USD ........ OMG

[mick silver]

http://www.321gold.com/editorials/russell/russell020211.html

[Awoke]

no surprises anymore.

*waiting for the collapse*

[Bullion_Bob]

Buddy didn't mention the prospect of coming out with a new world reserve currency due to collapse of the existing one.

How much longer can the charade go on for?

[Uncle Salty]

FreeGold is on the way. It's the only method to stabilize world finances. Paper currencies are going going gone...

FOFOA is a must read.

[Sparky]

"The math is inescapable." -Sparky

[Carl]

FreeGold is on the way. It's the only method to stabilize world finances. Paper currencies are going going gone...

FOFOA is a must read.
Why is FOFOA a must read and are you suggesting that gold will replace paper currencies world wide?



.

[Uncle Salty]

FreeGold is on the way. It's the only method to stabilize world finances. Paper currencies are going going gone...

FOFOA is a must read.
Why is FOFOA a must read and are you suggesting that gold will replace paper currencies world wide?



.


Gold will not replace paper currencies, but instead would float against the various currencies to determine exchange rates based on how much gold a country held and how much fiat they printed.

Gold would be freely convertible with fiat.

FOFOA is just an interesting read when it comes to monetary theory.

At the end of the day, the US dollar is losing its ability to store wealth as more and more dollars are printed. Thus, other countries are going to stop using the dollar as a reserve currency. The new global reserve currency will become gold. Transactions in each country will continue be fiat/digital as is now.

My quick and dirty description does not give the freegold subject justice, but it is a start.

[Hatha Sunahara]

Gold is now freely convertible with fiat at market rates. You can exchange gold for any fiat currency.

Gold is not legal tender however. That doesn't prevent people from accepting gold as money. The only limiting factor of it not being legal tender is that the government won't accept it as money. If you own gold and need to pay taxes, you can sell your gold for FRNs. Of course you will have a taxable gain when you do this, so the government steals more of your gold by making you sell it and taxing your gain.

And Salty, I agree. FOFOA is a great blog to get some 'neural exercise'. About money.

Hatha

[Uncle Salty]

Gold is now freely convertible with fiat at market rates. You can exchange gold for any fiat currency.

But the big difference is that there will be no futures markets in gold so gold will have to be repriced to tens of thousands of dollars.


Gold is not legal tender however. That doesn't prevent people from accepting gold as money. The only limiting factor of it not being legal tender is that the government won't accept it as money. If you own gold and need to pay taxes, you can sell your gold for FRNs. Of course you will have a taxable gain when you do this, so the government steals more of your gold by making you sell it and taxing your gain.

Fiat will still be legal tender for payments, but it will be backed by gold rather than nothing. There will be no capital gains with freegold because is money, just not day to day currency. It is savings.

[Uncle Salty]

Gold would be freely convertible with fiat.

I am going to assume here that you have discovered a way to mix oil and water and to disassociate hydrogen from its oxygen bond without using energy? Or have discovered a way to make lies purchase truth? Or to hitch a donkey with an ox and plow a straight furrow?


I have discovered a new way to stab people in the dick.

[po boy]

Gold is now freely convertible with fiat at market rates. You can exchange gold for any fiat currency.

Gold is not legal tender however. That doesn't prevent people from accepting gold as money. The only limiting factor of it not being legal tender is that the government won't accept it as money. If you own gold and need to pay taxes, you can sell your gold for FRNs. Of course you will have a taxable gain when you do this, so the government steals more of your gold by making you sell it and taxing your gain.

And Salty, I agree. FOFOA is a great blog to get some 'neural exercise'. About money.

Hatha


I'm confused isn't Gold coin legal tender and lawful money.

For example if one wanted to I'll bet you could buy groceries with ASE or GAE or trade a bank an ASE or GAE for FED notes without a problem.

I believe it was Ron Paul who gave us the ability to use gold and silver in 1986 in some tax reform act.

Ah ha it's '85 read more at link.
en.wikipedia.org/wiki/Gold_Bullion_Coin_Act_of_1985 (http://en.wikipedia.org/wiki/Gold_Bullion_Coin_Act_of_1985)

[Horn]

If you exchange your PM for dollars, at least you will break even.

Edit: Or a little under.