U.S. President Barack Obama’s recently submitted budget proposal for 2015 revisits against U.S. coinage, its composition and cost. The President has shown an interest in updating and streamlining U.S. currency by cutting costs to production or eliminating altogether the smallest denominations since at least 2010, “in order to efficiently promote commerce in the 21st Century.” Both pennies and nickels cost some twice their face value to produce, despite the fact that the amount of copper and nickel contained within has been dramatically reduced. Canada is now a year into the apparently seamless and successful elimination of its penny coin. But the real significance of debasing or eliminating coins is an implicit acknowledgement that the dollar continues to fall in value, as do all fiat currencies in the world, and that no one has any intention of restoring that lost value.
Depressions Are Depressing
The problem is that there will always be people in charge who are overly confident and think they can do no wrong. These people have the hubris and blatant arrogance to think that they can control things… that they know more than the information contained in the sum of all transactions… that they know more than the free market.
Bumps, Dips, Bubbles, and Storms - Part 2
"There is a reckoning that occurs every so often in world history. It is a time when debts are paid, when wars are fought, when disease ravages and passes through a land, when the corn does not grow like it used to, or when the forces of nature itself delivers a brief catastrophic blow. On Black Tuesday, the reckoning of several years of boom, which was based in large part on credit, came due. "
It is my goal, within these pages, to bring to the reader an understanding of money... what it is... why and how it was created... and a history of how it has been used, abused and manipulated. For he who studies the past is often granted a glimpse of the future.
The Golden Rule - 1871 to 1913 Classical Gold Standard
Then something magical happened... international trade and foreign investment exploded! Countries found it more advantageous for their economies to end the protectionism that was considered normal and engage their neighbors in trade. Barriers fell, tariffs were eliminated, and a new era of international business and prosperity was ushered in.
It's Not Easy Being Green - Lincoln's Greenback vs. the Confederate Dollar
The Continental - The First U.S. Hypernflation
"If in the pursuit of the means we should unfortunately stumble again on unfunded paper money or any similar species of fraud, we shall assuredly give a fatal stab to our national credit in its infancy. Paper money will invariably operate in the body of politics as spirit liquors on the human body. They prey on the vitals and ultimately destroy them. Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice." George Washington, January 9, 1787
Don't Get Caught With Your Shorts Down - Panic of 1901
Across the board the entire stock market started to fall. The rest of the traders (the vast majority who were not short Northern Pacific) also panicked and started to sell, and as one stock went to the moon, the rest of the stock market crashed. It's called the Panic of 1901.
Nov 16 2013
Janet Yellen, soon to be the head of the privately-owned Federal Reserve Bank (Fed), isn't revealing much on the truth about interest rates. But there was a thread to pull on.
This piece unravels multiple deceptions.
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From Janet Yellen’s April 4 speech, 2013:
Aug 09 2013
A federal judge ruled this week that Bitcoins, a “digital crypto currency” that has been touted as a potential free market alternative to traditional, government-controlled currencies, is legally money.
The ruling came up in a U.S. Securities and Exchange Commission lawsuit against Texan Trendan Shavers, who is charged with committing fraud in a Bitcoin Ponzi scheme worth millions of dollars, according to an NBC News report. Shavers attempted to counter the SEC charges by claiming that Bitcoins are not money, therefore shares of his company, Bitcoin Savings & Trust (BTCST), are not securities, and therefore the SEC has no jurisdiction. The U.S. District judge put the kibosh on Shavers’ argument, stating: