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Started By
Message
One this date in history in 1786 the dollar...
Posted on 8/8/25 at 12:48 pm
Posted on 8/8/25 at 12:48 pm
...was chosen by the U.S.congress to be the official monetary unit for the United States of America.
Now you know...
Now you know...
This post was edited on 8/8/25 at 6:39 pm
2
Posted on 8/8/25 at 12:51 pm to LSURussian
It used to be backed by Silver and Gold
Now it's backed by unicorn farts, oil and the threat of massive violence via the U.S. Military
Now it's backed by unicorn farts, oil and the threat of massive violence via the U.S. Military
Posted on 8/8/25 at 1:05 pm to FAT SEXY
quote:Not in 1786. The fledgling U.S. government didn't own any silver or gold back then.
It used to be backed by Silver and Gold
The dollar began backed by a governmental pledge to someday back the dollar by those metals.
Posted on 8/8/25 at 3:19 pm to LSURussian
Posted on 8/8/25 at 4:30 pm to LSURussian
quote:Not only that, I don't really think there was a consolidated national currency until the late 1800s or so. States had their own currencies and all. It was a mess.
Not in 1786. The fledgling U.S. government didn't own any silver or gold back then.
The dollar began backed by a governmental pledge to someday back the dollar by those metals.
Also, for all the gold/silver fetishists, I'm not sure you would have the stomach for the various "panics" that happened fairly often back in those days.
Posted on 8/8/25 at 5:31 pm to Big Scrub TX
quote:
Not only that, I don't really think there was a consolidated national currency until the late 1800s or so. States had their own currencies and all. It was a mess.
The real consolidation happened during the Civil War, but prior to that the major issuers were individual banks.
quote:
Also, for all the gold/silver fetishists, I'm not sure you would have the stomach for the various "panics" that happened fairly often back in those days.
Then as now most of the panics were caused due to government distortions. You should read Murray Rothbard’s “A History of Money and Banking in the United States”. He lays it all out beautifully.
After reading his book I firmly believe that the consolidation of money and banking power in the U.S. has been one of the greatest forces in impoverishing and enserfing our people. The power is too much for one group to hold. Banking branches need to be restricted back to within state boundaries and the Federal Reserve needs to be abolished.
TLDR: Jefferson and Jackson were right to oppose and strike down the central bank. Hamilton was an elitist who wanted nothing more than a new American aristocracy based around banking and (to a lesser extent) big industry.
This post was edited on 8/8/25 at 5:48 pm
Posted on 8/8/25 at 6:13 pm to FAT SEXY
quote:
it's backed by
A big military.
Posted on 8/8/25 at 11:11 pm to Decisions
quote:This sentiment simply lacks perspective or context at all. The greatest 150 years of wealth creation in the history of the world is described as "impoverishing"? GTFO
in impoverishing and enserfing our people
Posted on 8/9/25 at 12:05 pm to Artificial Ignorance
quote:
it's backed by
A big military.
At the end of the day it's backed by public confidence. You accept dollars from your employer for one reason: You know Rouse's and Mississippi Power and Verizon will accept dollars.
Posted on 8/9/25 at 12:35 pm to Big Scrub TX
quote:
The greatest 150 years of wealth creation in the history of the world is described as "impoverishing"?
Was that wealth creation due to central banking? To government spending? Or was it due to one of the greatest stretches of innovation in the history of mankind? Why must we accept inflation as a given? All of these tech breakthroughs are inherently deflationary. The prices of things should go down over time, not up. Let me ask you another question. When you see a chart like this:
Do you think this reads like a people that are getting richer over time? How about these:
Who do you think enabled and enforced these moves? Do you think they’ve helped the average man? I don’t.
Posted on 8/9/25 at 9:13 pm to Decisions
quote:
Hamilton was an elitist who wanted nothing more than a new American aristocracy based around banking
Hamilton was born an impoverished bastard son in the Caribbean. Immigrated to the US and proceeded to fight in the Revolutionary War, got the Constitution ratified in New York, wrote the majority of the Federalist Papers which outlined the practicality of a strong central government, then established a comprehensive tax/banking/federal debt system single handed which bonded the colonies together and actually produced consistent revenue for the federal government.
