the debasement of coins by removing silver has gotten way to funny the last few years because the European union and at times even Switzerland were forced to consider removing their lowest denominated coins because the copper was more worth than their minted purchasing power. so perhaps at least those are not 'fiat' 😉
It isn't you, Rudy. All you are doing is telling the unvarnished truth. The truth today would be depressing except that I have faith in God. God provides. Amen.
I was waiting to hear what you would do if you were in charge of the Fed. What would be the correct policy to get out of this mess. I'd be very interested to know the steps, and then I could argue them as well. Everything else was spot on! Thanks for the great insights!
I think I did say the first thing I would do would be sell the $2.5 trillion of mortgage-backed securities the Fed has (illegally?) monetized since 2009.
Silver was taken from the coins after 1964 when LBJ said "silver is too valuable to be used as money." The gold conversion ended as you say in 1971 under Nixon, illustrating the uni-party is of one mind about inflation as a joy for the wealthy people who have bribed the politicians.
But not today. The temporary debasement of coins is always made worse until there's no more precious metal involved. Partial debasement always becomes total in the fullness of time. After 1982 the penny stopped being 95% copper. It's now more than 95% zinc and only electroplated with copper. Put a penny in a vise and saw it in half with a hacksaw. It's mostly zinc.
All of the silver "Ike" coins were minted at the San Francisco Mint in 1971, 1972, 1973, 1974, and 1976. These coins were either uncirculated or proof. Uncirculated coins came in cellophane with a blue plastic token in a blue envelope. Proof issues came in a proof set-like plastic case in a fancy brown wood colored box with a gold seal on back. The uncirculated coins are referred to as 'Blue Ikes' and the proofs as 'Brown Ikes'. Coins minted in 1975 and 1976 for the Bicentennial come with the quarter and the half dollar of that year. The uncirculated coins were sold by the Mint for three dollars; the proof version for ten dollars. Two varieties of the dollar were produced in 1976 and can be distinguished by the thickness of the lettering. [ ? ]
I'm begging you, read the preceding paragraph again. For the love of everything holy, read every word. If you typed "silver Eisenhower dollar value" in your search engine, you may end up here, but it does not mean your coin has any silver in it. Most Eisenhower dollars don't, especially if it's worn and circulated. The best way to distinguish the two versions is by weight. The copper-nickel version weighs 22.68 grams, the silver Ike dollar weighs 24.59 grams. Please visit the clad version of the Eisenhower Dollar page if you have a circulated, worn dollar.
That last paragraph cracked me up. Used to have a little coin/gold/silver buying shop (that’s where I found the rabbit hole!)…..COUNTLESS people came dragging in Ike dollars (no silver, worth $1). The looks they would give when you told them they weren’t silver….
It only took the announcement to persuade de Gaulle to redeem France's dollars for gold. So if you look at the London gold pool, you see an effort to airlift enough American gold to keep the world gold price close to $35/ounce. Then a clever person figured out that they could break the weighing floor at Rothschild's by overloading it. That excused the closing of redemptions in London. But Zurich opened for redemptions after two weeks. So the weighing floor was magically fixed quite suddenly.
Yes the quarter and dime became garbage in 1965 and the half dollar was "only" debased from 90% silver to 40% that year. But you find that stop gap debasement always ends the same way. Mexico debased the peso coin a little bit but eventually all the way. I don't know of any coin in the 20th Century that stuck at partial debasement.
It was the determination of de Gaulle to redeem France's dollars that brought the world price up to where Nixon was persuaded to close redemptions and betray Bretton Woods forever. The uni-party is of one mind about inflation because they are bribed by the wealthiest people to screw everyone else.
I really enjoyed the podcast, I laughed and learnt stuff, happy to be one of your 82 million subscribers.
Thanks!
the debasement of coins by removing silver has gotten way to funny the last few years because the European union and at times even Switzerland were forced to consider removing their lowest denominated coins because the copper was more worth than their minted purchasing power. so perhaps at least those are not 'fiat' 😉
It isn't you, Rudy. All you are doing is telling the unvarnished truth. The truth today would be depressing except that I have faith in God. God provides. Amen.
But it never hurts to throw in more funny memes.
I was waiting to hear what you would do if you were in charge of the Fed. What would be the correct policy to get out of this mess. I'd be very interested to know the steps, and then I could argue them as well. Everything else was spot on! Thanks for the great insights!
