Shortage of "regular" coins.........Ron Paul.

[Ponce]

Save ALL your coins...... http://www.youtube.com/watch?v=uMtilF_v1TI&feature=player_embedded

Like I said before "The Fed print the paper fiat based on nothing but coins is backed by the US Mint".

This video is more than just silver and gold coins......is what is hiding in his key words.

[osoab]

This is related. From April 1.

Ron Paul to Probe U.S. Mint Coin Shortage (http://www.kitco.com/reports/KitcoNews20110401DC_ron_paul.html)



Texas (Kitco News) -- Rep. Ron Paul, R-Texas, has one question for the U.S. Mint: why is there a coin shortage?

He is aiming to get to the bottom of this during a scheduled April 7 hearing of his U.S. House Subcommittee on Domestic Monetary Policy to examine the bullion programs at the U.S. Mint.

“We are going to try and find out what the Mint has done so they can give us a better answer as to why there is a shortage. Why can’t they keep the supply of coins up?” said the congressman in an exclusive interview with Kitco News.

Demand for precious metals in the futures markets and in physical gold bullion coins increases as the dollar weakens, which often leads to coin shortages.

Part of the problem lies in manufacturing the blanks, said Paul. The blank planchets are not made at the Mint, which hasn't had the production capacity for this stage of the minting process since the budget cuts of 1981.

“Looks like we don’t even get (all) blank coins made in the U.S. – there is a contract with a foreign company, which makes no sense at all,” said the congressman.

Today there are three refineries that supply planchets to the Mint: VennerBeck Stern Leach in Rhode Island, Sunshine Minting in Idaho and Goldmark in Perth, Australia.

Paul said that a U.S. company may appear at the scheduled hearing with a solution.

“They can help relieve the shortage by providing these blank planchets for the Mint,” he said, not revealing the company.

“I think there is a huge demand and it is being provided by a bureaucracy, and the bureaucracy isn’t responding very well -- but I can’t believe there is any excuse for this,” he said.

The Mint is planning a major overhaul of the metals composition of coins and how they manufacture them. The Coin Modernization, Oversight and Continuity Act of 2010 gives the Mint greater flexibility in meeting the demand for bullion coins as well as meeting the demand for gold and silver numismatic items.

Give Them a Choice: Paul

Paul is a strong advocate of currency backed by precious metals

Paul wants competition in currencies, and to do so, he said the tax on coins needs to be done away with. “Money shouldn’t be taxed with sales taxes or capital gains taxes, that would be my goal,” he said.

In March, Paul introduced H.R. 1098, the Free Competition in Currency Act of 2011, which would repeal legal tender laws in order to prohibit taxation on gold, silver, platinum, palladium and rhodium bullion. The bill has been referred to the House Committees on Financial Services, Ways and Means, and Judiciary.

A staunch critic of the Federal Reserve, Paul said that instead of arguing his case for the Fed to close down tomorrow, he’s arguing the fact it should not hold a monopoly. “They have a monopoly on a type of money that isn’t even constitutional,” he said.

“We would use no force, nobody has to use gold and silver coins,” said Paul. Rather, he said the Fed does use force. “They are a cartel and they make us use Federal Reserve notes,” he said.

The market provides a competition; however, he said there is always the threat of being taxed or the gold and silver being taken away as in the 1930s.

Paul explained that ideally, we should allow the market to pick the currency. “If you deal with international finance, people can use different currencies. Within the U.S., I believe you literally could, especially in this age of computers, that you could calculate two different currencies without difficulty.”

Return to Gold Standard

A common assumption is that Paul is calling for a return to a gold standard. He clarified, saying he is not so inflexible.

“I wouldn’t be overly rigid and say, ‘you must have a gold standard, you must go back to what we had.’ Our gold standard was imperfect, even though it worked better than the paper standard,” he said.

Lawmakers in several states, including Tennessee, Virginia, New Hampshire and South Carolina, have introduced bills to look into minting their own currencies in the event of a complete breakdown of the U.S. Federal Reserve. In Georgia, a bill to make the state only use gold and silver is in committee.

