Tag Archives | Currency

How To Start Your Own Currency

4788000521_654a66a856Afraid that the world is collapsing and your hard-earned dollars will soon be worthless kindling? At heart, monetary systems are based upon a shared delusion, so you might as well get empowered and start you own — The Atlantic explains how.

And, lest you think the whole idea is tongue-in-cheek, there are tons of real-world examples of successful alternate currencies right now for inspiration: Ithaca HOURS (used in Ithaca, NY), World of Warcraft money, BitCoin, and Japan’s Fureai Kippu, or “friendship tickets”:

Here’s a nightmare scenario shared by some mainstream investors, goldbugs and Ron Paul devotees: The year is 2013. Inflation has the U.S. economy in a stranglehold. International investors are fleeing to the far corners of the globe. The dollar is in a free fall, and Americans are scurrying to protect their wealth. What do you do?

Start your own currency. It’s not as complicated as it sounds. You can “back” it with gold, or mimic an I.O.U.

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What Do You Want Coins To Be Made Out Of?

med_coin_magic_0

Hurry and respond before the April 4 deadline! The U.S. Mint wants the public’s thoughts and suggestions regarding what metals to use for producing the currency of the future. Personally, I’m pulling for tungsten, or anything that glows in the dark, really.

The United States Mint today announced that it is requesting public comment from all interested persons on factors to be considered in conducting research for alternative metallic coinage materials for the production of all circulating coins.

These factors include, but are not limited to, the effect of new metallic coinage materials on the current suppliers of coinage materials; the acceptability of new metallic coinage materials, including physical, chemical, metallurgical and technical characteristics; metallic material, fabrication, minting, and distribution costs; metallic material availability and sources of raw metals; coinability; durability; sorting, handling, packaging and vending machines; appearance; risks to the environment and public safety; resistance to counterfeiting; commercial and public acceptance; and any other factors considered to be appropriate and in the public interest.

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Liberty Dollar ‘Architect’ Convicted Of Conspiracy Against United States

ron paul coin The Courier Press reports:
The former head of an Evansville-based company that tried to introduce a currency that competed with the U.S. dollar has been found guilty of federal charges in North Carolina. Bernard von NotHaus, 67, was convicted Friday by a federal jury of making, possessing and selling his own coins, said Anne M. Tompkins, U.S. attorney for the Western District of North Carolina. After an eight-day trial and less than two hours of deliberation, von NotHaus, the founder and "monetary architect" of a currency known as the Liberty Dollar, was found guilty of making coins resembling and similar to United States coins; of issuing, passing, selling and possessing Liberty Dollar coins; of issuing and passing Liberty Dollar coins intended for use as current money; and of conspiracy...
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U.S. Government Proposes Elimination Of $1 Bills

One Dollar BillYahoo Finance reports:

Washington has come down with a case of fiscal fever as the Obama administration proposes everything from spending freezes on domestic programs to selling off unused government property to bring the budget back in line. Now, one study argues that the government can save billions of dollars simply by making a change to the currency itself.

Earlier this month, the U.S. Government Accountability Office issued a formal proposal to the Treasury and Federal Reserve noting that if it eliminated the $1 bill and replaced it with the $1 coin, the country could save roughly $5.5 billion during the next 30 years. The reason, according to the agency’s report, is that dollar bills have a shorter lifespan than dollar coins because they wear much faster, which in turn requires the government to spend more to print new bills.

The GAO estimates that phasing out dollar bills in favor of coins would require a four-year transition period, during which the government invests in the new currency, but following that, the government would save an expected $522 million each year from the change.

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Utah Approves Gold & Silver Coins As Currency

Via Talking Points:

The Utah House of Representatives has approved a bill that allowing gold and silver coins to be used as currency, though unlike similar bills in other states, it doesn’t force anyone to accept gold or silver as legal tender.

House Bill 317 was introduced by state Rep. Brad Galvez (R) last week, and passed the House by a vote of 47-26. It will now head to the state Senate for a vote.

The Salt Lake Tribune reports that Galvez explained: “This is a step in preparedness, a step in security that allows us to be able to help hold up our economy as the dollar continues to shrink.”

