....in my local South Carolina shop and it came to $100.00 + taxi would only need about a half pound of pure silver or a little more than a quarter pound of pure gold.
um, gold is currently at $1100+ per oz, so I don't get your argument that you would need a quarter pound of gold ($3300 or so) to pay for your example purchases of $100 + tax. Or did you mean + taxi, and you were buying a used car?
Coyotemike said:
Just out of curiosity, is there even enough gold to go around, to replace all the non-existent dollars? If not, what exactly are we supposed to do with what little gold there is?
I'm going to start painting rocks, because I'm pretty sure no one down here will be able to tell the difference. Maybe I'll even be able to afford my own plantation!
May I recommend an alternative use for those rocks? This one involves putting the rocks in a sock and applying them in a swinging motion towards certain political heads.
Those certain political heads are already filled with rocks.
vermicious_knid said:
Section 10 more so than 8 of article 1 is the pertinent section regarding the restriction of individual State's powers to coin their own monies.
Section 10.
No state shall enter into any treaty, alliance, or confederation; grant letters of marque and reprisal; coin money; emit bills of credit; make anything but gold and silver coin a tender in payment of debts; pass any bill of attainder, ex post facto law, or law impairing the obligation of contracts, or grant any title of nobility.
Regarding Sec. 8 vs. Sec 10, you're probably correct. On initial impression of reading what Pitts was proposing, it seemed like he was trying to force the Feds to change the standards for coining should they want it to be accepted in South Carolina rather than initiate plans physically coin the money in SC. If its the former, it implicates more Sec. 8. If it's the latter, it clearly implicates Sec. 10. I think you're right that it's the latter though it's hard to tell from the article.
Coyotemike said:
Just out of curiosity, is there even enough gold to go around, to replace all the non-existent dollars? If not, what exactly are we supposed to do with what little gold there is?
No, there isn't enough gold to go around. That's one of the reasons why no one has used an actual gold specie standard in ages. Even a gold-backed currency, like we used to have, uses fractional reserves.
Gold and silver coins also fall victim to all sorts of adulteration, counterfeiting, and what-have-you. They're really not such a good idea.
I think people fail to realize that pure gold and silver are actually soft metals and easily manipulated.
In order to use gold and silver as currency, they would have to be mixed with other metals that would create strength in order to make the currency usable and give it a life expectancy of longer than a month before it loses shape. Let's face it, people beat the shit out of money.
So if i were to make a purchase of.....
~two gallons of milk
~ a carton of Pall Mall non-filters
~3- 40's of Grape Maddog 20/20
~3-cans of compressed air (purely for cleaning computer keyboards)
~a 12-pack of Magnum Trojans (yes i need the big ones)
~some lube for the fistin' ladiiez
~an Astro's hat
....in my local South Carolina shop and it came to $100.00 + taxi would only need about a half pound of pure silver or a little more than a quarter pound of pure gold.
If the gold and silver are mixed with another metal to make it more durable, you're probably looking at a pound of non-pure silver and a half pound of non-pure gold. Have fun getting that in your wallet. Have fun purchasing something over $1,000 and carrying your five pounds of silver around.
The only reason a penny doesn't cost more than a penny to make is because current pennies are almost 98% zinc and about 2% copper. I have heard if you nip the side of a penny on a bench grinder, then heat it up with a mapp-gas torch you can actually melt the zinc out of the penny and have the copper shell of a penny left. I wouldn't know for sure as i don't deface federal currency, it's against the law.
Um, not that I'm disputing that gold currency is impractical, but gold is currently valued at over $1k per ounce, not per pound. A quarter pound of gold should net you a bit more than 100 bucks in groceries and some magic beans.
vermicious_knid said:
Section 10 more so than 8 of article 1 is the pertinent section regarding the restriction of individual State's powers to coin their own monies.
Section 10.
No state shall enter into any treaty, alliance, or confederation; grant letters of marque and reprisal; coin money; emit bills of credit; make anything but gold and silver coin a tender in payment of debts; pass any bill of attainder, ex post facto law, or law impairing the obligation of contracts, or grant any title of nobility.
Regarding Sec. 8 vs. Sec 10, you're probably correct. On initial impression of reading what Pitts was proposing, it seemed like he was trying to force the Feds to change the standards for coining should they want it to be accepted in South Carolina rather than initiate plans physically coin the money in SC. If its the former, it implicates more Sec. 8. If it's the latter, it clearly implicates Sec. 10. I think you're right that it's the latter though it's hard to tell from the article.
Granted, either are equally Constitutionally DOA.
