1882."
http://www.frbsf.org/publications/federalreserve/annual/1995/history.html

That's a pretty deep hole you're digging there fatima. LOLOL

 

Actually I stated this to you:

The entity is the government. The US government guaranteed gold currency by assay and by issuing redeemable gold certificates from 1792 until 1933 or 141 years for the mathematically challenged. It worked extremely well. Compare that to what the people have now with money from the Federal Reserve that has nothing promised. It has only lasted 41 years.​

Those assays began with the Coinage Act of 1792. Of course the certificates came later, I never said they didn't. Personally I think it is you who is falling in the hole. Maybe you are laughing like a crazy person does. First you tell us that a dead man is an expert over times after his death. And now you seem to know nothing about our nation's monetary history. Anyone who is interested in gold & silver should know this stuff. It's extremely basic.

If you manage to get out, I recommend that you try reading what was posted.

 

You answer didn't explain a thing, Fatima, nor did it even make sense. But, I'm glad we're defending ourselves again with the ol "anecdote" logic. The world is right again.
Guy

 

Please tell me again, specifically what I've said that doesn't make sense to you or what question that you don't have answered. This is the second time I've asked you this. I do have many talents, but remote mind reading isn't one of them though I appreciate that you must think I'm so skilled as the only other reason that I can see for such questions should be below the standards of such a fine person as yourself.

So please, let me know what you don't understand that I have said, or please drop it.

 

I asked why the same logic dealing with a gold standard that applied to the 18th century wouldn't apply to one now. You answered with a bunch of LOL's and a reference to an anecdote that was never made. No answer to the actual question.
Guy

 

good - drum them from the union..

 

B-O-L-O-G-N-A
The Executive Order was issued at the beginning of FDR's first term as President. The people were so outraged by the move that they went ahead and elected him to 3 more terms as President. The people willingly gave up their gold because the current system was not working.

 

You didn't ask this. You asked me why Adam Smith's "expertise" about the gold standard would not apply to the period of 1792 to 1933. (Smith died in 1790)

"I guess thats what I was looking for...a reason why his expertise wouldn't pertain to later years?"​

I didn't answer this question because I thought you couldn't possibly be serious about such a question considering that he died before the USA passed any of this legislation. My answer is that a dead man would know nothing about laws and guarantees passed by the United States concerning its gold currency that would have been passed after his death. Now if you disagree with this, then please state your reasons why and I will address them.

 

OK but this is an opinion.

 

This is exactly what my family was worrying about during the depression.

 

Obviously you didn't read the link in its entirety. For me, I'll trust Adam Smith, Antal Fekete [whom you ignore], and respected monetary historians before some faceless goldbug with a gold-centric mindset that preverts reality.

 

You were willing to accept a gold-nut opinion that the Revolutionary War was caused by the Bank of England, but you deny that Roosevelt was popular and reelected? What a fantasy life you lead!

 

Under the Executive Order each person was allowed to retain 10 ounces of gold. That's 20 between you and the wife, throw in the 4 kids and that's 60 ounces of gold, far beyond what most people have sitting on the shelves. The Order was targeted at the banks, which were slamming the exchange window, trading dollars for gold. Under the "Gold Standard" the government was required to have a 40% gold reserves for each dollar, this required the government to shread $2.50 in dollars for every dollar worth of gold it let out. This is the last thing you want during a depression, hence, QE 1932, FDR style.

 

I asked my grandfather once if he turned in his gold during the depression. He said that he never owned a gold coin in his life and didn't know many people who did so it wasn't a big deal. The gold confiscation primarily affected bank gold, not individual gold holdings. Also, I believe there was an exemption of something like 5 $20 gold coins per family member that could be retained, so this didn't pose much of a direct threat to most people.

Edit: CJay just posted 10 coins per person and I will defer to that account since I'm going from memory here and didn't look it up.

 

Well the threat of fines and imprisonment certainly didn't deter millions upon millions of citizens from drinking a beer. Just how many US citizens were fined or imprisoned directly or indirectly as a result of EO-6102? 5 - 10 - less than 100?

 

I'll bet it was closer to 0 than to 100.