Gold Confiscation?

[Jeffro]

If anything even remotely like this comes down the pike, you can bet your bottom Franc I won't be selling for dollars.

5, 10, even 20 pounds of gold takes up a relatively small space and is very easy to hide. Wouldn't even have to ride it out the whole 60 years or whatever, either. Just five or ten until the initial furor dies down and things get lax again. That is if you were dumb enough to keep it in this country as the law was being passed....

Its gonna be REALLY REALLY hard for something like this to occur.

 

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[Jeffro]

PLUS-

What are they gonna do after they confiscate all the refined gold from the public? Put armed militias in all the mining areas? I wonder how many troops it would take just to "protect" the Motherload country alone? A couple hundred miles long, 50 miles wide. 1000 square miles to fence in and guard.

Hell we can't even get the fence on the border built!

 

[stoney56]

ah real if the was no interest involved than paying a debt rang up at a .75 cent dollar with a .15 cent dollar would made us stronger but --- when you have to pay 10x the amount to "pay" of the debt -- loan of (1) .75 cent dollar in say 1987 -- now cost say (10) ,15 cent dollar to clear up --- so 2x as much ($1.50 real value ) get it -- not a good thing --- Ivan

Ivan, it's even worse than that if my math is correct (most hated subject in school). If a $1 is worth .75 in 1987 and .15 now then it costs 5X as much or $3.75 real value. If this keeps up, they'll be pulling out the $500 and $1,000 printing plates again.

 

[ivan salis]

say the 1 debt borrowed in 1987 takes 10 dollars to pay off today --- the 1987 borrowed dollar "true" value was say .75 cents --- the modern 10 dollars used to pay it the loan off are worth .15 cents each in "true" value --so 10 X .15 cents (todays dollar value) is $1.50 in real value or double the amount "borrowed" in 1987 . to "pay off the debt"--- thats the math -- Ivan

 

[stoney56]

OK. I can see that. Just like the quantity of things a $20 gold piece would buy in pre-Depression times the same $20 gold piece would buy today. You could buy a Colt single actiion .45 then for $20 gold, today you can also buy a Colt single action .45 for the value of a $20 gold piece.

 

[ivan salis]

yes because of its "gold" the twenty dollar gold piece has held its buying power or "true value" --the 1932 $20 gold piece held its "true value" being worth say $800 bucks in todays market (an oz of gold is worth say $800 bucks) --- the 20 bucks worth of silver dollars gotten in "exchange" for the 1932 $20 gold piece in 1933 would be worth say $ 280 bucks (silver at $14. 00 an oz X 20) so by going from the gold to sillver stand we cut the " true value" of our money by say roughly 2/3 rds ---- todays dollar coins have 6 cents of metal worth in them --- 20 of them is worth $1.20 in metal backing basically their wortless and treated as such -- thats why it takes a truck load tto exchage for "stronger" foreign money --- we bring in more stuff than we sell oversea's --- thus they have lots of our "money" and we few of theirs -- soo it devalues our worthless paper even more since the countries we buy from now do not want to be paid in worthless dollars but rather want "stronger" euros -- which are increasing in value -- currently about $1 .40- when it first started it was on "par" or slight below it -- now its at about 3 dollars for 2 euros in just a few short years ----- so ----warning, warning ---danger,danger --- money meltdown in sight --- Ivan

 

[blurr]

yes because of its "gold" the twenty dollar gold piece has held its buying power or "true value" --the 1932 $20 gold piece held its "true value" being worth say $800 bucks in todays market (an oz of gold is worth say $800 bucks) --- the 20 bucks worth of silver dollars gotten in "exchange" for the 1932 $20 gold piece in 1933 would be worth say $ 280 bucks (silver at $14. 00 an oz X 20) so by going from the gold to sillver stand we cut the " true value" of our money by say roughly 2/3 rds ---- todays dollar coins have 6 cents of metal worth in them --- 20 of them is worth $1.20 in metal backing basically their wortless and treated as such -- thats why it takes a truck load tto exchage for "stronger" foreign money --- we bring in more stuff than we sell oversea's --- thus they have lots of our "money" and we few of theirs -- soo it devalues our worthless paper even more since the countries we buy from now do not want to be paid in worthless dollars but rather want "stronger" euros -- which are increasing in value -- currently about $1 .40- when it first started it was on "par" or slight below it -- now its at about 3 dollars for 2 euros in just a few short years ----- so ----warning, warning ---danger,danger --- money meltdown in sight --- Ivan

