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Why you will NEVER see the end of the Federal Reserve Note one dollar bill



 
 
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Old August 25th 05, 01:53 PM
Reclining Buddha
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Default Why you will NEVER see the end of the Federal Reserve Note one dollar bill

All of you guys are totally missing the point in this dollar coin -
dollar bill debate. The banking industry will never allow the end of
the one dollar bill for one simple reason - it doesn't cost them
anything! OK, OK, it does cost the Federal Reserve system the
printing cost, which is less than five cents. That is what the
Federal Government sells ALL bills for to the Federal Reserve! The
Reserve, in turn is completely owned and operated by the commercial
banks of this country. That is all well and good - but the dollar
COINS are sold to the Federal Reserve by the US Treasury for FULL FACE
VALUE! Why would the Federal Reserve or commercial banks ever push to
use something that costs them over 20 times as much as the dollar
bill? The United States Federal Reserve system is NOT analogous to
any of the banking systems in any other country, so there is no way to
compare the issuing of dollar coins to the issuing of the 1 and 2 Euro
coins. The Euro's for each country are issued and monetized by the
same entity, whether they are coins or paper money. This is not the
case here, and the billions of dollars in seignorage earned by the
Federal Reserve for maintaining our money supply will not be given up
lightly.

If you want to get rid of the dollar bill, you must get rid of the
Federal Reserve system. Does anyone REALLY think that the US
Government would do as good a job at controlling or providing money as
the Fed? The money saving features of the dollar coin are a red
herring, put forth by those who do not understand the workings of the
Federal Reserve system, and the way it protects the country from its
government by controlling the flow of money.

When the government is free to mint and circulate unlimited quantities
of base metal, low production cost, subsidiary coinage as the basis
for our economy, without the intervention of the Federal Reserve
system to balance the needs of the economy, unlimited inflation will
result. Hasn't anyone here heard of John Law? French Assignats? How
about Continental Currency? Does the uncontrolled inflation of
Central and South America ring a bell? These are what happens when a
government is allowed to issue money for nothing. The banking
industry, including the Federal Reserve, has an huge interest in
keeping the value of US currency relatively stable, but there is no
way for it to do so if the under $5.00 currency is taken out of its
control by changing it into coinage.

How is the destruction of the value of US money better than a few
'rag-bucks' in your pocket?


Reclining Buddha

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