The "dollar" is a constitutional term and is a silver coin containing 371 1/4 grains of pure silver. The Mint Act of 1792 defines this "dollar" for purposes of the constitution. There is no law anywhere that defines a Federal Reserve Note as a "dollar" and the fact that it is imprinted with the words "ONE DOLLAR" on the bill does not make it a Dollar anymore than imprinted the word "COW" on the bill makes it a Cow. Furthermore there was a debate during the constitutional convention where the printing of paper money was voted down by a vote of 9 to 2 and the power to "emit bills of credit" was removed from the first draft of the constitution. Furthermore the Congress is given the power to "Coin money are regulate the value thereof" and "Not state shall "coin money nor "emit bills of credit or make any Thing but gold and silver a tender in payment of debts. So if Congress is limited to "coining" money and there is no power granted to Congress to "emit Bills of Credit" and the state can't coin money or emit bills of credit and can't make any Thing but gold and silver "Coin" a tender than that limits the Congress to only "coining" gold and silver as money. Otherwise where is the state supposed to get their "gold and silver" coin that they are required to use as the only tender available? Furthermore if it can be said that Congress has the power to make whatever it wants "legal Tender" because that power is denied to the states. Then I refer you to the 10th Amendment. "Those powers not granted to the federal government by this constitution nor prohibited to it by the states are reserved to the states respectively or to the people". Clearly the federal government was not granted the power by the constitution to make bills of credit or make whatever it wants "legal tender" and the state is prohibited specifically from doing so then that means that power to make whatever it wants "Legal Tender is reserved to the people, which they have the ability to exercise since they can determine whatever they want to be payment for performance of a contract.
Did U Go to Law School? If u Did You Study All Laws & How Those Laws Integrated Into Business Studies at Business School & Political Science + Public Administration in International Relations Then U Can Have Your Question Answered
Senator Nelson Aldrich sent his private railroad car to the railroad station in New Jersey and there it was in readiness for the arrival of himself and six other men who were told to come under conditions of great secrecy. Secretary of the Treasury Abraham Piatt Andrew was the second most important man at the meeting. He later became a congressman with important internal ties to banking circle. Frank A. Vanderlip was President of National City Bank of New York which was the largest bank in America. Vanderlip represented the banking and financial interests of William Rockefeller and international investment banking firm of Kuhn, Loeb & Company. Vanderlip represented the largest most powerful banks in America. Henry P. Davidson was the senior partner of J.P. Morgan Company. Incidentally, for those persons acquainted with the game “Monopoly;” the little fat capitalist with the handlebar mustache and cigar was a satirical caricature of J.P. Morgan. Charles D. Norton was the President of the 1st National Bank of New York. Benjamin Strong was head of J.P. Morgan’s Banker’s Trust Company. Three years later when the Federal Reserve Act was passed; Strong became the first head of the Federal Reserve System. Paul M. Warburg was born in Germany and immigrated to America becoming a naturalized citizen. He was probably the most important man at the meeting because of his European banking knowledge. Paul M. Warburg was one of the wealthiest men in the world during the era in which he lived. Warburg was a partner in Kuhn Loeb & Company and also represented the interests of the banking dynasty of Rothschild family of England and France. Paul Warburg maintained close working relationship with the Rothschild’s throughout his entire career. His brother and closest liaison, Max Warburg was head of Warburg banking consortium in Germany and the Netherlands. Persons familiar with the syndicated comic strip “Little Orphan Annie” recognize that “Daddy Warbucks” in the infamous comic strip is a satirical caricature of Paul M. Warburg. Everyone in that era was aware of the satirical caricature. These seven men created the Federal Reserve System and represented ¼ of the entire wealth of the world. An article written by Frank Vanderlip, a member of the group who attended the meeting, was published in "Saturday Evening Post", February 9, 1935, after the ratification of the Federal Reserve Act. "I do not feel it is any exaggeration to speak of our secret expedition to Jekyll Island as the occasion of the actual conception of what eventually became the Federal Reserve System. We were told to leave our last names behind us. We were told further that we should avoid dining together on the night of our departure. We were instructed to come one at a time and as unobtrusively as possible to the railroad terminal on the New Jersey littoral of the Hudson where Senator Aldrich's private car would be in readiness attached to the rear-end of a train to the south. Once aboard the private car we began to observe the taboo that had been fixed on last names. We addressed one another as Ben, Paul, Nelson and Abe. Davison and I adopted even deeper disguises abandoning our first names. On the theory that we were always right, he became Wilbur and I became Orville after those two aviation pioneers the Wright brothers. The servants and train crew may have known the identities of one or two of us, but they did not know all and it was the names of all printed together that would've made our mysterious journey significant in Washington, in Wall Street, even in London. Discovery we knew simply must not happen." They received the following instructions: Should they arrive at the station at the same time they were to pretend that they didn’t know each other. Newspaper reporters might recognize them and ask question so they were instructed to avoid them at all costs. Suspicions would certainly arise if two or three of them were identified which would provoke questions. One of the men carried a large black case that contained a shotgun. In the event that he might be questioned; he would respond by saying he was going on a duck hunting trip. We learn from his biography that he neither owned the gun nor ever fired a gun in his life. He borrowed the gun to aid in his deception. Servants on board were not to know the identity of the guests on board the train. There was fear that servants might talk about the excursion which may be leaked to the press. The seven men traveled for two days and a night aboard Aldrich’s private car traveling a journey of 1,000 miles to Brunswick, Georgia. They took a ferry across the inland straits arriving on Jekyll Island. For the next nine days they sat at a table in an a closed room to discuss the details of what became the Federal Reserve System. After they accomplished their objective; they returned to New York. Why the all of these particular elements to maintain secrecy? What was wrong with a group of private bankers attending meetings to discuss economics and proposed banking legislation? Vanderlip, who attended the secret meeting, explains the reason and provides the answer to the puzzling behavior. "If it were to be exposed publicly that our particular group had gotten together and written a banking bill, that bill would have no chance whatever of passage by Congress." liberty-virtue-independence.blogspot.com/2009/09/creature-from-jekyll-island.html
Wow. At last. This is very very good. There are a couple of things in the c.20th round the wrong way, but otherwise it cannot take away from excellent and accurate, or proper content.
