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One of the Most Heart-Breaking Passages I've Ever Read
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2021 Mar 17, 3:47pm 440 views 8 comments
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1
Ceffer
2021 Mar 17, 3:57pm
Ceffer
2021 Mar 17, 3:57pm
The international dollar is supposedly based on oil so it's commodity based. Fiat money is for the 'little people'.
2
NuttBoxer
2021 Mar 17, 4:42pm
NuttBoxer
2021 Mar 17, 4:42pm
Ceffer says
The US Federal Reserve Note is the international dollar. Since every country abandoned the gold standard in/by the 70's, it's been the currency that backs all other currencies. That's why our inflation has been so slow to bite us in the rear-end, we can force everyone else to take our printed money, but that's not going to last.
The international dollar is supposedly based on oil so it's commodity based. Fiat money is for the 'little people'.
The US Federal Reserve Note is the international dollar. Since every country abandoned the gold standard in/by the 70's, it's been the currency that backs all other currencies. That's why our inflation has been so slow to bite us in the rear-end, we can force everyone else to take our printed money, but that's not going to last.
3
Patrick
2021 Mar 17, 5:06pm
Patrick
2021 Mar 17, 5:06pm
It will last as long as everyone needs Saudi oil and the Saudis demand exclusively US dollars for their oil.
But many things could break that arrangement. (Things aside from the murder of thousands of Americans by Saudis on 9/11, or the murder of Khashoggi. Those murders don't matter to the US government.)
But if there is a wholesale move away from oil, or if many other countries accept non-dollar currencies for their oil, then it could break.
Note that all of the bogeymen in the US media are exactly those places which accept other currencies for oil:
- Venezuela
- Russia
- Iran
But many things could break that arrangement. (Things aside from the murder of thousands of Americans by Saudis on 9/11, or the murder of Khashoggi. Those murders don't matter to the US government.)
But if there is a wholesale move away from oil, or if many other countries accept non-dollar currencies for their oil, then it could break.
Note that all of the bogeymen in the US media are exactly those places which accept other currencies for oil:
- Venezuela
- Russia
- Iran
4
NuttBoxer
2021 Mar 17, 5:08pm
NuttBoxer
2021 Mar 17, 5:08pm
HunterTits says
The passage I quoted goes back a little further, over 100 years.
HunterTits says
Explain to me how you coin paper? The term is synonymous with metal. Further, if you read Bancroft pgs 39-40 you'll see that there was originally a clause in the Constitution to allow for "emitting bills of credit", that was removed due to the recent, and at that time still current fallout of fiat paper. If you read the entire sentence, you'll see the context is very specific to minting and regulating. Further money has always been represented as commodity, something of, or backed by an item of intrinsic value.
HunterTits says
The gold Eagle was set at a value relative to the dollar(silver). The $10 represented the value of 10 371.25 grain silver coins.
I can only assume the author is the creator of the site, and someone who see crypto as the future. They share something in common with the bankers who also want crypto, as a one world currency(see Janet Yellen's recent comments).
But what they do not have in common with the central bank is knowledge of history. If you read Chapter 15 of The Creature From Jekyll Island, you'll see many citations making it clear fiat currency was to have no place, or legal standing in our country, and has none today. But as you mentioned, trying to find a judge who will stand up for that is unlikely as it would bring down the entire system, and likely cause them to be seen as crazy.
You'll also see that under the sound monetary principles set forth and acted upon by our Founding Fathers, America had it's greatest period of prosperity to rival any empire in history. And it is for that lack of knowledge, and willing destruction of our livelihoods that I weep today.
Constitutional silver and gold is often used to describe the legal tender coins that were issued and circulated by the United States. These coins would be the American Gold Coins minted prior to President Roosevelt’s gold confiscation act of 1933 (Executive Order 6102) as well as silver dimes, quarters, and half-dollars before 1965.
The passage I quoted goes back a little further, over 100 years.
HunterTits says
Article I, Section 8 lays out the powers explicitly granted to the US Congress.Among these powers granted to the US Congress was the power to “Coin Money”. There is, however, nothing in this article that states that the coined money must be made of gold and silver.
Explain to me how you coin paper? The term is synonymous with metal. Further, if you read Bancroft pgs 39-40 you'll see that there was originally a clause in the Constitution to allow for "emitting bills of credit", that was removed due to the recent, and at that time still current fallout of fiat paper. If you read the entire sentence, you'll see the context is very specific to minting and regulating. Further money has always been represented as commodity, something of, or backed by an item of intrinsic value.
HunterTits says
For instance, a $10 gold coin was known as an Eagle and was to contain 16 grams of pure gold.
The gold Eagle was set at a value relative to the dollar(silver). The $10 represented the value of 10 371.25 grain silver coins.
I can only assume the author is the creator of the site, and someone who see crypto as the future. They share something in common with the bankers who also want crypto, as a one world currency(see Janet Yellen's recent comments).
But what they do not have in common with the central bank is knowledge of history. If you read Chapter 15 of The Creature From Jekyll Island, you'll see many citations making it clear fiat currency was to have no place, or legal standing in our country, and has none today. But as you mentioned, trying to find a judge who will stand up for that is unlikely as it would bring down the entire system, and likely cause them to be seen as crazy.
You'll also see that under the sound monetary principles set forth and acted upon by our Founding Fathers, America had it's greatest period of prosperity to rival any empire in history. And it is for that lack of knowledge, and willing destruction of our livelihoods that I weep today.
5
SunnyvaleCA
2021 Mar 17, 5:26pm
Here's a picture of part of a $20 bill from 1934. Please read the words "redeemable in lawful money at the United States treasury or at any federal reserve bank" carefully, and consider that our current "bank notes" don't have those words...
