covertress: When people lose everything »
Posted By gbudavid 2 months, 2 weeks ago in Business & FinanceA century ago, there were no Federal Reserve Notes. There were gold coins in wide circulation. Americans recognized gold coins as money. The double eagle, or $20 gold piece, was how millions of workers were paid each week.
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Dionys2 months, 2 weeks ago
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Meh.
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http://www.econbrowser.com/archives/2005/12/the_go... -
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fjgalt2 months, 2 weeks ago
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About twenty or thirty years ago, I read that a $20 gold coin in 1900 would support a family of four for a week. That same $20 gold coin would support a family of four today.
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The federal government was given the power, by the Constitution, to coin money. Printing presses existed when the Constitution was created; it authorized coinage, not printing.
Paper notes are fiat currency, not money. Until about 50 years ago, currency could be redeemed in real money, silver. Like checks written today, currency used to say that it was "redeemable in lawful money."
With paper currency, governments can engage in deficit spending and create inflation, thereby stealing the wealth of its citizens. Gold and silver money are the means citizens can protect themselves.
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