Funny that money is never less than 50% of any financial transaction, yet few understand what it is or how it works. Seems those we've trusted to be in charge of & run our modern banking system are also those who have destroyed sound money & created & promoted fiat or valueless money in its place, & are promoting the rise of a cashless society (the end of money) as the inevitable result of the progress or evolution of modern banking. Today we are using debt as money, funny how that debt we call money is loaned at interest to our Congress, which has authority to create sound money without debt or paying any interest on it at all. Does anyone else see collusion in this? If (or hopefully when) the idea of silver & gold as sound, or intrinsic value money are widely known & understood, it will be impossible for those who would control the world by financial domination (Global Financial Enslavement) to succeed. Freedom depends on honest money which doesn't exist today. Very nicely presented, thanks for posting this!
Roy Lamx , It seems as though what you have said is the case. I can only assume that if the central banks get there way that the banks 🏦 are in charge. Meaning that if they want this to work in the United States they will take the gold and silver away to keep us depending on their agenda. Is it too late to go back to the gold standard?
@@lori3978 Good question. I don't think they need to restrict silver or gold any more than they already do. Their fiat currency laws efectivley force all transactions to be conducted in Federal Reserve notes. Our only recourse seems to be to educate ourselves, our representatives and others to the fraud of fiat currency and force their repeal.
This vid elucidates one of the most important political subjects being widely ignored today. I like to ask people "What is a dollar?" but they frequently can't comprehend the question, they blankly ask if I mean what is a dollar worth? And you can tell in the first few minutes of this vid she struggles (but does a good job) to frame the question because we don't know that it is supposed to be a unit of measure for value. Now can you imagine the uproar if the Bureau of weights & measures said they were going to allow a variable unit of measure for distance, or time, or anything else? BUT we completely lose all connection to reality when we struggle to wrap our minds around something to measure what things are worth. I wonder why?
I'm not a very intelligent person and i only clicked on this video when I couldn't get a straight answer for what money a dollar measures so I don't think this answer really merits any further thought but, I don't think money is really only used to measure somethings worth. Things are worth different amounts depending on where you are, based on what I think (again pulling this shit out my ass) somethings worth would be measured by maybe 3 things: 1.) Need for that particular item {ie. would an Egyptian view parka as something worth $1000 even though they have no harsh winters?} 2.) The difficulty to acquire said item 3.) The scarcity of said item {ie. a potato would be much more valuable to a person during a famine rather than during a period of prosperity} I think money is used to level the playing field between those 3 things if that made any fucking sense at all. Again i have no fucking clue what I'm talking about and I'm just operating on my common sense with a sprinkle of ignorance.
Congress, acting appropriately upon delegated powers of the Constitution, ratified the Coinage Act on April 2, 1792. The Coinage Act of 1792 specified lawful money to be gold and silver coin. The denomination was based upon a standard unit of weight - a dollar (371.25 grains of fine silver), based upon the Spanish milled Dollar of silver in circulation within the United States. The Coinage Act simplified the process of issuing standard coins in circulation. An individual could take his silver or gold dust, shavings, or bullion to the mint. It would be melted and pressed into coin at no cost to the owner. It guaranteed the weight and substance of the dollar. One dollar of silver is 412.5 grains, 90% pure, 10% alloy for durability and strength. One dollar of gold is 27.5 grains, 90% pure, 10% alloy for durability and strength. Prior to the Federal Reserve Act of 1913, the United States government coined and issued debt free money. The only Constitutional lawful money is gold and silver. “The terms ‘lawful money’ and ‘lawful money of the United States’ shall be construed to mean gold and silver coin of the United States.” USC Title 12 § 152 “Coins and paper currency used as circulating medium of exchange, and does not embrace notes, bonds, evidence of debt…” Black’s Law Dictionary, 6 Ed.
