Should the US scrap the dollar bill and go to a dollar coin

First of all, gold is used for a great deal of modern electronics, so your assertion that it "doesn't mean dick anymore" is as inaccurate as it is juvenile.

Secondly, USD are not backed by oil, or any other commodity, for that matter, so I'm not sure why you keep brining it up.

It seems as if you have no idea how any of this actually works.

All resources are "finite", including oil.

You don't even know the definition of "resource". Clearly, your knowledge on this subject is severely lacking.

 

Gold and silver are both good conductors of electrical energy, which is why they are used in a wide-range of modern electronics. Seems like you haven't actually entered the 21st century yet, despite your assertions to the contrary.

 

Problem is there does not exist enough GOLD to back the entirety of the U.S. Monetary system....not even close.

The U.S. has a $17.7 Trillion Economy....never mind the Trillions upon Trillions of Dollars in circulation worldwide.

Back in the early 20th century we could still have a Gold Standard....but there does not exist enough Gold on Planet Earth to do this anymore.

AboveAlpha

 

You have a penchant for making assertions sans any explanation, whether it's monetary policy or physics.

So what?

Why?

 

What don't you get about this?

First of all...more so now than in the past GOLD is USED in all types of High Tech. Electronics....so unlike the past GOLD does not just sit locked up sitting in facilities and Federal Reserves as WE USE IT!!

Secondly the amount of PHYSICAL GOLD EXISTING does not equal the value of amount of Money and Wealth in Banks attributed to the United States Monetary and Banking System.

NOT EVEN CLOSE!!!

The whole point of a GOLD STANDARD....is to be able to back PAPER NOTES....with actual GOLD BARS stored by the FEDERAL RESERVE.

At this point THIS IS IMPOSSIBLE!!!

AboveAlpha

 

we have both, that works for me

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because there is more people, if we went back to the gold standard, the price of gold would go through the roof, I am sure those that own gold would not mind that, but it's still the same either way, just one way those that own gold have more

 

The Technical uses for Gold in this modern age all but ensure that Gold will be more valuable for use rather than sitting in a vault.

AboveAlpha

 

I prefer bills and throw out all coins.

 

Exactly, coins are more cumbersome.

 

Hmm... what would be so hard about embossing the value on the coin in brail?

 

Gold is not the only conductor of electrical energy so how does this make your argument stronger?

 

USD is absolutely backed up by oil. Please tell me you aren't so naive as to the term "petro dollar"

This is how it goes.. the USD runs a global scam. You trade with OPEC countries in USD. If you don't, the US military cleans house. Do you think weapons of mass destruction were in Iraq? War on Terror in Afghanistan? Libya?

Obviously. What you can't realize is oil is more important to the modern world than gold!

Like I said, oil is energy.. gold is meaningless.

 

Two problems:

Over time, the braille would become less discernible as the coin is used.

Braille literacy is not as prevalent as you'd think. A law in the 1970s that mandated blind people be placed in mainstream public schools had the unintended consequence of lowering the Braille-literacy rate among the visually impaired population since public schools were hesitant to hire a Braille-qualified teacher for a handful of students that would graduate in less than twelve years. Plus, modern technology has made Braille less attractive, screen-reading technology has somewhat replaced Braille.

 

Only Godless socialist commies use coins for dollar denominations. In America, we use paper so that we can cut down more trees ( chain saws are fun, and you ant put a price on the freedom to have fun ). This in turn is far more wasteful, which is just fine since we are the richest country on earth, with the biggest baddest military, and we deserve to be as wasteful as possible.

 

It's not impossible just because you say so. Gold is divisible, meaning you can use smaller and smaller units of it as the relative value of the commodity increases. And gold is not the only precious metal that can be used for a monetary standard. There is silver, platinum, and palladium as well, and just like gold, they are divisible into smaller units. I'm not sure why this is so hard for people to understand.

 

You said that gold is "meaningless" and "irrelevant to the 21st century". That is clearly false, as it used in a wide range of modern electronics. Your knowledge of chemistry and monetary policy is severely lacking.

