October 2010 Archives

Silver Shines as an Economic Solution

Here’s another interesting article written by Cassandra Anderson and posted on MORPHcity of another State government working towards bringing back Constitutional money into our economy.

Idaho State Representative Phil Hart authored the Idaho State Silver Gem Act earlier this year which allows for the Idaho State Treasurer to issue silver medallions and make them available to the public; people may use them for any purpose they want and will have the option of paying their State taxes with the silver. The benefits of the Silver Gem Act are:

  • Silver can be used as an alternative currency, outside of the banking system
  • Jobs will be created in the metal refining industry in Idaho
  • Silver- and gold- are a protection against inflation for both the public and Idaho State

The Idaho Silver Gem Act serves as a model that other states and local governments can use. If the bill passes, people can use silver with confidence because the government of Idaho will accept it, too. The Idaho Silver gem Act will also help to prevent possible federal precious metal confiscation.

According to G. Edward Griffin, America’s monetary system is based on fiat money, it has no intrinsic value and it is not asset- backed. Federal Reserve notes have value because of government regulations (the Legal Tender laws) that mandate their use under the threat of fine or imprisonment. The Legal Tender laws require people and businesses to accept Federal Reserve notes for payment, if Federal Reserve notes are offered as payment. However, people, businesses and even governments can also accept payment in the form of gold, silver or any other thing of value- they are not tied to accepting only Federal Reserve notes.

Mr. Griffin said that the bankers DO NOT own most of the gold- most of the gold is still in the ground! And even if the bankers did own all of the gold, but the monetary system was based on gold, such a commodity backed money system would prohibit the bankers from using fractional reserves to make loans and collecting interest on money created from nothing, thus limiting their primary stream of income.

Representative Hart’s Idaho Silver Gem Act, fully endorsed by G. Edward Griffin, is a first small step toward a competing currency. Instead of creating sweeping banking reforms Hart’s legislation is practical, incremental and it can be put into place immediately. For example, Georgia had a bill that would have made it mandatory for silver and gold to be used in all State business. Georgia’s bill failed because the implementation of the bill would have been monumental- imagine the difficulty of all businesses and entities trading with Georgia State’s government having to convert all payments into precious metals.

Representative Phil Hart’s Silver Gem Act passed the Idaho House vote (51 to 14) but it died in a Senate committee earlier this year. Two of the senators who were outspoken critics of the legislation were defeated in the 2010 primary election, improving the bill’s chances for next year. The Silver Gem Act is the only competing currency bill to get this far and Phil Hart will re-introduce it again next year if he is re-elected.

Click here to read the Idaho Silver Gem Act

Representative Phil Hart

Fed Hints It Will Print and Inflate Dollars as Gold Hits New Record

Chicago Federal Reserve Bank President Charles Evans says the Fed will probably “overshoot” its “informal” two percent inflation target in a desperate effort to jump-start the economy and get credit moving again.

“In the last several months I’ve stared at our unemployment forecast and come to the conclusion that it’s just not coming down nearly as quickly as it should,” Evans told the Wall Street Journal. “This is a far grimmer forecast than we ought to have,” he said, so Evans favors “much more accommodation than we’ve put in place.”

In other words, the Fed will continue its destructive policy of “quantitative easing.” It will create money ex nihilo — out of nothing — and further devalue the dollar. The Fed will use funny money created out of thin air to purchase government bonds, mortgage-backed securities and corporate bonds. Zombie banks will feed this funny money into the stock market casino.

The Fed knows “that they can use the stock indices as a ruse to dupe the dopes into thinking all is well while promulgating the belief that the Fed is here to help,” writes Barry M. Ferguson. “In real terms, the US dollar has lost more than 50% of its value since 2001 while the Dow has remained at the same level of ten years ago.”

For those not fooled by the Fed and the corporate financial media, the only safe haven is in gold and silver. So long as the Fed continues to destroy the dollar, gold and silver will follow an inverse trend reaction to dollar devaluation, as Ferguson notes.