yeah but the numbers where wrong. the spanish dollar, which was based on the Taler had 25 grams of silver and not 24 g. The thing is the US didn't know the proper weight of the spanish or german Talers so they collected a few examples and weight them. Turns out they where used coins and lost weight (because people used to illegally cut away from the rim of coins). Knowing the error and the changes over time they even wrote in the coinage act that the dollar should be 24 g fine silver OR!!! 27 grams of standard silver. so the dollar should be 27 g of sterling silver (25 g fine silver). 25 grams because that was the silver content of both the Taler and the spanish piece of 8 Dollar and 925 sterling silver making the coin 27 g in total because sterling silver is the standard silver world wide.
Several acts and laws were passed between the times you've mentioned which changed the weights and fineness of U.S. coinage, some of which are mentioned in this video.
@@-oiiio-3993 Also we never had a "Gold Standard" because the dollar was fixed as a set amount of silver with gold pegged to it originally at 15 to 1. This ratio was designed to take the power away from the rich who had gold and give it to the workers who were paid in silver.
@@Roylamx That ratio changed several times and the U.S. was, indeed, on 'gold standard' for decades. Research the various coinage acts, lobbying wars between 19th Century 'goldites' and 'silverites'.
_"An individual could take his silver or gold dust, shavings, or bullion to the mint. It would be melted and pressed into coin at no cost to the owner. It guaranteed the weight and substance of the dollar."_ A practice which ended in 1873 as the value of silver had fallen.
The Coinage Act of 1873 abolished the free coinage of silver while also slightly changing the weights of coinage to be struck and placed the United States on a gold standard which replaced the previous bimetallic standard.
The definition of “note, n.”, in Black’s Law Dictionary (Rev. 4th Ed.) is: “A unilateral instrument containing an express and absolute promise of signer to pay a specified person or order, or bearer, a definite sum of money at a specified time.” Black’s Law Dictionary, 6Ed states, “An instrument containing an express and absolute promise of signer (i.e. maker) to pay a specified person or order, or bearer, a definite sum of money at a specified time. A note not meeting these requirements may be assignable as not negotiable." “A note is a specific and unconditional promise to pay.” UCC-304-1 “Intrinsically, a dollar bill is just a piece of paper.”Modern Money Mechanics, Federal Reserve Bank of Chicago. An original Federal Reserve Note (series 1914) declares, “The United States of America will pay to the bearer on demand Five Dollars”. This series of Federal Reserve Notes made no pretense of being dollars. This note is a promise to pay lawful money; therefore, A NOTE CANNOT BE MONEY. The “note” promises that the United States Government “WILL PAY THE BEARER ON DEMAND FIVE DOLLARS.” The reverse of the note states, “THIS NOTE IS RECIEVEABLE BY ALL NATIONAL AND MEMBER BANKS AND FEDERAL RESERVE BANKS AND FOR ALL TAXES, CUSTOMS AND OTHER PUBLIC DUES. IT IS REDEEMABLE IN GOLD ON DEMAND AT THE TREASURY DEPARTMENT OF THE UNITED STATES IN THE CITY OF WASHINGTON, DISTRICT OF COLUMBIA OR IN GOLD OR LAWFUL MONEY AT ANY FEDERAL RESERVE BANK.” Please notice that United States Notes are not Federal Reserve Notes! A United States Note was backed by gold on deposit at the U.S. Treasury. The United States Note (1953 series C) promised to pay a specific sum of dollars to the bearer on demand. The 1953 Series C Note was a legal valid note according to the definition of “note.”The note declared, “THIS NOTE IS A LEGAL TENDER AT ITS FACE VALUE FOR ALL DEBTS PUBLIC AND PRIVATE.” The word "tender" means: “to offer”. Therefore, legal tender means that it is legal to offer something in payment of a debt. Consequently, one is not forced to accept a note as payment of the debt.
