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SPDR Gold Shares Message Board

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  • hapiwondrer hapiwondrer Jun 10, 2011 3:10 PM Flag

    Creation of a currency

    “…"Freely convertible" means that there would be no emergencies during which it is not convertible, that its "appreciation" would not be taxable, that it would be acceptable as a form of payment in exactly the same way as paper is nowadays, etc. In simple terms, a true dual currency system. …”

    Just so you know, some of us have lived during times when currency could be taken to a bank and exchanged for real silver coinage. Some have even been around when currencies could be exchanged for gold. It would seem that is the system you are describing, at least in part. So what happened to what had formerly existed? In other words how would you suggest that such a system could be enforced so that it would not eventually be destroyed, yet again?

    The US Constitution had sanctions for those in the mint that would engage in counterfeiting. That was defined in the Coinage Act of 1792. Given the grave set of circumstances such a practice has on populations everywhere the sanction (death) seems reasonable, and should be extended to any who would subvert the intent to extend beyond the mint to the political spectrum, or any others who would engage in such a practice. For example, gold bullion ingots said to have originated at Fort Knox and sent to China were actually gold plated tungsten.

    Beyond these considerations were comments from this screen name concerning Bills of Exchange (real bills), which existed prior to the introduction of bank notes in 1909, and guaranteed payment in gold. Antal Fekete’s commentary on this was posted in an answer to Batshwing. It was also mentioned to you, but you STILL have chosen not to mention it, even though it has everything to do with your continuing requests for answers to the questions you posed. Answers, in this case, should have been gleaned from the posted content, and attempts to manipulate by demanding yes/no answers to objectives you entertain won’t succeed. That is because, “…2. I do not believe that any economy can function competitively in the present world if ALL trade is conducted with physical gold (or silver, or copper). …”, which sums up your position. And if you are the person conducting the trade you are free to follow you beliefs at your own risk.

    You are wrong, historically and technically. If you think comments issuing from this screen name are beneath your consideration, take you arguments to Antal Fekete, if you don’t mind being put in your proper place, as you will soon learn you are WAY out of your league.

    Yes. Your link was followed. Bitcoins are a total fraud. Shame on you for not understanding that (Or did you?) simply from the title of the link you originally posted.

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