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How would you go about reintroducing gold and silver backed currency in the USA?
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<p>[QUOTE="Ed23, post: 2150774, member: 32117"]We could if we did it right. First step would be to designate silver coins the size of quarters as worth $100, silver coins the size of half dollars worth $500 and silver coins the size of silver dollars worth $1,000. The government can designate any size coin of any material worth however much they want it to be worth; how else could one explain how they designate an 1 oz. Silver Eagle worth a dollar, or 10 cents worth of copper in an Ike Dollar worth a dollar? Likewise we could make a half ounce gold coin designated worth a million dollars and a two ounce gold coin designated worth a billion dollars. There is no law or reason anywhere that mandates the coins have to have a melt value equal to its value.</p><p><br /></p><p>You go to a bank today you can't take out even worthless $100 paper cash from your own account, as most banks force you to take checks for larger amounts. Do you think a foreign government would take a check? Probably not. But given the option of a check, a wire transfer in their currency, a hundred canvas bags of quarter sized coins, trunks or suitcases full of $100 bills, or a 10 ounce Platinum coin designated $1 Trillion Dollars, no other precious metal option, I believe they'd take the wire transfer, and there we have taken the option of being paid in precious metals off the table.</p><p><br /></p><p>Just think outside the box and there are many ideas one could come up with. In fact someone suggested designating sand as worth a dollar and paying the Federal Reserve off with it, then re-designate sand worthless and go on with a clean slate.[/QUOTE]</p><p><br /></p>
[QUOTE="Ed23, post: 2150774, member: 32117"]We could if we did it right. First step would be to designate silver coins the size of quarters as worth $100, silver coins the size of half dollars worth $500 and silver coins the size of silver dollars worth $1,000. The government can designate any size coin of any material worth however much they want it to be worth; how else could one explain how they designate an 1 oz. Silver Eagle worth a dollar, or 10 cents worth of copper in an Ike Dollar worth a dollar? Likewise we could make a half ounce gold coin designated worth a million dollars and a two ounce gold coin designated worth a billion dollars. There is no law or reason anywhere that mandates the coins have to have a melt value equal to its value. You go to a bank today you can't take out even worthless $100 paper cash from your own account, as most banks force you to take checks for larger amounts. Do you think a foreign government would take a check? Probably not. But given the option of a check, a wire transfer in their currency, a hundred canvas bags of quarter sized coins, trunks or suitcases full of $100 bills, or a 10 ounce Platinum coin designated $1 Trillion Dollars, no other precious metal option, I believe they'd take the wire transfer, and there we have taken the option of being paid in precious metals off the table. Just think outside the box and there are many ideas one could come up with. In fact someone suggested designating sand as worth a dollar and paying the Federal Reserve off with it, then re-designate sand worthless and go on with a clean slate.[/QUOTE]
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