As TPM has been documenting, there’s been a recent push for gold and silver coins to be used as currency. Georgia state Rep. Bobby Franklin (R) recently reintroduced legislation to force his state to conduct all monetary transactions with U.S.

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Gold And Silver Currency May Be Legalized In U.S. States

1933 double eagle

U.S. 1933 Double Eagle Gold Coin

Anyone who’s been paying attention knows that the United States federal currency has been grossly devalued as the Federal Reserve has been printing paper dollars 24/7 to fund the “stimulus” that’s supposed to end the bleak recession we’ve been stuck in for the last three years (I know, officially it’s over, but tell that to the millions of un- and underemployed people scraping by).

One of the great things about American governance is that the individual states retain a lot of power, so many of them are taking matters into their own hands and planning a reversion to currency that really is worth something: gold and silver. Ralph Benko reports on the trend for the Christian Science Monitor:

Why are so many state legislators beginning to call for issuance of a form of gold money?

The Constitution prohibits states from coining money but allows them to make “gold and silver Coin a Tender in Payment of Debts.” By prohibiting everything except “gold and silver Coin” the Constitution clearly considers gold and silver coinage to be legitimate, no matter who issues it.

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George Soros On The New World Order

George Soros, the Hungarian-American financier, is known as "the Man Who Broke the Bank of England" after he made a reported $1 billion betting against the British pound sterling in 1992. He's also a famously generous underwriter of liberal activist causes. In this FT video interview he discusses the imbalances of international currencies, in particular the fading utility of the American dollar as the world's default reserve currency. Whether or not he intentionally uses the loaded term "New World Order," or if it just slips out I'll let you decide...
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Gold On The Way To $5,000 Per Ounce

goldAbout seven months ago I posted a story about the price of gold going up to $5,000+ per ounce. Since then there have been some ups and downs but the price has indeed continued to climb. Today the New York Times carries a Reuters Breaking Views commentary agreeing that we could very well be on the way to $5,000+/oz.:

It sounds like a gold bug’s dream. But looking back to the last inflation-adjusted peak price in 1980, it’s far from impossible that the gold price could soon go above $5,000 an ounce.

The potential level of a new high can be estimated in several ways. Based on consumer price inflation, the peak of $875 an ounce in 1980 is equivalent to about $2,300 today, almost twice the current gold price. But there’s a case for taking account of economic expansion as well as price inflation. The world’s economic output has increased about sixfold since 1980.

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Sign O’ The Times: Gold Is Now An ATM Choice

goldThe price of gold has been setting new highs in recent days as pretty much every major currency around the world looks shaky. Gold dispensing ATMs may be a gimmick today, but one has to wonder if gold may not be making a comeback as the world’s favorite and most desired currency. Story via AFP/Yahoo News:

There’s no mistaking what’s in this vending machine. The well-heeled in the Gulf can now grab “gold to go” from a hotel lobby in the United Arab Emirates, when the need for a quick ingot strikes.

On Thursday, a day after its inauguration, the shiny machine attracted spectators of many different nationalities who gathered to watch whenever an enthusiast was struck with the urge to splurge on a bar of the precious metal.

Abu Dhabi’s Emirates Palace Hotel became the first place outside Germany to install “gold to go, the world’s first gold vending machine,” said a statement from Ex Oriente Lux AG, the German company behind the vending machine.

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The EU Financial Crisis: An Opportunity For Forex Fraud

currency[disinformation editor's note: We decided to run this article because of recent wild swings in currency exchange rates resulting from turmoil  in the financial markets. We recognize that the author is promoting his website but feel that our readers may still value the information.]

Trading in foreign exchange, or forex, has become increasingly popular in recent years for a variety of reasons.  The Internet has become the “Great Facilitator”, but has it also spawned another industry, that of forex fraud?

Unfortunately, the answer to that question is a resounding “Yes”.  Foreign currency trading is not immune, not by a long shot.  Published figures from federal authorities note that forex fraud has increased dramatically, impacting 26,000 individuals to the tune of $460 million over a period of six years, and that was three years ago.  With this kind of “music” playing in the background in the shadows, what must a forex trader do?… Read the rest

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