Lawful money that backed the note was removed by 1963. Green pieces of paper created by the Bureau of Printing and Engraving, issued by the United States Department of the Treasury were intentionally designed to appear like the lawful notes they replaced. The Department of the Treasury proclaimed that the pieces of green paper were notes and dollars. The 1963 Series Notes were neither lawful notes nor dollars! A note to pay the bearer on demand dollars cannot be the dollars that it promises to pay the bearer. The Federal Reserve Act of 1913 declared that the Fed notes would be backed by 40% in gold. Gold backing was reduced by 1928 as the Federal Reserve assumed more “authority” to loosen credit and float larger quantities of notes. The Federal Reserve Note (Series of 1928 A) declares, “REDEEMABLE IN GOLD ON DEMAND AT THE UNITED STATES TREASURY OR AT ANY FEDERAL RESERVE BANK.” Although notes were no longer redeemable in gold; they were still redeemable in silver which was also lawful money. Please notice that the “note” declared FEDERAL RESERVE NOTE”, “THE UNITED STATES OF AMERICA WILL PAY TO THE BEARER ON DEMAND FIVE DOLLARS.”As I stated earlier in this essay; a note promises to pay in dollars. Assistant General Council, Russell L. Monk, of the Department of the Treasury declared, “Federal Reserve Notes are not dollars.” The United States Treasury issued the SILVER CERTIFICATE backed with 100% silver reserve. The certificate declared, ‘SILVER CERTIFICATE’, “THIS CERTIFIES THAT THERE IS ON DEPOSIT IN THE TREASURY OF THE UNITED STATES OF AMERICA, FIVE DOLLARS IN SILVER PAYABLE TO THE BEARER ON DEMAND”. The certificate was a legitimate, dependable, sound money substitute backed by 100% money and was not inflatable. The SILVER CERTIFICATE lost convertibility and was eliminated in 1968 when they were recalled by the United States Treasury. Consequently, since 1968, neither notes nor certificates of the United States Treasury were issued that would pay lawful money if one were to attempt to redeem them. Actually, there were no longer notes but imitation notes; counterfeit! Webster’s New Collegiate Dictionary (1974Ed.):“Counterfeit: To imitate or copy esp. with the intent to deceive. To engage in counterfeiting something of value. Forgery. Something likely to be mistaken for something of higher value.” Dr. Gary North declares, “If individuals do it, the State must intervene and punish violators, since fraud and theft are both involved. Yet, the State is also to be limited by law of honest weights and measures; it must not force citizens to accept a unit of money which is worth less in exchange than its face value. In short, legal tender laws are immoral, currency debased is immoral; printed unbacked “money” is immoral.”
Lawful Money is not really gold and silver, it is Legal Tender. Lawful Money = Legal Tender. It includes all U.S. coins and currency issued by the treasury, and not by the federal reserve. Federal Reserve Notes are Legal Tender, but it is not lawful money because these are instruments of debt, and are being taxed to pay interest on national debt. USC 411 "... they shall be redeemed in lawful money...," redeem into what? Gold or silver? No... maybe it is possible to redeem federal reserve notes into some other type of "lawful money" in order to help prevent the expansion of debt or interest on elastic currency.
yes, he didn't turn the other cheek when he viewed the injustice. Here's the historical fact; Rome had taken over the colony of Palestine when Caesar conquered Egypt, which had been the colonizer before Rome. The Romans demanded a tax to enter the synagogue; however the Jewish people would not pay with any coin bearing the face of an emperor, so they settled on paying with the half shekel. The community of money CHANGERS got wind of this so purchased all of the half shekel @ approximately 21 and then began charging 27; Jesus saw this as usury and was upset enough to turn over all of the money changers tables of business inside the synagogue. This is a Jewish story, not a Christian one. By the way where are all the American Christians when ISIS is killing a lot of Coptic Christians in Iraq and Syria. Americans are backing the Sunni ISIS all at the behest of Israel which is led by Zionists not Jews. We Americans have no discernment, no backbone and showing absolutely no character. We are led by a WarHawk chicken Bolton and we allow this?
In general, a solid video I thought. While it showed an obvious bias for a shiny-metal-based currency from the outset, it was informative and fairly descriptive and even-handed. Until the end. Then they became quite biased and one-sided. In particular, they failed to even mention that the very arguments they're making against a fiat currency are the same arguments made against a gold-backed or silver-backed currency by the majority of economists. I think the majority argument is, while rapid inflation or deflation is an issue with fiat currency that requires constant vigilance and management, it's a much bigger issue for gold- and silver-backed currency. Because with gold and silver, the discovery of gold mines (which can be cornered by foreign nations) used to regularly produce the same wild instabilities in the currency/prices/economies that this video is worried might happen with a fiat currency. Same thing always used to happen as global demand for gold (which of course is just a shiny metal, there's nothing inherently valuable in gold over say "fool's gold" or polished brass) would wax and wane with shifting pubic tastes, or as a few folks or nations decided to hoard gold, or decided to rapidly sell off gold. Basically, I believe the mainstream economist opinion is that the solution this video argues for, a gold-backed currency, has exactly the same problems this video is scared about for fiat currency, but much much worse. And that this rampant instability of gold-backed currency is kind of an empirical fact, viewed often in fairly recent history.
Not just a gold-backed currency, this informative vid makes the case that silver & gold ARE money! Karl Marx agreed with you, as do all the Keynesian economists who favor government control over people & economys. But one day soon I believe even people like you will recognize the need to wrestle power out of the greedy hands of international banksters & their fellow conspirators & devil worshipers.