I wonder if you whisper this kind of talk to a certain someone and they get all swoony?
I love you for posting this, but totally hate you for beating me to the punch.
Sources at the White House said President Obama was "still trying to get his head around all this" and was in seclusion with his coin collection, muttering "it's just metal, it's just metal" over and over again.
"The president will be making a statement very soon," press secretary Robert Gibbs told reporters. "At the moment, though, his mind is just too blown to comment."
Sources at the White House said President Obama was "still trying to get his head around all this" and was in seclusion with his coin collection, muttering "it's just metal, it's just metal" over and over again.
"The president will be making a statement very soon," press secretary Robert Gibbs told reporters. "At the moment, though, his mind is just too blown to comment."
at least he's still got his comics. those will be worth a lot of money in...
Coyotemike said:
Just out of curiosity, is there even enough gold to go around, to replace all the non-existent dollars? If not, what exactly are we supposed to do with what little gold there is?
No, there isn't enough gold to go around. That's one of the reasons why no one has used an actual gold specie standard in ages. Even a gold-backed currency, like we used to have, uses fractional reserves.
Gold and silver coins also fall victim to all sorts of adulteration, counterfeiting, and what-have-you. They're really not such a good idea.
I think people fail to realize that pure gold and silver are actually soft metals and easily manipulated.
In order to use gold and silver as currency, they would have to be mixed with other metals that would create strength in order to make the currency usable and give it a life expectancy of longer than a month before it loses shape. Let's face it, people beat the shit out of money.
So if i were to make a purchase of.....
~two gallons of milk
~ a carton of Pall Mall non-filters
~3- 40's of Grape Maddog 20/20
~3-cans of compressed air (purely for cleaning computer keyboards)
~a 12-pack of Magnum Trojans (yes i need the big ones)
~some lube for the fistin' ladiiez
~an Astro's hat
....in my local South Carolina shop and it came to $100.00 + taxi would only need about a half pound of pure silver or a little more than a quarter pound of pure gold.
If the gold and silver are mixed with another metal to make it more durable, you're probably looking at a pound of non-pure silver and a half pound of non-pure gold. Have fun getting that in your wallet. Have fun purchasing something over $1,000 and carrying your five pounds of silver around.
The only reason a penny doesn't cost more than a penny to make is because current pennies are almost 98% zinc and about 2% copper. I have heard if you nip the side of a penny on a bench grinder, then heat it up with a mapp-gas torch you can actually melt the zinc out of the penny and have the copper shell of a penny left. I wouldn't know for sure as i don't deface federal currency, it's against the law.
Interesting fact: the silver content of the last silver English coins (after 1920) was 50%. So much for the "pound sterling."
Also, we should ask Sir Isaac Newton about clipping. He had a hell of a time with it.
atomicant
if you're really worried about the american financial system falling completely apart, why not invest in non-perishable food items, water purifying systems, guns and ammunition?
They're a good hedge against drastic civil collapse, and it really doesn't take much of a position to hedge effectively.
I wouldn't invest the entire portfolio on canned goods and shotguns though.
Incidentally, in the event of a systemic collapse, gold would very likely come into play as a viable currency. Not so much for it's intrinsic value (which is pretty much limited to cancer treatments, electronics, surface coatings, etc...), but for it's universal status as a precious metal.
vermicious_knid said:
Section 10 more so than 8 of article 1 is the pertinent section regarding the restriction of individual State's powers to coin their own monies.
Section 10.
No state shall enter into any treaty, alliance, or confederation; grant letters of marque and reprisal; coin money; emit bills of credit; make anything but gold and silver coin a tender in payment of debts; pass any bill of attainder, ex post facto law, or law impairing the obligation of contracts, or grant any title of nobility.
Regarding Sec. 8 vs. Sec 10, you're probably correct. On initial impression of reading what Pitts was proposing, it seemed like he was trying to force the Feds to change the standards for coining should they want it to be accepted in South Carolina rather than initiate plans physically coin the money in SC. If its the former, it implicates more Sec. 8. If it's the latter, it clearly implicates Sec. 10. I think you're right that it's the latter though it's hard to tell from the article.
Granted, either are equally Constitutionally DOA.
I wonder if you whisper this kind of talk to a certain someone and they get all swoony?
this will come as a shock, but the people supporting this are idiots. i know, i know! i'd have never guessed either.
The cost of living in the U.S. rose in January less than anticipated and a measure of prices excluding food and fuel fell for the first time since 1982, indicating the recovery is generating little inflation.
Fixer
Los Angeles, CA
October 2002
FEB 17, 2010 11:37 PM