Legal Tender Act passed

Feb 25, 1862:
Legal Tender Act passed

The U.S. Congress passes the Legal Tender Act, authorizing the use of
paper notes to pay the government's bills.

http://www.history.com/this-day-in-h...der-act-passed

JAM

"Frank Galikanokus" "Frank wrote in message
...

Feb 25, 1862:
Legal Tender Act passed

The U.S. Congress passes the Legal Tender Act, authorizing the use of
paper notes to pay the government's bills.

http://www.history.com/this-day-in-h...der-act-passed

JAM

Almost 150 years now and we're still waiting for that certain economic doom
that the bankers and financial experts predicted. I know. I know. It's
coming. Just listen to the experts.

Bremick wrote:

"Frank Galikanokus" "Frank wrote in message
...

Feb 25, 1862:
Legal Tender Act passed

The U.S. Congress passes the Legal Tender Act, authorizing the use of
paper notes to pay the government's bills.

http://www.history.com/this-day-in-h...der-act-passed

JAM

Almost 150 years now and we're still waiting for that certain economic doom
that the bankers and financial experts predicted. I know. I know. It's
coming. Just listen to the experts.

We've had some economic disasters since then 1907, 1929, 2008 but these
were not caused by paper currency.

JAM

"Bremick" wrote in message
...

"Frank Galikanokus" "Frank wrote in message
...

Feb 25, 1862:
Legal Tender Act passed

The U.S. Congress passes the Legal Tender Act, authorizing the use of
paper notes to pay the government's bills.

http://www.history.com/this-day-in-h...der-act-passed

JAM

Almost 150 years now and we're still waiting for that certain economic
doom that the bankers and financial experts predicted. I know. I know.
It's coming. Just listen to the experts.

This is a bit tangential to the subject, but one thing that the critics of
paper money never seem to address is this: If they could entirely eliminate
FRB notes and other forms of "funny money" and go back to using only
gold/silver coins and notes backed by PMs in Ft. Knox, how would that affect
trade and the economy? Specifically, that would put a cap on the nation's
circulating money supply. Would there be enough "real" money available to
meet our present or future needs? (Side note: Further aggravating the
money shortage, what would become of all those dollars held as currency by
foreign sellers and investors? Would we replace all the Benjamins out there
with the new PM-backed notes, too? One up side might be to screw the drug
dealers and money launderers who couldn't figure out a way to recoup their
losses, but that's just a temporary, one-shot benefit.)

I haven't analyzed the numbers, but there might not be enough "new money" to
meet needs, especially if the practice of easing banking requirements to
create more (M2?) money is eliminated - which would be a logical and
arguably necessary part of going back to using only money holding intrinsic
value. You can argue that such a change would have a deflationary effect,
thus reducing the amount of circulating money needed to keep the wheels of
commerce turning. But I doubt that deflation itself would close the gap,
and besides, deflation on that scale would be just as harmful as large-scale
inflation.

Cranking up the production of M1 and M2 money is risky and worrisome; but
all I'm saying is that proposals to turn the monetary clock back 150 years
may be a waste of time because the Earth has gone around the sun too many
times for the monetary flat-earthers' proposals to be a realistic solution.

On Feb 25, 1:16*pm, "mazorj" wrote:
"Bremick" wrote in message

...







"Frank Galikanokus" "Frank wrote in message
...

Feb 25, 1862:
Legal Tender Act passed

The U.S. Congress passes the Legal Tender Act, authorizing the use of
paper notes to pay the government's bills.

http://www.history.com/this-day-in-h...der-act-passed

JAM

Almost 150 years now and we're still waiting for that certain economic
doom that the bankers and financial experts predicted. *I know. *I know.
It's coming. *Just listen to the experts.

This is a bit tangential to the subject, but one thing that the critics of
paper money never seem to address is this: *If they could entirely eliminate
FRB notes and other forms of "funny money" and go back to using only
gold/silver coins and notes backed by PMs in Ft. Knox, how would that affect
trade and the economy? *Specifically, that would put a cap on the nation's
circulating money supply. *Would there be enough "real" money available to
meet our present or future needs? *(Side note: *Further aggravating the
money shortage, what would become of all those dollars held as currency by
foreign sellers and investors? *Would we replace all the Benjamins out there
with the new PM-backed notes, too? *One up side might be to screw the drug
dealers and money launderers who couldn't figure out a way to recoup their
losses, but that's just a temporary, one-shot benefit.)

I haven't analyzed the numbers, but there might not be enough "new money" to
meet needs, especially if the practice of easing banking requirements to
create more (M2?) money is eliminated - which would be a logical and
arguably necessary part of going back to using only money holding intrinsic
value. *You can argue that such a change would have a deflationary effect,
thus reducing the amount of circulating money needed to keep the wheels of
commerce turning. *But I doubt that deflation itself would close the gap,
and besides, deflation on that scale would be just as harmful as large-scale
inflation.