@@Roylamx Metal values fluctuate far more rapidly and severely than they did centuries ago, and even then there had been major 'panics' (research Panic of 1873, for instance). To tie one's economy to them would be economic chaos. Reserarch tulips and the economic downfall of Europe that was caused when economies were tied to them. It is a practical matter, not the hocus pocus that you make it out to be.
@@-oiiio-3993 Obviously the true hocus pocus is the fraud of fiat money. What else is there that increases in existance simply by creating a higher number? If I tell you I'm going to trade you my cow and I give you a picture of it wouldn't you feel cheated? Silver and gold have intrinsic value and fiat currency has intrinsic fraud. Which one do you choose?
Corrections and addendum: 02:35 - The video is wrong, here. Only the U.S. Government is required to accept 'paper' dollars, coins, or any other 'legal tender' at face value and to redeem them as described at 03:37 . The 'lawful money' they will pay, however, will be more Federal Reserve Notes. The obligation to redeem in coin was abolished over eighty years ago, and precious metal was removed from circulating coinage in 1965. The One Dollar Silver Eagle, as well as the currently produced gold 'Eagles', were never intended for circulation or to be used in commerce. They are sold by the U.S. Mint at a premium to collectors and investors. There is absolutely no law binding merchants or individuals to acceptance of any form of currency 15:08 - The complete debasement of Continental Currency led to the once popular phrase, "not worth a Continental". 26:44 - Video states "...However, silver coinage was suspended in 1873, though resumed in 1878." This is false. Though production of the silver dollar for circulation was suspended for those years, production of subsidiary coin continued. Silver dimes, quarter and half dollars were produced at the U.S. Mints of Philadelphia, Carson City, and San Francisco during 1874 (no CC quarter for '74), 1875, 1876, and 1877. In fact, the entire production run of Twenty Cent coins for circulation was minted during 1875 and 1876. 32:00 - Prior to the Series of 1934 notes, the declaration on Federal Reserve Notes read, "Redeemable in gold on demand at the United States Treasury, or in gold or lawful money at any Federal Reserve Bank". Silver certificates of the 1928 series promised payment in 'Silver Dollars', changed with the 1934 series to 'redeemable in silver on demand'. Redemption of Silver Certificates for precious metal ended in 1968. They are now only exchangeable for Federal Reserve notes or base metal coin.
dollar comes from Greek ταλλαροι , tallari , shekel comes from greek σικλος or σιγκλος , siklos - siglos , both Greek words mean buckets - specific volume containers used in trade . Money is related to ( alone ) monk monje monaco etc, When Zeus had a fight with Hera he hanged her alone from Olympus , and she became Ηρα μονία Hera monia - Hera the lonely Her worship was later moved to Rome , the first mint in Rome was in the yard of her temple , monia became moneta monnaie , moneda moneten , ki etera (etc ) in the dialects
A network of international bankers brought about two horrendous changes into America long before the Council of Foreign Relations and the Institute of Pacific Relations were created. J.P Morgan precipitated the “Panic of 1907” after spreading rumors that Knickerbocker Bank and Trust Company of America was insolvent. Morgan’s rival banks were ruined while other banks were brought into Morgan’s influence and control. Paul Warburg came to American with his brother Felix Warburg in 1902. Paul Warburg was vice-president of Kuhn, Loeb, and Company and engineered a central banking system. Warburg used the Panic of 1902 to emphasize the “need” for a central banking system. Morgan promoted the panic for his own selfish economic interests as Warburg promoted the need for “bank reform” by lecturing and writing on the subject. He received a salary of half a million dollars from Kuhn Loeb while writing and lecturing to promote “bank reform” and a “central banking system” he engineered. Warburg had United States Senator Nelson Aldrich, “Morgan’s floor broker in the Senate,” working toward their goals. Nelson Aldrich’s daughter Abby married John D. Rockefeller, Jr. Consequently, Nelson Aldrich was the grandfather of David Rockefeller; chairman of the Council of Foreign Relations, president of Chase Manhattan Bank, and founder of the Trilateral Commission. David Rockefeller’s brother Nelson Aldrich Rockefeller was vice-president of the United States in 1976. Nelson Aldrich worked tirelessly to create a revived “central bank” which President Andrew Jackson destroyed. He was the Republican “whip” in the Senate and chairman of the National Monetary Commission. The NMC was a special committee of Congress created for the purpose of making recommendations to Congress for banking reform legislation. The American public was concerned about what was happening in the banking industry. Banks were folding and people were losing their investments through broken promises banks made to protect depositor’s assets. Aldrich spent over $300,000 of taxpayer’s money to fulfill the aspirations and goals of international bankers. Americans were concerned about the concentration of wealth in the hands of a few large New York Banks on Wall Street. In those days, the concentration of wealth in a few large banks was termed “the money trust.” Various politicians had been elected to office on their campaign promise to break the grasp of “the money trust.” President Woodrow Wilson was among the politicians who campaigned on this issue but was actually hand-picked, financed, and surrounded by associates and advisors of “the money trust.” The public wasn’t aware of this at that time in history. One who campaigned against the money trust could most assuredly be elected. Aldrich was an important business associate of J.P. Morgan and the father-in-law to John D. Rockefeller Jr. In November of 1910, a secret meeting of the Morgan - Rockefeller banking officers was held at a social club on Jekyll Island, Georgia. This was a social club and it was called "The Jekyll Island Club." Walk through the downstairs corridors and you will discover a door which identified with a brass plaque that declares: "In this room the Federal Reserve System was created." Senator Nelson Aldrich sent his private railroad car to the railroad station in New Jersey and there it was in readiness for the arrival of himself and six other men who were told to come under conditions of great secrecy. Secretary of the Treasury Abraham Piatt Andrew was the second most important man at the meeting. He later became a congressman with important internal ties to banking circle.