Article written by Kurt Nimmo
Prison Planet.com
Wednesday, October 6, 2010

FED Chairman Bernanke says The United States is on the Brink of Financial Disaster

Federal Reserve Chairman Ben Bernanke recently spoke at the the Annual Meeting of the Rhode Island Public Expenditure Council in Providence, Rhode Island, warning about the current state of the government finances. His conclusion, the situation is dire and “unsustainable”.

Ben_BernankeHe said, “The recent deep recession and the subsequent slow recovery have created severe budgetary pressures not only for many households and businesses, but for governments as well. Indeed, in the United States, governments at all levels are grappling not only with the near-term effects of economic weakness, but also with the longer-run pressures that will be generated by the need to provide health care and retirement security to an aging population. There is no way around it–meeting these challenges will require policymakers and the public to make some very difficult decisions and to accept some sacrifices. But history makes clear that countries that continually spend beyond their means suffer slower growth in incomes and living standards and are prone to greater economic and financial instability.”

More on FED Chairman Bernanke says The United States is on the Brink of Financial Disaster

What are Commemorative Coins?

Commemorative coins have become very popular with some people who want different kinds of coins in their collections or for souvenirs. Many times they are used as gifts for special occasions.

There is a strong demand for these coins among people who are collectors as they may have significant meaning to them. Others will want them to remember an important day or occasion. The mint date and the event celebrated by the coin could be one factor people consider them collectible items.

Commemorative coins have been minted since the days of the early Greeks and the Romans. But no nation has surpassed the splendor and the beauty of the designs of American commemorative coins. From the first commemorative coins issued for the 1892-1893 World’s Columbian Exposition to the modern commemorative coins of today, the diversity of themes and designs is unmatched. Some of the most talented sculptors of their day have designed these coins.

Commemorative coins in the United States were issued to honor significant historical events and noteworthy people from American history. That fact alone gives commemorative coins an appeal well beyond those interested in numismatics. In the classic commemorative coin series (1892 to 1954) there are 50 different design types and 144 different date and mintmark combinations. Many collectors attempt to complete either or both of these sets.

There are countries that have produce commemorative coins and used these coins for propaganda. There were monarchs who issued coins to commemorate past or current events and/or celebrations that recognized their authority.

The half dollar was produced in 1892 to commemorate the Columbian Exposition in Chicago. This was a celebration to mark the 400th anniversary of the expedition of Christopher Columbus and his discoveries in the world.

During the following year, the first quarter dollar commemorative was introduced to signify the Exposition as well, but it also gave honor to queen Isabella of Spain. She was the one who “back-pedaled” the political agendas on Women Rights.

The first commemorative coins that were made of silver were introduced in the 1900s. The coins were minted in honor of Lafayette and George Washington. In the following years, the half dollar coin was denominated, and the legal tender commemorative coins were created to mark celebrations rather than historical events. These coins are recognized today as classical sets of special coins of historical events between the years 1892 – 1954.

APMEX offers a superb selection of modern commemorative silver dollars.

It was in 1932 that the Washington quarter dollar was released as the United States’ second commemorative coin in its denomination. It was issued for the 200th birth anniversary of George Washington. The coin also continues its circulation as a commemorative coin because of its popularity.

It was uncharacteristic to circulate a commemorative coin of the 1892 – 1954 era in the United States because the government had not intentionally put them into circulation, (they were not legally approved by the government for public use) so collectors will not pay the premium costs of these coins that are still in the market.

In 1975, that the Bicentennial quarter was introduced. It became the second circulating commemorative coin in the country, while the silver dollars and half dollars (1776 – 1976) were reissued as a special collector’s edition.

Many collectors have different agendas when collecting these coins. Some prefer commemorative coins from 1892 – 1954 while most collectors choose the modern editions. They know that these coins have different values depending on the series and/or editions.

Although there have been different series released, a proposal was submitted to congress that would mark the Lincoln cent for his birth anniversary. No one knows whether or not the 1-cent denomination commemorative coin will be minted.

The confusing part of these commemoratives that are circulating is the pattern of the denomination. The 1776-1976 commemorative half-dollar and silver dollar may not be included in collections because of their scarcity. Most of the coins that are circulating are the quarter dollar coins. It should be an interesting development for the proposed circulation of the one cent commemorative coin.