Cranking up the production of M1 and M2 money is risky and worrisome; but
all I'm saying is that proposals to turn the monetary clock back 150 years
may be a waste of time because the Earth has gone around the sun too many
times for the monetary flat-earthers' proposals to be a realistic solution.- Hide quoted text -

- Show quoted text -

Dr. Gideon Gono, meet Mr. J.F. Mazor.

J.F. Mazor, meet Dr. Gono.

I think you two will make great great buddies.

You both have the curiously parochial, yet cocksure, mindsets that are
found only in national capitols.

oly

On Feb 25, 11:56*am, "Bremick" wrote:
"Frank Galikanokus" "Frank wrote in ...



Feb 25, 1862:
Legal Tender Act passed

The U.S. Congress passes the Legal Tender Act, authorizing the use of
paper notes to pay the government's bills.

http://www.history.com/this-day-in-h...der-act-passed

JAM

Almost 150 years now and we're still waiting for that certain economic doom
that the bankers and financial experts predicted. *I know. *I know. *It's
coming. *Just listen to the experts.

Yes, there are only three or four national fiat currencies which can
trace their existence to the period prior to World War I.

Each of these trades at 1/20th or less of their 1913 purchasing power
values.

Meanwhile, there are 100+ currency casulties in the 19th and 20th and
21st centuries.

May you live in interesting times.

oly

On Feb 25, 11:56*am, "Bremick" wrote:
"Frank Galikanokus" "Frank wrote in ...



Feb 25, 1862:
Legal Tender Act passed

The U.S. Congress passes the Legal Tender Act, authorizing the use of
paper notes to pay the government's bills.

http://www.history.com/this-day-in-h...der-act-passed

JAM

Almost 150 years now and we're still waiting for that certain economic doom
that the bankers and financial experts predicted. *I know. *I know. *It's
coming. *Just listen to the experts.

You know, U.S. 90% silver coins, dimes, quarters and halves, the ones
you were spending in daily commerce back in 1960, are now trading for
greenies at TWENTY-FOUR times (or more) original face value.

How do you come up with "same-o, same-o"???

Do you have a "debt-wish"???

oly

"Frank Galikanokus" "Frank wrote in message
...
Bremick wrote:

"Frank Galikanokus" "Frank wrote in message
...

Feb 25, 1862:
Legal Tender Act passed

The U.S. Congress passes the Legal Tender Act, authorizing the use of
paper notes to pay the government's bills.

http://www.history.com/this-day-in-h...der-act-passed

JAM

Almost 150 years now and we're still waiting for that certain economic
doom
that the bankers and financial experts predicted. I know. I know. It's
coming. Just listen to the experts.

We've had some economic disasters since then 1907, 1929, 2008 but these
were not caused by paper currency.

JAM

I'm hearing you. I'm still talking "doom" like those financial experts
prophesized because of that new paper currency. Maybe their interpretation
of "doom" is different from mine.

"oly" wrote in message
...
On Feb 25, 11:56 am, "Bremick" wrote:
"Frank Galikanokus" "Frank wrote in
...



Feb 25, 1862:
Legal Tender Act passed

The U.S. Congress passes the Legal Tender Act, authorizing the use of
paper notes to pay the government's bills.

http://www.history.com/this-day-in-h...der-act-passed

JAM

Almost 150 years now and we're still waiting for that certain economic
doom
that the bankers and financial experts predicted. I know. I know. It's
coming. Just listen to the experts.

Yes, there are only three or four national fiat currencies which can
trace their existence to the period prior to World War I.

Each of these trades at 1/20th or less of their 1913 purchasing power
values.

Meanwhile, there are 100+ currency casulties in the 19th and 20th and
21st centuries.

May you live in interesting times.
------------------

So, yes, we're one of the three or four whose "fiat" currency hasn't
collapsed. That's my point. It involves those ca1862 "financial expert"
doomsayers who predicted the collapse of everything we hold dear because of
this new paper currency. 150 years and still waiting. I suspect those
"experts" and their heirs still managed to prosper throughout the years
following their statements.

"oly" wrote in message
...
On Feb 25, 11:56 am, "Bremick" wrote:
"Frank Galikanokus" "Frank wrote in
...



Feb 25, 1862:
Legal Tender Act passed

The U.S. Congress passes the Legal Tender Act, authorizing the use of
paper notes to pay the government's bills.

http://www.history.com/this-day-in-h...der-act-passed

JAM

Almost 150 years now and we're still waiting for that certain economic
doom
that the bankers and financial experts predicted. I know. I know. It's
coming. Just listen to the experts.

You know, U.S. 90% silver coins, dimes, quarters and halves, the ones
you were spending in daily commerce back in 1960, are now trading for
greenies at TWENTY-FOUR times (or more) original face value.

How do you come up with "same-o, same-o"???

Do you have a "debt-wish"???
-----------------

Do you call that economic Doom? Has our currency collapsed? Is your 2001
salary the same as it was, or would have been, in 1964?