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

Just to add.....since as I have explained above HOW a Gold Standard works....there exists more U.S. Money printed and more Federal Reserve Notes and Bills existing than there exists the total amount of GOLD EXISTING MINED ON EARTH.

Why you don't get this I cannot fathom.

AboveAlpha

 

Why are we beating that to death? Clearly, there can never again be a gold standard.
It's an interesting idea, these days, but little more. What could be a new standard? What if we were to go with something that no-one can possess or steal, but everyone needs and uses, like electricity. Something like 1 kw is worth a monetary unit that is not linked to any national currency, but represents a standard for all?

 

Problem with that is depending upon what method of Electricity Generation you are using some Electricity generation is cheaper than others.

The concept of any GOLD LIKE standard in today's world could only be in the form of a countries assets such as potential economic capability as there does not exist any quantity of any precious metal that could exist as a standard.

I watched that movie where LIFE SPAN TIME....was used as a Monetary construct.

That was interesting but creepy.

AboveAlpha

 

You know...with any luck perhaps in the next 200 years Humanity might evolve to the point that the acquisition of wealth is no longer a driving force or concern.

How is this possible?

Well....we get to a point where we understand the UFT....Unified Field Theory and that means we can have Matter/Energy Interchange at will...thus also have limitless energy and thus solve all issues of resources...we could create them at will....no more hunger, disease...etc.

When you take away the need of Resources you take away the need for war...the need to accumulate power...etc.

Thus....no need for money.

AboveAlpha

 

Plastic +512 bit encryption RFID coins.
Done.

 

Decrypted by a 100 Quibit system in 30 seconds....a 1000 quibit system in about 1.3 seconds.

AboveAlpha

 

Would the rich allow that to happen?
There would still need to be some kind of an incentive to get people to do things, like making stuff from this material that we're able to get from energy.
I know it's a long way off, but how could one determine what kind of matter the energy would manifest as?
The only thing I know about any of this came from the Stephen Hawking video: "Into The Universe", where he explains that each element was the product of an imploding star. If he mentioned what matter was involved in the Big Bang, I didn't retain it.
So, to my limited understanding, it would seem that we'd have to have some kind of apparatus to cause this exchange between matter and energy. The country that could make the most efficient and biggest of these things would still be richest, and some rich guys would own those things.

 

The thing is there will come a day when certain people will no longer be able to get rich and obtain power.

That moment happens when ANYONE can either get something or make something sort of the way how the Multi-Billion Dollar Recording Industry DIED OVERNIGHT when Napster came into being.

When ANYONE has the capability to use an endless supply of free energy and convert such energy into any pattern of Matter they wish....that is the moment Power and Wealth will no longer be a driving force in Humanity.

It will be replaced by a desire to obtain knowledge.

AboveAlpha

 

Maybe you're projecting beyond 200 years. Meanwhile, I still see markets in things that amount to recreation and entertainment. I assume that with an abundance of stuff, there will be a lot more idle time for basically everyone. You'll likely still have the same divisions among the population regarding what they like to do. Some will study and pursue knowledge. Some will make sure that prostitution never goes away. Many will still want things like bars and night clubs and other social stuff like that.
I suppose that you have already pretty much laid the question of the OP to rest, with your explanation that we'll have departed entirely from material money in just a few years.
I think the more poignant question regarding that is how we'll receive and carry our virtual money. Will it bring the "mark of the beast", where we all have our little implant, with our ID, medical history, current worth, and so forth all neatly encoded in a little gizmo that is tethered inside of each of us?

 

Yeah! LOL!!!

Boy those End of the World types really go NUTS when I mention the end of Money and then they go on with the whole mark of the beast on ones hand!! LOL!!!

I remember telling a friend of this other friend about how the U.S. Treasury can detect where all large denomination U.S. Bills are located by Satellite and this guy went crazy!!

AboveAlpha

 

The point of a gold standard to back a monetary unit with a fixed amount of gold, nothing more.

Why?

I don't think you know how any of this works.

 

OMG!!!

OK...according to your logic we only need a fixed amount of Gold.

So....say we have $25 Million in Gold and we have about...and this is about the right amount....$25 Trillion in Bills and Notes.

Now....why would a paltry $25 Million in Gold do anything to shore up the value of the Dollar.

You are completely talking out your ass!

AboveAlpha

 

HERE!!!