 

You're actually, though unwittingly, illustrating what the USD is really backed by, and it's not oil, it's brute force and intimidation. Without such, the USD would revert to its market value, which is ZERO. That is why FIAT monies ALWAYS fail, because they are not backed by market fundamentals of supply and demand, but by barbarians wielding weapons. Some system you have there...

And like I said, gold is used in a wide range of modern electronics because of its conductivity and resistance to corrosion, proving your statement utterly false. And just so you know, repeating your false statement will not make it true.

 

Like I said, gold is not the only conductor of electrical energy so why the hell would we peg the dollar to gold?

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When all arguments fail, call things names.

Gold standard is extinct and not returning. Deal with it. Just because you don't like it, doesn't mean you are right. We left gold standard for a reason.

Yes, it is backed by intimidation and brute force. Currently, no nation in the world is equipped to dispute that.

 

The main reason other countries have been switching from paper-bills to metal was to save on the cost of replacement. Metal coins don't wear out as fast, plus they're not as trivial to forge compared to how easy it's become to make fake paper-currency ever since home-and-office printing got so good and cheep.

One thing the authorities have to watch out for is that an alloy is selected that won't become worth much more than face-value, or scrap-dealers start buying it up and forging it into ingots for sale to metal-hungy growing nations.

In countries that have been converting, guess what the biggest annoyance switching low-denominations from paper to metal has been... it's that people will reach into their pockets and toss some coins at a panhandler, or will pour a handful into the tip-tray at a restaurant, and realize after-the-fact that they just gave away a lot more money than they thought.

 

It is not impossible because I am saying so.

It is impossible because the total quantity of PHYSICAL GOLD that could exist as for STORAGE USE ONLY....as in order to have a GOLD STANDARD....that means every singe Dollar and total amount of U.S. Currency in EXISTENCE.....which we know as all we have to do is calculate the total amount of U.S. Money Printed.....subtract the total the Fed has destroyed because it is old....and then place in Federal Reserve Vaults the equivalent value of such U.S. Currency in GOLD....LOL!!!!

THERE DOES NOT EXIST THAT MUCH PHYSICAL GOLD ON PLANET EARTH!!!!

AboveAlpha

 

There is anywhere from $15.5 Trillion to $28 Trillion U.S. floating around in the world.

Here is a LINK to exactly how much gold has EVER BEEN MINED BY MAN IN HISTORY.

LINK....http://money.howstuffworks.com/question213.htm

AboveAlpha

 

That seems to be the only reasoning you've offered in support of your assertions.

What you don't seem to understand about gold or silver is that they are divisible into smaller units, meaning that as the relative value of the monetary unit increases, they can simply be divided into smaller increments or denominations, so that there is no shortage of currency in circulation. For example, if the government monetary standard were changed to one of a commodity standard instead of the farcical FIAT standard, the fraction of gold, silver, or whatever redeemable per note would simply decrease as the real economy expanded. You don't seem to have any conception of how this works, though.

Now try logically connecting these two facts in a way that demonstrates how precious metals like gold cannot be used to back a government's monetary unit.

 

I never said you said you that. You said gold is "meaningless" (both fallacious and nonsensical) and "irrelevant to the 21st century". Those assertions are utterly false. Apparently, you cannot bring yourself to admit the truth.

Who said we should "peg the dollar to gold"? Not me.

I am calling it by its correct name. Sorry if the truth upsets you, but the barbarity of FIAT money is hard to hide, even for its supporters.

I'm not advocating for a return to the gold standard.

What an irrational, exploitative, morally bankrupt system. At least you don't deny what is, though.

 

I perfer the dollar, but is it just me or does our new money resemble the ero.!!!

 

You cannot possibly be this crazy?

The WHOLE POINT of a Gold Standard is for a country to be able to have the same amount or more of Value of Money printed IN GOLD!!!

If Gold is at $1500 an ounce and let's just say as an example that the total amount of Printed Money and Federal Reserve Notes and Bills in circulation was $15 Trillion.....you need to have 10 Billion Ounces of Gold in Federal Reserve Vaults which equals at $1500 an ounce....$15 Trillion in GOLD.

THAT'S HOW IT WORKS!!!!

MAN!!!

AboveAlpha