Counterfeiters In Our Midst
by Bill Sardi
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Stop debasing our money. This is a trick that has been played upon the masses for centuries now. Mining interests in Arizona, however, want to push on the American populace a flimsy copper-zinc-manganese-nickel Susan B Anthony dollar-coin, actually only worth a few pennies, and Congress is listening if for no other reason than political donations. You can read the USA Today story here.
The false argument is that coins last virtually forever while paper money lasts on average 42 months and the cost savings are estimated at $5.6 billion over 30 years. This would trim $186 million a year off the annual Federal debt of $1.5 trillion (or 1/100th of 1% of the national debt). Here is real cost cutting at work my friend! The Joint Committee on Deficit Reduction will hear arguments for greater use of this pseudo-coin in an effort to reduce the national debt.
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Well it is kind of difficult to confront someone with the obvious. Just how much has the US dollar been debased? Let’s try 1600%. That is the current value of a US minted 1-ounce silver eagle gold coin ($1600).
You: You mean to tell me that the paper dollar in my wallet should be able to buy $1600 worth of goods or services?
Me: Yes, that is right. What did you think this means? It means you’ve been fleeced by that amount.
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So I 1971 US dollar, the kind before Nixon abandoned the international gold standard, would be worth $1600 in purchasing power today.
What would it be if we went back to when FDR took us off the national gold standard, remember he paid the citizens 23$/oz and then declared it was worth 32$/oz.
I think it’s about about the same order of magnitude.
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