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<p>[QUOTE=&quot;fatima, post: 833470, member: 22143&quot;]By my &quot;ignorant&quot; statement in the 2nd post, I meant that most Americans have no idea the difference between a Federal Reserve Note which they use today, and the dollars used for most of the USA&#039;s history prior to 1933.&nbsp; (or 1971 in terms of gold backed currency)&nbsp; Without this understanding of how FRNs work they pretty much don&#039;t understand why there is inflation and what steps can be performed to preserve wealth.&nbsp;&nbsp; It&#039;s not all their fault because the current relationship between the Federal Reserve, the retail banking system, the Treasury, the US government, and gold &amp; silver is highly obfuscated to keep people in the dark.&nbsp; This obfuscation allows for slow gradual changes to the money system, which has taken place since The Depression that has converted the USA&#039;s money system from one based on assets to one based on debt.&nbsp; It takes a lot of work to understand how it works.&nbsp;&nbsp; </p><p><br /></p><p>Americans might not be alone in understanding how their fiat currencies work, I suspect they are not, but I am only commenting on Americans since this is where I live.&nbsp;&nbsp; </p><p><br /></p><p>On the latter comment about banks issuing their own currency, as they once did, I don&#039;t believe it is possible now.&nbsp; In 1980 or so, during the economic crisis that was occurring at the time, at the hands of the Federal Reserve again, Congress passed another innocent sounding law, the monetary stabilization&nbsp; act or something similar.&nbsp; This law forced all banks in the USA to join the federal reserve system.&nbsp; There were a number of banks that had left the system or were going to leave it and this law stopped it.&nbsp; I am pretty sure this will limit all these banks to using nothing but Federal Reserve Notes.&nbsp;&nbsp; </p><p><br /></p><p>The one exception to this would be if the states themselves decided to get back into banking and then only if they decided to coin silver or gold for currency as specified in the US Constitution.&nbsp;&nbsp; The ability to do this may be unique to the USA as the USA is one of the few countries where soverignty is shared between the states and the federal government.&nbsp;&nbsp; Last month a bill was introduced in the SC Legislature to do this very thing.&nbsp; &nbsp; You can read this interesting bill here.&nbsp; </p><p><br /></p><p><a href="http://www.scstatehouse.gov/sess118_2009-2010/bills/4501.htm" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.scstatehouse.gov/sess118_2009-2010/bills/4501.htm" rel="nofollow">http://www.scstatehouse.gov/sess118_2009-2010/bills/4501.htm</a></p><p><br /></p><p>Commentary on this bill pretty much states that it has no chance of passing, and may be true, but it isn&#039;t as much due to constitutional issues but rather due to the fact that FRNS are so ingrained by decades of culture that it&#039;s hard to think of money in any other terms.&nbsp;&nbsp; This of course was ultimately the desired result.&nbsp; I suspect that if SC did pass it, it would bear the full brunt of the banker&#039;s wrath in this country.[/QUOTE]</p><p><br /></p>

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