The Half Cent and Half Dime were among the original denominations of subsidiary coinage specified in the Mint Act of 1792. Though the dollar was to be divided decimally (Cent =1/100, Dime = 1/10, Dollar=1, Eagle=10), there was a need for coins that would make change for the Spanish Dollar (eight reales) that circulated widely and was, indeed, legal tender throughout the U.S. until 1857. The Half Dollar traded on par with the Spanish 4 Reales coin (four bits), as did the Quarter Dollar with the Dos Reales (2 bits). To make change for one Real (12 and a half cents - one bit) required the Half Cent coin. The silver Half Dime was thrown in as the original five cent coin, along with the gold Quarter Eagle ($2.50) and Half Eagle ($5). With the U.S. 'Civil War' came massive coin hoarding and a complete absence of coinage for commerce. The general public resorted to the use of postage stamps for small transactions and post offices were inundated with citizenry demanding to exchange raggedy postage stamps for new ones. To alleviate the situation, base metal coins of small denomination as well as 'Fractional Currency' notes of three to fifty cents were issued through post offices in exchange for stamps. The Three Cent Silver had also been issued through post offices as that was the first class postage rate at the time. This period brought about the Two Cent Bronze of 1864 - 73, reduction of cent weight and switch to bronze (1864), introduction of the Three Cent 'Nickel' of 1865 - 1889 which ran concurrent with the Three Cent Silver (1851 - 72) and, one year later, the Five Cent 'Nickel' in 1866 (Half Dimes would still be coined through 1873). The Twenty Cent silver coin of 1875 - 1878 was lobbied through Congress by Nevada silver interests and was an unwanted coin received by the public with about as much enthusiasm as would be the Susan B. Anthony Dollar of the next century. Another 'victory' for the same lobbyists was the 'Trade Dollar' of 1873 - 1885 which was intended to increase trade with China, not to be used domestically. Though the 'Trade Dollar' contained more fine silver than a standard U.S. Dollar, they were not considered to be legal tender.
Simple answer, under the federal reserve system its what the federal reserve, an entity not connected to the actual federal government, has issued value to. Prior to the federal reserve the notes were backed by precious metals such as gold or silver. In other words, the gold in fort know is the very government controlled gold that one could redeem with an appropriate note. Our current currency is only backed by a promise.
ORIGIN: Czech silver currency - Joachimstaler 1519 - 1528 had the same weight. INTERESTING: Marie Curie-Sklodowska from material near this city extract polonium and radium.
you misspelled GERMAN Joachimsthaler. the german male given name Joachim and the german word Thal meaning dale or valley might give that away. there wasn't even a "czech" nation back then. just germans and czechs living in bohemia with germans being the majority in cities like Prag and the czechs usually living on farms in the country side as peasants. Also the coin wasn't invented in Joachimsthal, it came from Guldengroschen (a large silver coin made to be equal to a gold florentine coin), the name dollar doesn't even come from Joachimsthaler because there where many places minting coins that ended in the name thal so there coins where known by the name they came from but most of them cam from villages called *something*thal so large Guldengroschen silver coins came as Thaler later Taler.
You are wrong. The federal government is required to accept Federal Reserve Notes as payment. That is what 'legal tender for all debts, public and private' means.
@@-oiiio-3993 The IRS DOES NOT ACCEPT CASH - PERIOD - THEY WRITE OFF YOUR TAXES - LAW there is no law they respect- See Chief Counserl for the IRS MEMO on Google anbout acceptance of CASH- If 3 people are on Staff they MUST take it but do not. I BOUGHT ALL NEW WINDOWS WITH THE CASH THEY REFUSED- Thery never come back
Note,n. A unilateral instrument containing an express and absolute promise of signer to pay to a specified person or order, or bearer, a definite sum of money at a specified time. Black’s Law Dictionary, Rev. 4th Ed. THE OLD - Federal Reserve Note “WILL PAY TO THE BEARER ON DEMAND FIVE DOLLAR” 1) signer = Federal Reserve 2) pay to = Bearer 3) sum of money = Five Dollars 4) specified time = On Demand TODAY’S - Federal Reserve Note IS NOT A NOTE ! 1) signer = Federal Reserve 2) pay to = 3) sum of money = Five Dollars 4) specified time =
8:50 Is the constitution of the United States Corporation Not the United States of America Corporation And Clearly not The government of The United States Of America.
