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Hecla Mining Co. Message Board

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  • pyrite_to_you pyrite_to_you Dec 14, 2002 7:33 PM Flag

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    << Cash holders won't suffer so much, since they will only experience the single drop in value.>>
    If at some point in the future if a country such as China holds a huge amount of Dollars and wants some real value for them. They want it from the US, then the U.S. decides to make a new currency requiring you to turn in say 100 dollars for an equivilent of one of the new currency. Wouldn't that just blow the cash holders clean out of the water and the Chinese who will get less?
    Next question would be, wouldn't holders of Gold and Silver be far better off and get a much more value return on the new currency?
    How would that be determined?

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    • Hi pyrite_to_you,

      Q1: Yup, anyone holding the old currency would loose, but it is more liklely just let the present currency freefall, make no new currency conversion, and then maybe (??) issue a new currency to try to convince every one that this new currency would be good.

      Q2: Yes they would be better off.

      Q3: This would be determined by the free market. People holding one ounce of gold might want to trade it for something like $100,000 of old dollars, or possibly $1,000 of new dollars (if it exists), trade it for gold dimars (if they exist), or just keep holding it.

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