The discussion of the trillion dollar platinum coin made me think of the absurdity of other monetary frauds. To study history is to learn about the manipulation of medium of exchanges.
For 6 and a quarter centuries The English Empire finances were controlled by tally sticks.
Because King Henry I required the split pieces of Hazelwood to pay the crown’s taxes the kindling became a sought after prized possession. It may seem odd today those pieces of wood would be so valued. But this is just the same as a movie today featuring the object of desire being absurdly a briefcase full of Federal Reserve Notes.
After over 6 centuries of common use the tally stick waned in the first quarter of the 1700’s. However the psychological value of the sticks was difficult to part. The crown did not want the fraud of it all to be obvious by delivering the accumulating Hazelwood to the dump.
The study the History of London is to study fires. The end of the (but for the tender laws) useless tally stick is to understand how two Irishman burned Westminster Palace. After tally sticks were used to create the Bank of England in 1694 the BOE caused the sticks to fall into disuse. The New World and expanse of The British Empire made precious metals more available for coinage as compared to the scarcity of the medieval times. The sticks not being placed back into circulation became nostalgic. They accumulated in the Treasury. The tender wood was hoarded by the exchequer for a century surviving in the bowels of Westminster . Like a hoarder has no use for the empty soup cans he collects the once prized tally sticks became a nuisance but difficult to let go.
The crown had a dilemma. How do we rid ourselves of this kindling without making it publically obvious the twigs were always of little value? They could not have a bonfire as it was feared the public would know directly of the ancient lengthy fraud the sticks evidenced. In 1834 Richard Weobley, the Clerk of Works at the Palace, was assigned the task of discretely burning the ancient stick currency. He delegated the hot dirty chore to Joshua Cross and Patrick Furlong two Irish laborers who stoked the coal furnace ovens beneath Parliament with the once money. The tally sticks burnt all too well. The heat of the fire combined with the fact there was over a year of coal sot in the flues ended poorly.
By the end of the day of October 16, 1834 London suffered its greatest fire since 1666. The fire consumed Parliament and the Palace at Westminster . All because the crown did not want open destruction of worthless sticks to make obvious the fraud of the tender laws which required the sticks use.
Ironically a fire created by the coercion of monetary mayhem destroyed the historic British standards of measurement the British standard yard and the British standard pound. What better way to destroy standard measurements than to make money out of nothing.
And this is why I thought of the above...... the absurdity of a notion of a trillion dollar platinum coin.
I was collecting tulip bulbs until 3 raccoons got into them, ate some and mixed up the rest so I didn't know what was what. I caught them at it, let then eat what they wanted until they left. It is an uncertain world. Take your chances whether collecting tulips, gold, silver or stocks. Didn't Holland have a similar problem with tulips?
The power of coercion is the ability to declare what is not to be so.
The corrupt can declare a post-it note with an authorized stamp to be worth whatever they want if they require it to pay taxes and possess the enforcement mechanism to make it so….. it will be so. A soft tyranny will lead to a hard tyranny when the collapse of the soft tyranny’s circulating currency requires the strict enforcement of the collapsing currency’s use.
Some say there is not enough gold to cover all the outstanding debt to which one must think there is not enough gold at current prices.
There is not enough platinum to cover a trillion dollar coin only if we hold ourselves to today’s prices.