He disgraced his wife rather than live with the insinuation that he was embezzling from the treasury. He died in a duel and left his family pretty heavily in debt. Not particularly aristocratic in my opinion..
I think he saw the world influence and power that Great Britain wielded through their banking/commerce and simply wanted to replicate that for America.
Posted on 8/10/25 at 9:25 am to Big Scrub TX
quote:
Also, for all the gold/silver fetishists, I'm not sure you would have the stomach for the various "panics" that happened fairly often back in those days.
Or the panics we have today right?
When the Fed was created, it was to end all the panics and economic downturns. That was the main selling point. Guess they were wrong or sold the public one item but forgot to tell them the entire story.
Posted on 8/10/25 at 9:43 am to Bestbank Tiger
quote:
At the end of the day it's backed by public confidence. You accept dollars from your employer for one reason: You know Rouse's and Mississippi Power and Verizon will accept dollars.
Of course they will accept dollars, … but they will continue to devalue at a faster and faster rate …. that is precisely why all fiat currencies die. “Slowly at first, then all at once”. …. that’s how serfs are made
see the gdp chart posted by Decisions above. What happened to our financial system in 1972? … easy to see the break point.
This post was edited on 8/10/25 at 9:49 am
Posted on 8/10/25 at 1:10 pm to SaintTiger80
quote:
Hamilton was born an impoverished bastard son in the Caribbean. Immigrated to the US and proceeded to fight in the Revolutionary War
I’m well aware of his life’s story. The circumstances of a man’s birth is not the sole determinant of his political leanings later in life, though.
quote:
got the Constitution ratified in New York
And yet didn’t care too much about the sanctity of the document as his argument for the establishment of a central bank essentially rested on “well the Constitution doesn’t say you don’t have the power to create one”. Tenuous at best.
quote:
He died in a duel and left his family pretty heavily in debt. Not particularly aristocratic in my opinion..
Dueling was extremely common amongst high society in those days. Living above one’s means in an aspirational way has never been out of style.
quote:
I think he saw the world influence and power that Great Britain wielded through their banking/commerce and simply wanted to replicate that for America.
I agree. Do you not think of the Britain of that time as extremely aristocratic with a large, dispossessed underclass?
Posted on 8/10/25 at 2:50 pm to Alltheway Tigers!
quote:No, it wasn't.
When the Fed was created, it was to end all the panics and economic downturns. That was the main selling point.
Congress wanted the Fed to reduce the severity/depth of financial panics by becoming the "lender of last resort" to provide liquidity for the financial markets when they froze up.
Posted on 8/10/25 at 3:34 pm to LSURussian
quote:
Congress wanted the Fed to reduce the severity/depth of financial panics by becoming the "lender of last resort" to provide liquidity for the financial markets when they froze up.
I’ve never liked this train of thought much. Creating a national-level “extend and pretend” truly does privatize the gains and socialize the losses. It also obviously has encouraged and enabled moral hazard.
If the banks were kept at a smaller, state-border size and Glass-Steagall had teeth we could have kept contagion to a minimum and any time a bank did get over its skis simply fold them up, make depositors whole, and zero out the bad loans and equity holders.
It’s these bad-debt overhangs on the system that cause economies to languish for years or even decades (looking at you, Japan). What we should do is allow a sharp, hard break to wipe out all the bad actors who made foolish investments/loans so that the market can move on.
Posted on 8/10/25 at 4:50 pm to Decisions
quote:Including the hard working, elderly "bad actors" who see their entire life's savings "wiped out"?
What we should do is allow a sharp, hard break to wipe out all the bad actors
Nah, I'll pass on that... But thanks anyway.
Posted on 8/10/25 at 4:56 pm to LSURussian
quote:
any time a bank did get over its skis simply fold them up, make depositors whole, and zero out the bad loans and equity holders.
I’m not a monster. I’m not saying the innocent bystanders that are depositors and savers should be punished. But if you’re elderly and still playing in the serious investing markets like the rest of us (rather than converting to T-Bills, cash, dividend payers, or paid-off rent producing property) then I’ve got no pity for you. You knew the risks.
This post was edited on 8/10/25 at 5:00 pm
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