Reply to Thread

Message:: [QUOTE="GSDykes, post: 2151611, member: 73321"]As I recall, the late Gaddafi (spell?) of Libya was about to put his country (and eventually Egypt) on a gold standard. He was stopped. Kennedy wanted to eliminate the Treasury, and reorganize it, he was stopped. Certain powers want to keep certain things as is. We had to go off of the silver coinage. Sure at the time Johnson issued his decree, it seemed that we had enough silver for a time. Quarters, at .90 would equal about .18 oz per item. Multiply this by 20 billion (to cover a 10 year period). You would get about 360 million ounces. Add in dimes (want to consider half dollars, ASE, and dollars??) and the number is over 400,000,000 million ounces, roughly. It is possible!! But not if the dollars and ASE's were minted at .90 Ag. If they were added in we would certainly require over a billion ounces for 10 year period. So it would appear that we could utilize silver, from a materials perspective. However, unless Canada and Mexico also did likewise, these nations would hoard our silver. So, as mentioned earlier, from an international perspective, it is not possible. We would have to mint enough coins for many many nations which would grab all that we could mint, and then we would be bankrupt. Gold is out of the question if any circulation coinage is considered, (imagine a 20% gold nickel, for example).  GSDykes[/QUOTE]