I think I did say the first thing I would do would be sell the $2.5 trillion of mortgage-backed securities the Fed has (illegally?) monetized since 2009.
ShadowStats.com offers inflation and unemployment figures with the 1980 rules rather than the "hedonic" adjustment lies.
"This is why I bash most economists - because they are clueless "Intellectuals Yet Idiots,". The correct term is MIDWITS - Like CNN pundits.
As compared to malevolent sociopaths like central bankers or intelligence officials. https://www.politico.com/news/2020/10/19/hunter-biden-story-russian-disinfo-430276
Silver was taken from the coins after 1964 when LBJ said "silver is too valuable to be used as money." The gold conversion ended as you say in 1971 under Nixon, illustrating the uni-party is of one mind about inflation as a joy for the wealthy people who have bribed the politicians.
Mostly true…silver still used to a lesser extent (40%) in half dollars 65-69, when it ended altogether.
Actually, now that I think about it….Eisenhower Dollars we’re minted in 40% until I think ‘76.
But not today. The temporary debasement of coins is always made worse until there's no more precious metal involved. Partial debasement always becomes total in the fullness of time. After 1982 the penny stopped being 95% copper. It's now more than 95% zinc and only electroplated with copper. Put a penny in a vise and saw it in half with a hacksaw. It's mostly zinc.
Yep. Surprised I haven’t run into you in this rabbit hole before! Everyone is my family thinks I’m crazy.
"But I don’t want to go among mad people," Alice remarked.
"Oh, you can’t help that," said the Cat: "we’re all mad here. I’m mad. You’re mad."
"How do you know I’m mad?" said Alice.
"You must be," said the Cat, "or you wouldn’t have come here."
I forget if those went into general circulation or were just collector type coins https://www.coinflation.com/silver_coin_values.html
From the conflation page:
All of the silver "Ike" coins were minted at the San Francisco Mint in 1971, 1972, 1973, 1974, and 1976. These coins were either uncirculated or proof. Uncirculated coins came in cellophane with a blue plastic token in a blue envelope. Proof issues came in a proof set-like plastic case in a fancy brown wood colored box with a gold seal on back. The uncirculated coins are referred to as 'Blue Ikes' and the proofs as 'Brown Ikes'. Coins minted in 1975 and 1976 for the Bicentennial come with the quarter and the half dollar of that year. The uncirculated coins were sold by the Mint for three dollars; the proof version for ten dollars. Two varieties of the dollar were produced in 1976 and can be distinguished by the thickness of the lettering. [ ? ]
I'm begging you, read the preceding paragraph again. For the love of everything holy, read every word. If you typed "silver Eisenhower dollar value" in your search engine, you may end up here, but it does not mean your coin has any silver in it. Most Eisenhower dollars don't, especially if it's worn and circulated. The best way to distinguish the two versions is by weight. The copper-nickel version weighs 22.68 grams, the silver Ike dollar weighs 24.59 grams. Please visit the clad version of the Eisenhower Dollar page if you have a circulated, worn dollar.
That last paragraph cracked me up. Used to have a little coin/gold/silver buying shop (that’s where I found the rabbit hole!)…..COUNTLESS people came dragging in Ike dollars (no silver, worth $1). The looks they would give when you told them they weren’t silver….
It only took the announcement to persuade de Gaulle to redeem France's dollars for gold. So if you look at the London gold pool, you see an effort to airlift enough American gold to keep the world gold price close to $35/ounce. Then a clever person figured out that they could break the weighing floor at Rothschild's by overloading it. That excused the closing of redemptions in London. But Zurich opened for redemptions after two weeks. So the weighing floor was magically fixed quite suddenly.
Yes the quarter and dime became garbage in 1965 and the half dollar was "only" debased from 90% silver to 40% that year. But you find that stop gap debasement always ends the same way. Mexico debased the peso coin a little bit but eventually all the way. I don't know of any coin in the 20th Century that stuck at partial debasement.
It was the determination of de Gaulle to redeem France's dollars that brought the world price up to where Nixon was persuaded to close redemptions and betray Bretton Woods forever. The uni-party is of one mind about inflation because they are bribed by the wealthiest people to screw everyone else.
I’ve always loved that they sent a battleship over to pick their gold up!
"Toujours l'audace!"
Rocko, help the judge find his checkbook.