If you are a holder of one of these notes (as I am), you'll be chagrined to learn that the USA has officially defaulted on its sworn and signed obligations.
If you are a holder of one of these notes (as I am), you'll be chagrined to learn that the USA has officially defaulted on its sworn and signed obligations.
6
AmericanKulak
2021 Mar 17, 8:50pm
AmericanKulak
2021 Mar 17, 8:50pm
The biggest shock to those who want a return to Wildcat Banking is that they issued banknotes like crazy.
And one banknote from one bank was not accepted by another bank at face value. It was discounted.
If you brought $100 in banknotes from First Cleveland to Federal Boston, the banker would open up the Boston Herald's banknote section, in very small print taking up page after page like the old stock listings in the newspaper, and say "Ah, First Cleveland is trading at 90 and 1/8th. I'll take your First Cleveland $100 Silver backed banknotes and give you $89 Silver coins after a small fee for the bank converting it for you"
If you tried getting $100 in silver coins from First Cleveland before you took the train to Boston, the guy at First Cleveland would do everything in his power to dissuade you, and then point to the fine print in your deposit account contract that said coins would not necessarily be delivered on demand; only other banknotes, and if you wanted actual Silver coins, you'd have to leave $100 in your account and wait two weeks and pay the bank $5 in conversion fees.
Ditto on the other side in the pond in Jolly Ol'. Banknotes, plentiful. Actual metal money, hard to get.
"Hello good sir, I have deposited 100 pounds in Gold Louis in this fine institution, Kent Royal Bank, and I should like 20 of them to visit my holdings in Scotland."
"Oh dear, sir. Why, we have a great relationship with Sterling Edinburgh. I can write you a note of introduc----"
"No, no. I brought a chest of Gold Louis in this bank not three months ago, and I require 20 of them to be placed in my wallet immediately, sir."
"But sir, my cousin Finnister runs the Sterling Edinburgh and he'd be happy to make any payments with that you req---"
"Damme you, 20 Gold Louis in my hand this moment, or I shall go to my good friend the Duke of Marlborough and start an investigation in Parliament this instant!"
***Clerk scurries from desk and runs to Manager in a Panic. Both spend 10 minutes in heated conversation trying to find out how to Fob off Lord Hugh Howe-Smythe IV, Baron of Tiddlywinks***
One only need to see any paper from the 1800s' banknote conversion section to see what was actually happening.
And one banknote from one bank was not accepted by another bank at face value. It was discounted.
If you brought $100 in banknotes from First Cleveland to Federal Boston, the banker would open up the Boston Herald's banknote section, in very small print taking up page after page like the old stock listings in the newspaper, and say "Ah, First Cleveland is trading at 90 and 1/8th. I'll take your First Cleveland $100 Silver backed banknotes and give you $89 Silver coins after a small fee for the bank converting it for you"
If you tried getting $100 in silver coins from First Cleveland before you took the train to Boston, the guy at First Cleveland would do everything in his power to dissuade you, and then point to the fine print in your deposit account contract that said coins would not necessarily be delivered on demand; only other banknotes, and if you wanted actual Silver coins, you'd have to leave $100 in your account and wait two weeks and pay the bank $5 in conversion fees.
Ditto on the other side in the pond in Jolly Ol'. Banknotes, plentiful. Actual metal money, hard to get.
"Hello good sir, I have deposited 100 pounds in Gold Louis in this fine institution, Kent Royal Bank, and I should like 20 of them to visit my holdings in Scotland."
"Oh dear, sir. Why, we have a great relationship with Sterling Edinburgh. I can write you a note of introduc----"
"No, no. I brought a chest of Gold Louis in this bank not three months ago, and I require 20 of them to be placed in my wallet immediately, sir."
"But sir, my cousin Finnister runs the Sterling Edinburgh and he'd be happy to make any payments with that you req---"
"Damme you, 20 Gold Louis in my hand this moment, or I shall go to my good friend the Duke of Marlborough and start an investigation in Parliament this instant!"
***Clerk scurries from desk and runs to Manager in a Panic. Both spend 10 minutes in heated conversation trying to find out how to Fob off Lord Hugh Howe-Smythe IV, Baron of Tiddlywinks***
One only need to see any paper from the 1800s' banknote conversion section to see what was actually happening.
7
Shaman
2021 Mar 18, 1:45pm
Shaman
2021 Mar 18, 1:45pm
There is nothing you own or can own or could ever own that can’t be taken from you.
Even your life.
Keep that in mind as you move through your limited time on this planet.
Even your life.
Keep that in mind as you move through your limited time on this planet.
8
NuttBoxer
2021 Mar 22, 11:09am
NuttBoxer
2021 Mar 22, 11:09am
MisdemeanorRebellionNoCoupForYou says
Who wants that to return? I haven't seen a single person here advocate for it.
The biggest shock to those who want a return to Wildcat Banking is that they issued banknotes like crazy.
Who wants that to return? I haven't seen a single person here advocate for it.
The monetary plan laid down by the Founding Fathers was the product of collective genius. Nowhere in history can one find so many men in one legislative body who understood the fraud inherent in fiat money and the hidden-taxation nature of inflation. There was never such an assembly of scholars and statesmen determined to set a safe course for the nation of their own creation. Literally, they handed us a treasure map. All we had to do was follow it to economic security and national prosperity. But, as we shall see in the following sections, that map was discarded when the lessons of history died out with those who had lived it."
-The Creature from Jekyll Island pg 324