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<p>[QUOTE=&quot;kevin McGonigal, post: 2375194, member: 72790&quot;]Read again what I wrote. The federal reserve notes of the 1930&#039;s were NOT fiat money as they were convertible to specie in silver at home and gold abroad. They did not become a fiat currency until all silver backing (1968) and gold (1971) were removed. Only then, 45 years ago, did USA currency become a fiat currency. Take a look at one of the Federal reserve notes of the 1930&#039;s and you will see that they were redeemable. That promise to redeem them was later removed. Also if you look at the French notes of the Third Republic they were in circulation from the 1870&#039;s to 1940. Tsarist Russian notes were in circulation for many decades before the collapse of the monarchy. No, I don&#039;t see a lost war or a revolution on the horizon but I&#039;ll bet the French and Russians and Germans didn&#039;t either.&nbsp; The salient fact that remains is that there are scenarios which the US economy is not immune from which could come with little warning that could undermine the basis of a paper currency based on faith and credit. The possession of bullion, not for short term speculation, but as an insurance policy against things &quot;that go bump in the night&quot; is prudent as history abundantly demonstrates.[/QUOTE]</p><p><br /></p>

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