At 7:31 PM -0500 on 7/2/02, Harmon Seaver wrote:
Wasn't the dollar backed by silver for quite awhile? There were definitely
real silver dollars coined for quite awhile, and the dollar said
something on it
about silver certificate. Likewise many smaller coins had a high silver
content
--
--
On 3 Jul 2002 at 2:36, Anonymous wrote:
However doing a straight devaluation was politically
unacceptable at the time. Because the dollar was pegged to
gold, devaluing the dollar meant in effect increasing the value
of gold in terms of dollars. This would represent a tremendous
From: Anonymous [EMAIL PROTECTED]
Even libertarian
monetarists such as Milton Friedman agree that this is the proper approach
when dealing with a depression.
Murray Rothbard's law number 17: all economists specialize in the field they
suck most. Friedman is good in many areas, but he sucks
--
On 3 Jul 2002 at 2:36, Anonymous wrote:
At the time, the U.S. faced a significant chance of a
Communist/Socialist revolution such as had been seen in several
other countries. Class warfare was widespread,
The high point of support for socialism among the masses in the US
was the
Roosevelt needed to in effect devalue the dollar during the Great
Depression.
However doing a straight devaluation was politically unacceptable
at the time. Because the dollar was pegged to gold, devaluing the
dollar meant in effect increasing the value of gold in terms of
Anonymous [EMAIL PROTECTED]
Just curious, but what was the rationale under which private posession
of gold was made illegal in the US? It boggles the mind...
snip
However doing a straight devaluation was politically unacceptable
at the time. Because the dollar was pegged to gold,
On Wednesday, July 3, 2002, at 08:50 AM, Michael Motyka wrote:
IIRC many of the wealthy were quick enough to ship huge amounts of gold
to Europe. That is one reason I have heard given that the St Gauden's
$20 gold pices of that era are possibly poor investments - there is a
reservoir of them
On Tue, Jul 02, 2002 at 11:34:17PM -0400, R. A. Hettinga wrote:
At 7:31 PM -0500 on 7/2/02, Harmon Seaver wrote:
Wasn't the dollar backed by silver for quite awhile? There were definitely
real silver dollars coined for quite awhile, and the dollar said
something on it
about silver
Wasn't the dollar backed by silver for quite awhile? There were definitely
real silver dollars coined for quite awhile, and the dollar said something on it
about silver certificate. Likewise many smaller coins had a high silver content
-- this ended sometime during Vietnam, not sure the year.
Just curious, but what was the rationale under which private posession
of gold was made illegal in the US? It boggles the mind...
Roosevelt needed to in effect devalue the dollar during the Great
Depression. In a deflationary depression, this acts as an inflationary
force to cancel the
On Tue, 2 Jul 2002, Adam Back wrote:
Just curious, but what was the rationale under which private possession
of gold was made illegal in the US? It boggles the mind...
Adam
Eric's comment are correct.
A bit more info. The US wanted to devalue the $ and substitute a general
gold standard
Duncan Frissell said:
By forcing Americans to turn in
their gold before devaluation, the Feds got more gold for less money.
But: the individual common folk couldn't be forced to turn in their gold if
the govmt didn't know they had any, right, since gold wasn't/isn't
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