The 'golden dollars' cost well under a dollar each to produce and distribute. The difference is 'seigniorage', or profit, for the U.S. Treasury. The problem, as with the SBA dollars before them, is that we're still bone headed enough to continue producing one dollar notes which require constant replacement and are thus not cost effective. If the public would forsake the dollar note and use dollar coins, the Treasury would save $billions per year.
Take even zinc pennies now u beat a silver dollar melt value n comparison silver dollars were dirt cheap back then I hoard nickels pennies n half dollars n quarters
One must extrapolate the ongoing evolution of fiat currency by past policy. Whereas the inflationary value of a dollar has diminished considerably, and almost completely since the Federal Reserve inception of 1914, and so has governmental debt risen oppositely and explosively in stark contrast to the dollar's devaluation, one would see that the curious and profound abatement of constitutional monetary standards will provide a sharp but temporary increase in "solvency", but cannot sustain the immutable effect of the debasement of "trust', which with fiat has become the new and wholly improvised financial standard. Collapse becomes inevitable.
I totally disagree. Metal based currency is only tradition, not a guard against inflation. Indeed, in the modern dynamic economy, the value of money would swing wildly if it were based on either gold or silver depending on their industrial demand, whereas a well run currency will have a stable supply relative to the growth of the economy.
Christian Libertarian Tradition? You've been listening to Ben Bernanke. I guess Germany, and other countries wanting their gold repatriated is just tradition. Interesting how that's happening now as opposed to 20 years ago or more. It's also interesting that the first thing taken from another country during war, is not their currency, but their gold.
3:55 it is money of the United States Corporation Not the United States of America Corporation And Clearly not The government of The United States Of America.
Once again, there is an implicit faith in the mining of metals as a basis of money. Why? Why should the money supply be dependent on the technology of mining gold or silver? There is no theoretical reason that you could not also base the money supply on the mining of nickel, except that nickel is both more abundant, and has greater industrial use. Indeed, the fiat money of US Federal Reserve Notes has held its value in a more stable manner than gold over the last 30 years.
Did you even watch the video? Silver & Gold are precious metals, they intrinsically hold value because they are rare, beautiful, useful, easily recognisable, difficult to counterfeit, easy to transport, difficult to destroy, and fungible, or of equal value by weight. What more could you ask for in a unit of money? Gold & Silver are barter perfected. They encourage honest business, thrift & industry, stabilize prices, foster morality & inspire virtue. Again I say, what more can you ask in a unit of measure for value?!?
Coin is the Real Dollar and FRS & Associates promote their products, their notes and their associates products, the cards and technology to confuse and distort what is concept of Dollar so they don't have the many, the would-be-free, circulating and using their own currency which is coin the real Dollar of the people which would otherwise only appreciate with use among themselves. Otherwise, then by the public use of the private products, they are relinquishing by consent of use, the ability to decide the matters of houses and markets. Ultimately giving the ability to buy everything, everyone of those that work to obtain their private credits only to carry and spend those things on others which contain nothing, further depreciating themselves, and the Dollar. Dollar is of people, of nation, is coin money, in physical form, of quality composition. Is of land bank deposit and you have a trust and appreciation in God for the materials for their qualities affixed and special feature of metals is it persists, is non replication source material and usable by many! Requires no electricity for use and is base product of God with value set by many, not few privately. FRS & Associates, the Visa MasterCard, they are the rulers because they hold the American Peoples Money and assets while the American People wield the Instruments of that which is enveloping and consuming their government and lands.
Most of our inflation problems started as soon as the gold standard was removed .
The "dollar" is a constitutional term and is a silver coin containing 371 1/4 grains of pure silver. The Mint Act of 1792 defines this "dollar" for purposes of the constitution. There is no law anywhere that defines a Federal Reserve Note as a "dollar" and the fact that it is imprinted with the words "ONE DOLLAR" on the bill does not make it a Dollar anymore than imprinted the word "COW" on the bill makes it a Cow.
Furthermore there was a debate during the constitutional convention where the printing of paper money was voted down by a vote of 9 to 2 and the power to "emit bills of credit" was removed from the first draft of the constitution.
Furthermore the Congress is given the power to "Coin money are regulate the value thereof" and "Not state shall "coin money nor "emit bills of credit or make any Thing but gold and silver a tender in payment of debts.
