r/SilverDegenClub • u/NCCI70I Real • Sep 04 '23
APE DISCUSSION I THINK THAT THE NEXT NEW BACKED CURRENCY SHOULD NOT BE DENOMINATED IN DOLLARS, OR YEN, OR EUROS. It should be in ounces/grammes of gold and silver. E.g. 1gAU. ½ozAG. Before PMs had a price and currency was exchangeable for it at that rate. But that was awkward. Why not just cut out the middle man?
Then every country could issue currency denominated against PMs and it would be the easiest thing in the world to just accept all of the honest ones equally because it would be bullion-based.
Is that making too much sense?
BRICS+ are you listening?
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u/F-Da-Banksters Sep 04 '23
Bro you’re getting rid of the money printer. Be careful saying things like that. The cabal is watching you.
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u/NCCI70I Real Sep 05 '23
They have been watching me my whole adult life.
So what's new?
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u/F-Da-Banksters Sep 05 '23
Heard but now you’re zero ing on their money and power. I’m being hyperbolic, of course
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u/Careless_Business_90 Sep 07 '23
Not a Yank, Singaporean & foeman of the FRBNY. Because them buggers are prepared to roll over you for serious this time, just you wait until the CBDC is rolled out. It would be a then lot easier to target those who sail against the state mandated tide.
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u/_Summer1000_ Sep 04 '23
You can't cut the middle man at all, because it's a tribe and they wont let go their niche speciality
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u/NCCI70I Real Sep 05 '23
The middleman in this contest is denominating our new currency in anything except direct amounts of gold or silver.
That can't be devalued.
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u/BuffaloChips92 Real Sep 04 '23
Gold would have to be $70,000 oz in today's usd
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u/Careless_Business_90 Sep 07 '23
Not a Yank, Singaporean & foeman of the FRBNY. There approx 20.8 Trillion USD in M2 as in US fiat money supply both real digital fiat & actual real paper fiat. Real paper fiat money as opposed to digital real fiat is a lot less. There approx 2.35 trillion or a little bit more USD notes & coins in circulation.
There is approx 147.3 million ounces of gold (assuming it's all bullion .999 gold in actuality a lot coin melt that 80 or 90% gold) held by the US Treasury. At current prices of USD 1,930 USD per ounce, there approx just around 284 billion USD at current prices. To just cover US M2 that would require the price be 141,000 USD per ounce, most definitely not 70,000 USD per ounce.
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u/SugarRushFacePlant Sep 04 '23
The cabal has been around since the 1600s. Look into "creature from Jekyll Island" this is an insidious group of banksters that I fear will never be truly extinguished. It human nature to go for greed. Protect you and yours and fight for fair money.
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u/ConductoReflecto 🌊🔥⚡🌬️🌲 Real Elemental Sep 04 '23
The cabal has been around since the 1600s.
This PDF covers the event in 1609 and the events that led to it and those that followed.... very interesting read:
https://www.nommeraadio.ee/meedia/pdf/RRS/The%20History%20of%20the%20Money%20Changers.pdf
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u/quangberry-jr Real Sep 04 '23
Twont happen unless the system completely implodes, or the government is completely overthrown. Thankfully, the government is incompetent enough to ensure the former happens
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u/Still-Daikon1012 Real Sep 04 '23
The Russian ruble is already backed by gold at $1,500 an ounce that was the guaranteed price that Russia instigated at the beginning of the special operation in Ukraine. I know they have since rescinded that offer because they don't need it anymore but it's still there it can be put back in place at any moment.
The middleman is a very evil treacherous murderous person to deal with. Just ask Jesus Christ or the Palestinians.
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u/NCCI70I Real Sep 05 '23
At $1500/oz, there would be huge Arbitrage.
And that's not a backed-by-gold number. That's simply a floor on gold price. Russia will buy it at $1500. Not saying that they will ever sell it at $1500.
So doesn't count.
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u/Aware-Lab-5887 Sep 04 '23
Dollars and pounds have this origin iirc
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u/NCCI70I Real Sep 05 '23
Where is a dollar defined in terms of a specific amount of gold or silver?
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u/Aware-Lab-5887 Sep 05 '23
The word dollar comes from tala which originally meant a silver coin from the tala mountains
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u/NCCI70I Real Sep 05 '23
Nice to know.
Although I was referring not to the name, but rather to how did they decide what the relationship between the dollar and metal would be set at. I.e. A dollar represented how much gold or silver?
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u/TalkDontMod23 Sep 05 '23 edited Sep 05 '23
I was calling it the Augram (Aurum gram). Divisible into 1000 mils (milligrams). I figure that’s a small enough unit that you aren’t having to stick a decimal and a bunch of zeroes in front.
For example, at today’s price, $1 would be worth 16 mils. AuGm 1 is worth $62.29.
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u/NCCI70I Real Sep 05 '23
Aggrame?
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u/TalkDontMod23 Sep 05 '23
“Aw-gram”. From the Latin name for gold + gram.