Ivan,

I don't think the sky is falling just yet. I'm not smart enough on this topic to pick a fight.....but, is there another country in the world that uses gold or silver in their currency? Does any other country in the world back their currency with gold or silver? Questions I don't know for sure, but suspect that no country in the world does either. Economies rise and fall. Japan's crashed in the 80's, and now is strong. Britains economy has always had a stronger pound vs. the dollar. What would happen if we started back on the gold standard? We minted coins again out of gold and silver? My guess is that when gold and silver prices drop, which they eventually will, China would come in and buy up every last piece of coinage. That's the problem I see with this idea. Gold has risen by how much in the last couple of years? 150%? What would that do to the economy? Would we have to revalue our currency every time the price of gold dove or soared? I'm not trying to pick a fight, just have lots of questions about this stuff.

John

 

[ivan salis]

the reason for the stronger british money is tight money policies and heavy taxes on imports -- thus giving british folks the "offical" policy that theres no reason to buy foreign made stuff when there is locally made products availible at the same price (and often with much better local quality standards.) thus the british wisely protect their economy from the dumping of cheap but shoddy goods from overseas ----- while here in the USA we allow a glut of cheaply made foreign goods --- mainly from china ---(often made overseas by jail labor,child labor or inhuman sweatshop type labor for very low wages ( folks who's prices ---- american manufacters of course can not match because of these factors thus driving them out of bissiness or forcing them to "relocate"so they to can use these "low down" tactics to stay in bussiness ) these low priced and often low quality goods aredumped here in america --- undercuting our own bussiness in the procress and adding to our trade inbalances in the process thus weaking our dollars "value" in trade ---because thats all "paper" money is really actually a easily recognized and accepted portible IOU --- a famous chinese general noted long ago that "bussiness is war" --- to weaken a foe during times of peace ---destroy his bussiness and manufacting ability --- flood his markets with your cheaper products (at cost if need be) which their folks will buy (since everyone likes a bargin --and you can count on the cheapness of people -- somethings never change )-- thus idling their work force after awhile they forget their skill having not used them --- thus weaking their country --- without firing a shot --- Ivan

 

[blurr]

the reason for the stronger british money is tight money policies and heavy taxes on imports -- thus giving british folks the "offical" policy that theres no reason to buy foreign made stuff when there is locally made products availible at the same price (and often with much better local quality standards.) thus the british wisely protect their economy from the dumping of cheap but shoddy goods from overseas ----- while here in the USA we allow a glut of cheaply made foreign goods --- mainly from china ---(often made overseas by jail labor,child labor or inhuman sweatshop type labor for very low wages ( folks who's prices ---- american manufacters of course can not match because of these factors thus driving them out of bissiness or forcing them to "relocate"so they to can use these "low down" tactics to stay in bussiness ) these low priced and often low quality goods aredumped here in america --- undercuting our own bussiness in the procress and adding to our trade inbalances in the process thus weaking our dollars "value" in trade ---because thats all "paper" money is really actually a easily recognized and accepted portible IOU --- a famous chinese general noted long ago that "bussiness is war" --- to weaken a foe during times of peace ---destroy his bussiness and manufacting ability --- flood his markets with your cheaper products (at cost if need be) which their folks will buy (since everyone likes a bargin --and you can count on the cheapness of people -- somethings never change )-- thus idling their work force after awhile they forget their skill having not used them --- thus weaking their country --- without firing a shot --- Ivan




Ivan,

Good points, every one of them. Do you have any thoughts on the idea of going back on the gold standar, and what that would do to the economy?

John

 

[jeff of pa]

unless I'm mistaken,

it Would be impossable to go back to the gold standard.

it would mess with Taxes.

What you earned Today could be worth More or Less tomorrow.

And IF you got paid $100 taxable Dollars today.
and at tax time that $100.00 is worth $20. or $500,
the IRS would ether be Breaking you or Crying foul


Plus I doubt the U.S. has enough Gold to Back every cent out there.
Most Money is more then likely no more then #'s in books.

