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By norton
#492559
When US money had actual value.
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By norton
#492577
Silver Certificate.
In March 1964, Secretary of the Treasury C. Douglas Dillon halted redemption of silver certificates for silver dollar coins; during the following four years, silver certificates were redeemable in uncoined silver "granules."[40] All redemption in silver ceased on 24 June 1968.[1] While there are some exceptions (particularly for some of the very early issues as well as the experimental bills) the vast majority of small sized silver certificates, especially non-star or worn bills of the 1935 and 1957 series, are worth little to nothing above their face values.
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By Phaedrus
#492579
There was a problem that, as the price of silver increased, the value of the silver in the dollar coin was much greater than the face value. You had a situation where the coins were being collected and melted down for the content. If I remember right, France was doing it on an industrial scale. Many countries stopped putting silver in their coins as a result.
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By norton
#492580
In reality once "money " is only worth what THE GOVERNMENT says it is the road to inflation is now paved.
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By Phaedrus
#492581
JW wrote:Obama was the one who cranked up the printing presses with nothing to back it.


That is not correct. The first round of "Quantitative Easing" began under Bush immediately after the 2008 election. It was too important to have it become an election issue, particularly with an irresponsible and desperate candidate like McCain who probably would have insisted that everybody go back to a room in Washington until the monetary crisis was solved. Oh, wait, he already tried that. :lol:

I can just imagine all the BS that would have poured out of Palin's mouth as she tried to position herself for 2012. :roll:

Just to be precise, they don't "crank up printing presses" but I'm sure you know that.

Please explain what you mean by "nothing to back it."
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