A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold.
Three types may be distinguished: specie, exchange, and bullion. In the gold specie standard the monetary unit is associated with the value of circulating gold coins or the monetary unit has the value of a certain circulating gold coin, but other coins may be made of less valuable metal. The gold exchange standard usually does not involve the circulation of gold coins. The main feature of the gold exchange standard is that the government guarantees a fixed exchange rate to the currency of another country that uses a gold standard (specie or bullion), regardless of what type of notes or coins are used as a means of exchange. This creates a de facto gold standard, where the value of the means of exchange has a fixed external value in terms of gold that is independent of the inherent value of the means of exchange itself. Finally, the gold bullion standard is a system in which gold coins do not circulate, but the authorities agree to sell gold bullion on demand at a fixed price in exchange for currency.
As of 2013 no country used a gold standard as the basis of its monetary system, although some hold substantial gold reserves.
A total of 174,100 tonnes of gold have been mined in human history, according to GFMS as of 2012. This is roughly equivalent to 5.6 billion troy ounces or, in terms of volume, about 9,261 cubic metres (327,000 cu ft), or a cube 21 metres (69 ft) on a side. World production for 2011 was at 2,700 tonnes. Since the 1950s, annual gold output growth has approximately kept pace with world population growth of around 2x,[1] although far less than world economic growth of some 8x,[2] or some 4x since 1980

LINK....http://en.wikipedia.org/wiki/Gold_standard

Now as this article PLAINLY DETAILS....the amount of Notes must equal the amount of GOLD as per value.

AboveAlpha

 

lets turn all our money into coins, we'd just have to adjust wallet form

 

No, we need the monetary unit, in this case, a dollar, to be redeemable in a fixed amount of gold for a gold standard to exist. And this is not my logic, it's just the definition of a gold standard that every educated individual uses.

You aren't making a bit of sense.

 

The article says no such thing. In fact, it validates everything I have already said, which is that in order for a gold standard to exist, the monetary unit must be redeemable in a fixed quantity of gold. That's all it says. You are basically making the rest up as you go along and calling me names because I don't accept your incoherent nonsense at face value.

 

OK...this is the LAST TIME....I am going to explain this.

When a Monetary System uses a Gold Standard they do not print up bills that say....GOOD FOR 1/100TH OF AN OUNCE OF GOLD!

The bills say $1, $5, $10, $20, $50, $100.....and ON THE BILLS...because I collect such things and I have both U.S. Gold and Silver Notes....it will say this $20 Federal Note is worth $20 in Gold.

Now...the Gold raises or lowers in value so depending upon the amount of the Bill....be it $1 or $100....will be equal in value to the amount of $1 or $100 worth of Gold.

THUS A SUPPLY OF GOLD MUST BE KEPT IN FEDERAL RESERVE VAULTS EQUALING THE TOTAL AMOUNT OF CASH PRINTED!!!

THAT...is how a Gold Standard or Silver Standard Works.

The thing is there does not exist enough Gold or Silver in the WORLD to equal the total amount of Printed in circulation Bills and Notes.

That is IT!!!!!

AboveAlpha

 

READ!!!!

Long-term price stability has been described as the great virtue of the gold standard.[50] The gold standard makes it difficult for governments to inflate prices through expanding the money supply. Under the gold standard, significant inflation is rare, and hyperinflation is essentially impossible because the money supply can only grow at the rate that the gold supply increases

LINK....http://en.wikipedia.org/wiki/Gold_standard

GET IT NOW!!????

AboveAlpha

 

Keep the Dollar Bill and get more $2 and $50 bills in circulation.
I don't like electronic money and spend my money as "cash".

And don't mess with the penny either.

Just the way I like it. Thank you.


Moi
Change is a "C" word, like Cancer

No
They're penniless ​

 

I believe 2024...I might be a few years off because I don't remember the exact date....is when all Cash and coin will no longer be struck and printed...could be 2027.

But after that it will be all Electronic.

AboveAlpha

 

You actually haven't explained anything. You've just made numerous assertions with no logical connection to each other.

More nonsense. Educate yourself:

As I have said numerous times already, a gold standard is simply a monetary system where the monetary unit, in this case, USD, is redeemable for a fixed quantity of gold. The Gold Act of 1900 fixed the exchange rate at $20.67 per ounce, or 0.048 ounces per dollar; after the Gold Reserve Act of 1934, the exchange rate was changed to $35 per ounce, or 0.028 ounces per dollar. Your understanding of how this works is basically nonexistent.

 

Unbelievable!!??

Would you like some cream to go with your cup of ignorance?

AboveAlpha

 

I see it as a question of convenience and cost. Bills are lighter and easier to carry and count; they take less space. Dollar coins made sense when a dollar was real money, and silver dollars were massive. Coins also cost more to make than bills. Why waste costly metal when paper and ink will do?

Bills are more suited to our government's inflationary policies because they can be printed in infinite number. Coins are limited by the availability of metal and the relative slowness of their manufacture.

Dollar coins are in circulation now, as you know. The Sacagawea Dollar has been in circulation since 2000. The Susan B. Anthony Dollar was minted from 1979-1981 and again in 1999. They're seldom seen because they're unpopular - too easy to confuse with other coins.

The Kennedy half dollar has been minted since 1977, and I have never seen one in use. They turn up only in stores for coin collectors.

 

I think we can have the best of both worlds like we do today... a coin and a dollar bill

 

The more I use dollar coins, the more I like them. No problems with them in vending machines.

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You must not be watching the news lately.....