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1873 Year of the Gold standard


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#1 stocks

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Posted 08 December 2017 - 12:53 PM

The Coinage Act of 1873 was a general revision of the laws relating to the Mint of the United States. In abolishing the right of holders of silver bullion to have their metal struck into fully legal tender dollar coins, it ended bimetallism in the United States, placing the nation firmly on the gold standard. Because of this, the act became contentious in later years, and was denounced by people who wanted inflation as the "Crime of '73".

 

 The legislation, in addition to ending the production of the silver dollar, abolished three low-denomination coins. 

 

When silver prices dropped in 1876, producers sought to have their bullion struck at the Mint, only to learn that this was no longer possible. The matter became a major political controversy that lasted the remainder of the century, pitting those who valued the deflationary gold standard against those who believed free coinage of silver to be necessary for economic prosperity.  The gold standard was explicitly enacted into law in 1900, and was completely abandoned by the U.S. in 1971. 

 

Since 1853, silver bullion could be taken to the Mint and be coined into the standard silver dollar. Just like its gold counterpart, silver had unlimited legal tender. In other words, the value of the coin that could be minted from silver bullion was unlimited. Since the country was on bimetallism, the same principal held true for gold. The only noticeable difference (prior to 1873) was that silver coins had become quite rare—Greenbacks and National Bank notes were much more common and obtainable, especially to the working class. 

 

 

 https://en.wikipedia...age_Act_of_1873

  


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Harvard types end up working for Wall Street to fleece the world, working for Deep State to perpetuate US globo-hegemony, and working in elite institutions to spread PC and subvert freedom of speech.


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Posted 12 December 2017 - 07:51 AM

De-Dollarization Continues: China, Iran To Eliminate Greenback From Bilateral Trade 

 

Nothing Lasts Forever; World Bank Ex-Chief Economist Calls For End To Dollar As Reserve Currency 

 

As Russian President Vladimir Putin said almost two months ago during the BRICs summit in Xiamen,

 

“Russia shares the BRICS countries’ concerns over the unfairness of the global financial and economic architecture, which does not give due regard to the growing weight of the emerging economies. We are ready to work together with our partners to promote international financial regulation reforms and to overcome the excessive domination of the limited number of reserve currencies.”

 

 

http://www.zerohedge...bilateral-trade


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Harvard types end up working for Wall Street to fleece the world, working for Deep State to perpetuate US globo-hegemony, and working in elite institutions to spread PC and subvert freedom of speech.


#3 stocks

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Posted 13 January 2018 - 08:58 AM

Petrodollar 

 

When in 1971 the Nixon administration took the dollar off the gold standard, there was an international sleight of hand that ostensibly backed the dollar with a different commodity by getting Saudi Arabia to make the U.S. dollar the petrodollar.  So the conversion of the dollar to a fiat currency was not entirely pure.  Instead of the dollar being backed by "the full faith and credit of the U.S. government," the currency was unofficially backed by the kingdom of Saudi Arabia.


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Harvard types end up working for Wall Street to fleece the world, working for Deep State to perpetuate US globo-hegemony, and working in elite institutions to spread PC and subvert freedom of speech.