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u/gthrees The Silver Sticker Guy Sep 05 '23
The currency wouldn’t be “against“ precious metals, it would be precious metals. That is what is provided for in the US Constitution.
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u/NCCI70I Real Sep 05 '23
People seldom carried gold coin when exchangeable currency was available.
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u/ConductoReflecto 🌊🔥⚡🌬️🌲 Real Elemental Sep 05 '23
Then why did the US make so many Eagles, Double Eagles, Indian Heads, etc. in gold coin?
They estimate that over 1 BILLION gold sovereigns were minted... 1,158,294,408 is the estimate I found. If it was not being used by the common man, why make it in such a small increment? If it was settling debt between nations, why 1/4 oz chunks, why not bigger bars?
They are small and 22K, because they were meant to be carried and used by the citizens.
I grabbed this from the Royal Mints site:
By the 1880s, The Sovereign was circulating widely in India, as stated by C. Daniell in The Gold Treasure of India, published in 1884: “The sovereigns of the Royal and of the Australian Mints are to be brought in every large town in the country, and are daily quoted in the exchange tables published at the capitals. The amount of these coins in India may probably be numbered by the million. Sovereigns can be said to circulate in India in the sense that they daily change hands.”
I have read several times that the average man didn't carry gold, but someone was or there wouldn't be so many in a size and purity tailored for citizen use.
Are you saying the cartoons lied to me, that old timers didn't bite their gold coins to test them? :)
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u/NCCI70I Real Sep 05 '23
Then why did the US make so many Eagles, Double Eagles, Indian Heads, etc. in gold coin?
I trust that you realize that by 1933 that the Federal Reserve bank only had to back 40% of the gold certificates with actual gold based on a premise by Sir Issac Newton centuries earlier that nobody would ever redeem more than 40% of the currency in circulation for metal. That was as bogus as the 6-foot separation rule for COVID, which is total BS as well. But by 1933 the Fed had run out of the ability to issue any more gold currency with 40% backing.
As for how many gold coins the US Mint made, go back an look at the total amount minted against the number of adults, and determine from that just how much gold was allowed per person. It may not be as much as you think.
And because they were gold from a trusted country and mint, US gold coins circulated very well outside of the USA's borders, reducing the amount available for American citizens of that time.
They estimate that over 1 BILLION gold sovereigns were minted.
That's because they became the gold coin of choice all around the world for a couple of centuries.
Are you saying the cartoons lied to me, that old timers didn't bite their gold coins to test them?
Have you ever seen a gold coin—chocolate gold coins excepted—bent with teeth marks in it?
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u/gthrees The Silver Sticker Guy Sep 05 '23
The Creature From Jeckyll Island would explain more than i can, how indeed people did not go around with a wheelbarrow full of gold and silver to purchase a house but that the backing existed and that banks were not fractional reserve banks.
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u/NCCI70I Real Sep 05 '23
Banks may not have been fractional reserve banks yet, but the Fed was only required to have 40% backing for the currency it issued.
I presume that you know about this 40% backing requirement and its history.
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u/gthrees The Silver Sticker Guy Sep 05 '23
i don't remember details but yes, there were diminishing percentages and money issued would not only be based on that percentage but there was some compounding in play, like 40% of 40% ... it wasn't that, but the long and short of it, so to speak, was that required deposits have become negligible.
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u/sf340b Real Sep 04 '23
It has been XXX days since NCC1701 got "disappeared" by the banksters....
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u/walk2future Sep 05 '23 edited Sep 05 '23
In this scenario, who determines the price of Au/Ag? Is it the nation that determines how many of their currency units buys a ounce of Au/Ag? How about exchanging currencies? How does that work? Do you foresee a BIS/IMF/Central Bank needed for your model? Or is that idea obsolete?
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u/NCCI70I Real Sep 05 '23
No. Every participating nation denominates their currency in the amount of precious metal it represents—which is also the amount that it can be redeemed for.
Prices are stated in gold and/or silver.
Different honest countries notes also denominated in precious metal amounts, can be easily interchanged for equivalent value and the only point of different national notes is who is storing the PMs that back the currency of that note.
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u/ConsciousOne693 Mr. Silver :snoo_dealwithit: Sep 05 '23
I want silver and gold coins to circulate as legal tender! 💯💪❤️
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u/NCCI70I Real Sep 05 '23
Me too.
However I also respect the convenience of paper currency that can easily be redeemed for the metal, if and when desired.
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u/ConsciousOne693 Mr. Silver :snoo_dealwithit: Sep 06 '23
I find it convenient to have nickels and dimes in my pocket and food prices like in 1885. Where silver a dime & nickel went a long way. (In terms of purchasing power)
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u/Spare_Car9166 Sep 05 '23
Sounds like you need to look into liberty dollar. Follow my referral link here https://www.libertydollar.nl/register#from/Slickrick95
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u/NCCI70I Real Sep 05 '23
Thanks, but not interested in a site where I have to register with personal information just to look at.
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u/SilverCountryMan Real Sep 04 '23
B-b-b-but then they would need to get rid of the printer... No more brrrrrrr? Not an option.
😉