More likely, he believes that driving the system toward a single fiat paper currency is a precursor to slipping a hard commodity anchor onto that single world paper currency at just the critical moment easier to bell a single cat than herd them all into a corral and tag them each individually.
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From 1861 until 1873 neither gold nor silver were used as currency and all US currency was paper which could not be exchanged for either.
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An inverse relationship between the issuance of paper by the state and the hard-currency value of that paper has been recognized for centuries, and it can be observed in U.S. history.
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It is this expectation of global paper currency debasement which makes gold an attractive long-term investment.
At the outset of the Great Depression people distrusted banks but trusted paper currency and gold.
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It is this expectation of paper currency debasement which makes gold an attractive long-term investment for us.
Thus, there might be times when they are reluctant to take paper currency when exiting their gold investment.
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Linters are also used in hot dog and sausage casings, as well as writing paper, and in most countries, paper currency.
Paper currency began as warehouse receipts for specified weights of gold or silver.
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It is no coincidence, too, that the Federal Reserve and its paper currency came into existence around the same time.
In the absence of convertibility into specie, there must be a monetary rule to anchor the nominal value of paper currency.
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Personally, I find oil a more appealing commodity play if you want to put your savings into something other than paper currency.
Some were tempted by promises of land, others by the fact that the king's armies paid in a gold-backed currency, not paper dollars.
In addition to all of these tax issues, the U.S. in the early 1930s was on a gold standard where paper currency was legally convertible into gold.
WSJ: Arthur B. Laffer: Taxes, Depression, and Our Current Troubles
Even today private banks in Northern Ireland and Scotland issue pound notes redeemable into pounds sterling, and in Hong Kong paper currency is supplied exclusively by private banks.
When a government's paper currency fails to do the one thing it's supposed to do--signal that it's worth exactly what the numerical figure on the bill says--distortions result.
That is the pseudonym adopted by Sir Walter Scott when, in March 1826, he launched a spirited and sustained attack against an earlier effort to interfere with Scotland's paper currency.
Steve Forbes, the onetime Republican president candidate, predicted in 2011 that loss of confidence in paper currency would force the U.S. to return to the gold standard after the 2012 election.
We have to fear that another round of quantitative easing will do no more than devalue the dollar as a paper currency and lead to more speculation in gold and other commodities.
Other gold investors believe that continued weakness in the dollar will attract more gold investors like the central banks of China, Russia and India, who see the precious metal as an alternative to paper currency.
During his second term, he vetoed the renewal of the charter for the independent Second Bank of the United States, a private institution that kept the federal government's deposits interest-free, and issued uniform paper currency.
With the plethora of paper currency in 1791 appeared the first evidences of that cancerous disease which always follows large issues of irredeemable currency, a disease more permanently injurious to a nation than war, pestilence or famine.
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On a recent branding mission to China, we learned that every child in Chinese elementary school is taught the three Chinese innovations that changed the world: gunpowder, the compass, and movable type (Chinese ancients also invented paper currency).
But a grassroots project called the Bioweathermap was launched a year ago to discover and track the worldwide movements of these organisms using high-speed DNA sequencing of the biological residue on paper currency, one of the most oft-handled and well-traveled of objects.
The stated intention of this policy is to introduce more inflation as a means to potentially stimulate economic activity, but it also provides a means to pay back the large amassed debts with less valuable paper currency without having to deal with the short-term pain of actual default.
The increase in the demand for paper currency and gold not only had a quantity effect on the money supply but it also put upward pressure on the price of gold, which meant that dollar prices of all goods and services had to fall for the relative price of gold to rise.
WSJ: Arthur B. Laffer: Taxes, Depression, and Our Current Troubles
Chancellor's Schroeder's remarks also suggested "a potentially dangerous divergence" between those who stress "the benefits of a weak euro in stimulating exports and job growth", and the European Central Bank, "which fears the inflationary consequences of a weak currency", the paper says.
The assumption of the Peterson paper is that currency interventions are undertaken by foreign governments to suppress domestic currency values in order to render export prices more competitive.
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