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Offline Gary G

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Define dollar
« on: March 03, 2011, 02:33:11 PM »
Ron Paul ask Ben Bernanke to define the current definition of the dollar.

As I was thinking about this, it occurred to me that when I was a young man that question was easy. The dollar was one ounce of silver. I remember when I could work almost anywhere for about a dollar an hour. Today folks think that must have been terrible. Well that dollar, being one ounce of silver, is $35 per hour today. That illustrates just how much purchasing power the dollar has lost since 1971.

Bernanke said that he would define the dollar by how much it would buy in goods and services. Now if I loan Ben a dollar for ten years, the chances are that the dollar that I get back will buy very little, if anything. In other words, Ben has defined the dollar as something just about worthless.


Here is the link to the youtube video of the monetary hearing:
http://www.youtube.com/watch?v=xV6MElf8xpo
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Offline billy_56081

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Re: Define dollar
« Reply #1 on: March 03, 2011, 04:37:55 PM »
Utah has some folks that understand how to define a dollar.

http://investmentwatchblog.com/utah-considers-return-to-gold-silver-coins/
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Offline BBF

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Re: Define dollar
« Reply #2 on: March 04, 2011, 04:01:53 PM »
Why would anybody pay his/her taxes etc with a gold or silver coin when the value of the coin exceeds the numerical value by a very large amount?
I wouldn't even consider paying a one dollar bill with a Silver Dollar coin.
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Offline The Hermit

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Re: Define dollar
« Reply #3 on: March 04, 2011, 04:25:50 PM »
scatterbrain, very true today. When the dollar was unbacked by anything of value, it started down the road to become worthless paper. An old adage is "bad money drives good money out of circulation".  Backed by the full faith and credit of the bankrupt government. Etc. Etc.
US history is repleat with times that the governemt devalued the dollar to rape its citizens.
Pay in paper dollars, save silver and gold. There is not enough physical gold and silver to facilitate trade in everyday transactions. Look for a law to make all transactions electronically.
If the paper dollar were to trade today with the metals, I would guess that the value of one ounce of silver would equal about 90 paper dollars. I base this guess on what it bought me in 1964, but I could be wrong.

The Hermit
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Offline billy_56081

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Re: Define dollar
« Reply #4 on: March 04, 2011, 04:43:08 PM »
Utah will take the spot value as payment.
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99% of all Lawyers give the other 1% a bad name. What I find hilarious about this is they are such an arrogant bunch, that they all think they are in the 1%.

Offline 45-70.gov

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Re: Define dollar
« Reply #5 on: March 04, 2011, 05:00:54 PM »
money  is based on something  of value

human life is the most valuable thing on  earth  [democrats excluded]

with the minimum  wage  at  $7.25    ...approx

one  dollar  is worth  approximately   8 and a half minutes of human life
thats what you can exchange a dollar for......8.5  minutes  of some ones  life

raise the minimum  wage to  $10......and what have you done  other than it gets you re-elected
have  you increased the value  of human  life with the stroke of a pen??????                                  no one has that  power.....all a $10  minimum wage would  do is de-value the dollar

if you don't  understand what i am saying  read it over until you do
i see  the dallor de-valuation......i mean  minimum wage  raise  coming soon
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Offline BBF

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Re: Define dollar
« Reply #6 on: March 05, 2011, 06:21:46 AM »
Quote from: billy_56081 on March 04, 2011, 04:43:08 PM
Utah will take the spot value as payment.

I presume spot value means actual metal value? This would change on a daily basis, is this what you mean?
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Offline billy_56081

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Re: Define dollar
« Reply #7 on: March 05, 2011, 06:35:52 AM »
Quote from: scatterbrain on March 05, 2011, 06:21:46 AM
Quote from: billy_56081 on March 04, 2011, 04:43:08 PM
Utah will take the spot value as payment.

I presume spot value means actual metal value? This would change on a daily basis, is this what you mean?

 ;) You got it.
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Offline Pat/Rick

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Re: Define dollar
« Reply #8 on: March 05, 2011, 07:18:29 AM »
One of John Wayne's horses.
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