 

[ivan salis]

jeff you are correct --there is simpily too much printed "worthless money" out there to be backed by our gold that we have ----to go to a "standard" you have to actually have enough "whatever" to actuallty back all the money out there with it --- simplely put we don't enough gold or silver to cover our butts -- Ivan

 

[Real de Tayopa Tropical Tramp]

Good Morning Ivan: You are close, but --- If I had purchased a $100 Us savings bond for $75 in 1987, it would mature today for $100. Balance the difference between the purchasing power then and today. You lose ! And when you realize that you may be taxed upon the $ gains, you lose again. The same applies to international debt or shall we say balance of trade.

For those that ask why gold should back $ , it is simple, it controls how much money is printed and backed. Without it you have a situation such as today, they just print money as they wish, the more printed, the less value your money has. This is one reason inflation grows each year, it is what is called a controlled inflation.

Relax peeps, when you are paying $10 a gallon for gasoline or a loaf of bread, you will be face to face with the realities of inflation or a worthless printing press Dollar. This doesn't happen very easily under a value backed currency such as Gold.

The latest load of worthless printing press money to bail out, or help the Mortgage / Bank crisis, has just lowered the purchasing power of your dollar, so more will soon be needed to buy things.

Don Jose de La Mancha

 

[jeff of pa]

There is only one thing I can Think that would work,
But first we would need to Cancel the National Dept.
Just tell everyone "BITE ME !"

Then Confiscate every Gram of Gold & Silver.
and Declair all our Money Worthless.

Decide how much that Gold & Silver is worth on the
World Market.

And Set all prices Nationwide to Reflect what it can be worth.
And print new money.

Then Pay everyone accordingly.

Which is Impossable to do of course.
Because of the World Market.

 

[blurr]

There is only one thing I can Think that would work,
But first we would need to Cancel the National Dept.
Just tell everyone "BITE ME !"

Then Confiscate every Gram of Gold & Silver.
and Declair all our Money Worthless.

Decide how much that Gold & Silver is worth on the
World Market.

And Set all prices Nationwide to Reflect what it can be worth.
And print new money.

Then Pay everyone accordingly.

Which is Impossable to do of course.
Because of the World Market.

That is my point I guess. Unless there were other countries using the "gold" standard, it wouldn't really do us much good, would it? Didn't other countries "buy up" all of our silver and gold coinage in the 1800's because of a dip in metal prices. I remember something about that is why there are arows by the date of some seated coinage from that time period. The government in essence revalued our coinage. This is interesting discussion, hope the bottom doesn't fall out of our money!!!

John

 

[The Beep Goes On]

Just tell everyone "BITE ME !"

That reminds me of how much of this country is owned by foreign nationals...if the cr@p hit the fan, we could just say "tough, it's ours...what you gonna do about it". I know this is kind of off-topic, but the same priciple applies.

HH!
TBGO

 

[jeff of pa]

Yep & we'd be the Poorest country in the world,
Back in the Dark Ages. Nobody would Sell to us,
We'd be Lucky to earn 10 Cents a Week.
Bread would cost a Quarter cent a Loaf,
But it would take a Years Wages to buy a Gallon of Gas.

 

[MD Dog]

you guys are getting closer.



BTW Jeff, like the new MOD badge, really sticks out don't it.

 

[Leon]

I've been trying to stay away from this post all day...
I don't think I can make a reply without a bunch of this---> "*&^%$#@#&@&!" in it...
I never owned any gold, or much silver, before getting into detecting. I still don't own much of it, but if they think their going to give me a piece of worthless paper for what I've went out and dug up they're &^$%#*ing crazy!... I'll put it back in the ground first...

 

[The Beep Goes On]

Yep & we'd be the Poorest country in the world,
Back in the Dark Ages. Nobody would Sell to us,
We'd be Lucky to earn 10 Cents a Week.
Bread would cost a Quarter cent a Loaf,
But it would take a Years Wages to buy a Gallon of Gas.

Yeah, I know...I guess it would only be a viable alternative if the whole world went to hell at the same time...what a pleasant thought.

HH!
TBGO

 

[jeff of pa]

Yep & we'd be the Poorest country in the world,
Back in the Dark Ages. Nobody would Sell to us,
We'd be Lucky to earn 10 Cents a Week.
Bread would cost a Quarter cent a Loaf,
But it would take a Years Wages to buy a Gallon of Gas.

Yeah, I know...I guess it would only be a viable alternative if the whole world went to hell at the same time...what a pleasant thought.

HH!
TBGO

I'll Drink to that Beep