Utah has received the most media attention on this subject as the House and Senate have passed HB317, which would recognize gold and silver coins as legal tender and exempt them from certain state tax liability.

“Governments over the many, many centuries have always demanded monopoly control over money. Even when gold and silver were principally used in the economies, they still wanted monopolies,” Paul said.

Hence, he is not confident that any Utah law would be allowed to stand. “Well, they are going to fight it tooth and nail. They are not going to go along with this even though we have the law and Constitution on our side and it should appeal to all Americans to have competition.”

Interest Rates

Regarding U.S. interest rate hikes, Paul said they are going to be gradual and steady but they are indeed coming. “The next big shoe to fall will be interest rates going up on municipal bonds -- that means a lot of these bonds will start defaulting,” he said.

Presidential Run

Paul has not ruled out a run at the presidency but has not confirmed it either. When asked what would stop him from running, he said: “minimal support.”

“So if there is a receptive audience out there, that is going to influence my decision,” he said. “I have to have a good sense that the message I have will be received well. Last go-around I kept talking about the dangers of the financial and housing bubble. This go-around, I’ve been concentrating on the dangers ahead for the dollar.”

[madfranks]

Like I said before "The Fed print the paper fiat based on nothing but coins is backed by the US Mint".

What does that mean? US circulating coinage is just as fiat as the paper FRNs, with the exception of nickels and pre-82 cents.

[JohnQPublic]

Like I said before "The Fed print the paper fiat based on nothing but coins is backed by the US Mint".

What does that mean? US circulating coinage is just as fiat as the paper FRNs, with the exception of nickels and pre-82 cents.


I think coins (minted by the Treasury) are lawful money, while FRNs are not (they are legal tender, but not "lawful money").

[Ponce]

You got it John.......thanks.

[Ash_Williams]

Just like the treasury prints paper for the fed, the mint mints coins for the fed. Fed request and distributes the physical currency in both forms.

[Andy9999]

Just like the treasury prints paper for the fed, the mint mints coins for the fed. Fed request and distributes the physical currency in both forms.

I think treasury does coin/request money (coins) not FED

[midnight rambler]

Like I said before "The Fed print the paper fiat based on nothing but coins is backed by the US Mint".

What does that mean? US circulating coinage is just as fiat as the paper FRNs, with the exception of nickels and pre-82 cents.


I think coins (minted by the Treasury) are lawful money, while FRNs are not (they are legal tender, but not "lawful money").


Kindly show me in the Law of the Land where one can extinguish debt with clad coins (Johnson wafers) or even copper and cupro-nickel coins.

[Andy9999]

[/quote]

Kindly show me in the Law of the Land where one can extinguish debt with clad coins (Johnson wafers) or even copper and cupro-nickel coins.
[/quote]


http://www.usmint.gov/about_the_mint/?action=coin_specifications

[midnight rambler]

Kindly show me in the Law of the Land where one can extinguish debt with clad coins (Johnson wafers) or even copper and cupro-nickel coins.
[/quote]


http://www.usmint.gov/about_the_mint/?action=coin_specifications
[/quote]

???

[Ponce]

Kindly show me the future where the regular coins of today will be very valuable as per Ponce's assessment.

Heheheheheheheh of course you can't.....but........who knows what lurkes in the dark shadow.

I am not getting ready for what will happen but rather for what "could" happen.......but of course sinse the year 2,000 I have been right on the money every time.

[Sparky]

...
I am not getting ready for what will happen but rather for what "could" happen.......but of course sinse the year 2,000 I have been right on the money every time.


And humble about it. ;)

[Ponce]

Well Spaky.......the only one that people thinks that I am "off" is the one for the oil spill where I predicted that......"and many will die"........but of course the pot is still on the stove and the flame is on high, it will boild over......give it time.

From Japan when they said that "only" 10,000 would die I said that the numbers would be between 26,000 and 51,000.....the last number was 27,000 but the radiation is still there, I am afraid that I was wrong and that the number will be well over 51,000, on the long run.