if the economy is bad, why were there record sales last weekend??

Oh, I agree the spending in 2020 isn’t indicative of a strong economy. It’s an indictment of the folly of trying to spend our way out of problems.

If the only strong positive growth in sales was driven by artificial economic stimulus and following years spending fails to keep up with inflation, it’s a sign the economy wasn’t good then or now.

I’m not arguing that the “Trump economy” was strong. Low interest rates for over a decade are a piper that had to be paid. Covid was just the cherry on top.

The effects of Covid are real and will be permanent in some respects. But uncontrolled “spending” and artificially low interest rates for years are just as relevant to the current shaky economy.

 

I recently acquired a 1935 $1 bill silver certificate that says that payable to the bearer on demand $1 coin or bullion.

Do you think I can go up to the bank tomorrow and get that?

 

Actually, they have them before they enter the U.S.

 

Not since the GRA of 1934.

Why?

 

Based on how the numbers were done in the early 1990's they would currently be up around 7% for this year alone.

 

Because ever since then our government has done nothing but print Monopoly money.

 

It doesn’t even print the money any more. A very large portion of the money supply is accounting balances stored in computer memories.

That really isn’t bad. The trouble comes when the government creates too much money, which the big issue with Modern Monetary Theory. The progressives think that government can create all the money it “needs” to spend. Germany tried that in the 1920s. It didn’t work out well.

 

I believe it was Germany I read about during their period of hyperinflation where you would need a wheelbarrow full of paper currency just to purchase a loaf of bread.

We should have never left precious semi-precious metal standard.

 

Adjusting for inflation, consumer spending rose a solid 0.4% in September after ticking up 0.1% in August, a strong hand-off from the April-June quarter that bodes well for consumption and overall economic growth in the fourth quarter.
https://www.reuters.com/markets/us/us-consumer-spending-beats-expectations-september-2023-10-27/

 

The precious metals system had its issues too. It’s a complicated issue. A short answer would be that there is not enough gold and silver available to back the paper unless the gold and silver prices were set at artificially high levels.

 

No, but why would you try, it's worth far more than a dollar to a collector.

 

IF we were on a gold or silver standard their value wouldn't be "artificial".

 

Was there also a record amount of debt added to people's credit cards?

 

I'm aware of that. Just wondering if the government would still honor the obligation.

It's worth roughly $5 collector value. But some examples of the 1935 bills have fetched up to 5,000. Mainly for odd serial numbers or double strikes or offsets or things like that.

 

This. The problem with the gold standard was that it restricted the economy to the amount of gold present. While gold is still continuoulsy mined, the increase is only about 1% of the total per year. This would restrict the economy to a 1% growth, if prices were supposed to be flat. If the economy would grow faster than the rate of gold production, constant deflation would be built in. We all know how well deflation works for an economy, it is basically a death sentence (people tend to delay purchases, if prices for goods fall). In essence, the gold standard was a choke-hold on economic growth.

Of course, people will always dream about deflation, and, thus, the gold standard. Wouldn't it be nice if prices would continuously fall, so your money would be worth more and more? Unfortuately, this is just a tooth fairy dream. The real life doesn't work that way. In real life, instead of doing less with more, it's always about doing more with less. Thanks to entropy.....

 

If we have a good economy, it takes a long time for it for that to register in most folks minds. Months, perhaps a year. It’s how the people view the economy, not all the stats and figures. Stats and figures, numbers are just that, they usually don’t take into account on how all Americans view the economy from their own individual standpoint or point of view. Regardless of all the stats, numbers, figures, 38.4% of all Americans approve of Biden’s handling of the economy, 59.1% disapprove.

https://www.realclearpolitics.com/epolls/other/president_biden_job_approval_economy-7321.html

Only 26.3% of all Americans think this country is on the right track, 65.7% say this country is on the wrong track.

https://www.realclearpolitics.com/epolls/other/direction_of_country-902.html

You also have this - Even Most Biden Voters Don’t See a Thriving Economy

https://www.nytimes.com/2023/11/28/...nt Biden looks,not impressed with the economy.

Bottom line, it’s all about each individual perceptions, not necessarily numbers, stats, figures.

 

Yes, the government would give you a current Federal Reserve Note dollar or a Sacagawea or Inovation coin dollar. Which are worth about 3 cents of the silver your dollar was in 1935. Actually, the more I think about it, the Government isn't obligated to give you anything for the piece of paper you have, and they could just confiscate it. But they'd probably give you a current $1.

I'm surprised it's not worth more than $5.

 

Or just print some million dollar bills.
https://images.app.goo.gl/SUf3fNzMntJH8iaz8

 

.4% isn’t much of an increase. It’s no boom that’s for sure. That’s also quite a steep decrease from the over all dollar amount. Now the question is credit card debt.

 

Wrong. Nixon took the US off the gold standard in 1971.

 

When a Dem is in the WH you will always find a dark cloud behind the silver lining. 0.4% is a good number.

 

Oh, but it would be. The current U.S. stock of money is a little over 18 trillion dollars. According to a Google search, there are 261 billion ounces of gold in the U.S. If you divide that, you get $69,272 per ounce. The current market is $2,038 per ounce, which up from what it has been at times.

In 1933, FDR set the U.S. price of gold at $35 an ounce. That was high relative to the world price at the time, and would be for a number of decades. You could arbitrage profits from trading the less developed countries' currencies, but in the "civilized world," $35 an ounce was high at that time.

 

Which only means our money is way over valued. Which the Central banksters around the world already know. They have printed money to the point "money" has taken on a whole new meaning, and even they aren't sure what that is.

 

So in 1970 I could have taken that silver certificate to any bank and obtain silver with it?

1964 was the last year that the Washington quarter and the Roosevelt dime contained 90% silver.

 

But that's not silver. 1964 was the last year they made silver quarters and dimes anyways and I believe that also applies to the half dollars and dollar coins.

The note says payable in silver... Specifically it says.

This certifies that there is on deposit in the treasury of the United States of America $1 in silver payable to the bearer on demand.

But I bet you there isn't.

It could be worth more than five but what I saw was $5 was the minimum amount.