So if Congress is limited to "coining" money and there is no power granted to Congress to "emit Bills of Credit" and the state can't coin money or emit bills of credit and can't make any Thing but gold and silver "Coin" a tender than that limits the Congress to only "coining" gold and silver as money. Otherwise where is the state supposed to get their "gold and silver" coin that they are required to use as the only tender available? Furthermore if it can be said that Congress has the power to make whatever it wants "legal Tender" because that power is denied to the states. Then I refer you to the 10th Amendment. "Those powers not granted to the federal government by this constitution nor prohibited to it by the states are reserved to the states respectively or to the people". Clearly the federal government was not granted the power by the constitution to make bills of credit or make whatever it wants "legal tender" and the state is prohibited specifically from doing so then that means that power to make whatever it wants "Legal Tender is reserved to the people, which they have the ability to exercise since they can determine whatever they want to be payment for performance of a contract.
Gee, was I absent that day when they taught us all this lesson in school?
1986sitting there
The school keeps you away from information like this
Did U Go to Law School? If u Did You Study All Laws & How Those Laws Integrated Into Business Studies at Business School & Political Science + Public Administration in International Relations Then U Can Have Your Question Answered
I am enjoying your historical videos. I hope you do more on the history of money. This one was great. Thanks!
IOU Nothing. Loved that line.
wow very informative, thanks
Very informative video. Thank you. :)
Senator Nelson Aldrich sent his private railroad car to the railroad station in New Jersey and there it was in readiness for the arrival of himself and six other men who were told to come under conditions of great secrecy.
Secretary of the Treasury Abraham Piatt Andrew was the second most important man at the meeting. He later became a congressman with important internal ties to banking circle.
Frank A. Vanderlip was President of National City Bank of New York which was the largest bank in America. Vanderlip represented the banking and financial interests of William Rockefeller and international investment banking firm of Kuhn, Loeb & Company. Vanderlip represented the largest most powerful banks in America.
Henry P. Davidson was the senior partner of J.P. Morgan Company. Incidentally, for those persons acquainted with the game “Monopoly;” the little fat capitalist with the handlebar mustache and cigar was a satirical caricature of J.P. Morgan.
Charles D. Norton was the President of the 1st National Bank of New York.
Benjamin Strong was head of J.P. Morgan’s Banker’s Trust Company. Three years later when the Federal Reserve Act was passed; Strong became the first head of the Federal Reserve System.
Paul M. Warburg was born in Germany and immigrated to America becoming a naturalized citizen. He was probably the most important man at the meeting because of his European banking knowledge. Paul M. Warburg was one of the wealthiest men in the world during the era in which he lived. Warburg was a partner in Kuhn Loeb & Company and also represented the interests of the banking dynasty of Rothschild family of England and France. Paul Warburg maintained close working relationship with the Rothschild’s throughout his entire career. His brother and closest liaison, Max Warburg was head of Warburg banking consortium in Germany and the Netherlands. Persons familiar with the syndicated comic strip “Little Orphan Annie” recognize that “Daddy Warbucks” in the infamous comic strip is a satirical caricature of Paul M. Warburg. Everyone in that era was aware of the satirical caricature.
These seven men created the Federal Reserve System and represented ¼ of the entire wealth of the world.
An article written by Frank Vanderlip, a member of the group who attended the meeting, was published in "Saturday Evening Post", February 9, 1935, after the ratification of the Federal Reserve Act.
"I do not feel it is any exaggeration to speak of our secret expedition to Jekyll Island as the occasion of the actual conception of what eventually became the Federal Reserve System. We were told to leave our last names behind us. We were told further that we should avoid dining together on the night of our departure. We were instructed to come one at a time and as unobtrusively as possible to the railroad terminal on the New Jersey littoral of the Hudson where Senator Aldrich's private car would be in readiness attached to the rear-end of a train to the south. Once aboard the private car we began to observe the taboo that had been fixed on last names. We addressed one another as Ben, Paul, Nelson and Abe. Davison and I adopted even deeper disguises abandoning our first names. On the theory that we were always right, he became Wilbur and I became Orville after those two aviation pioneers the Wright brothers. The servants and train crew may have known the identities of one or two of us, but they did not know all and it was the names of all printed together that would've made our mysterious journey significant in Washington, in Wall Street, even in London. Discovery we knew simply must not happen."
They received the following instructions:
Should they arrive at the station at the same time they were to pretend that they didn’t know each other.
Newspaper reporters might recognize them and ask question so they were instructed to avoid them at all costs. Suspicions would certainly arise if two or three of them were identified which would provoke questions.
One of the men carried a large black case that contained a shotgun. In the event that he might be questioned; he would respond by saying he was going on a duck hunting trip. We learn from his biography that he neither owned the gun nor ever fired a gun in his life. He borrowed the gun to aid in his deception.
Servants on board were not to know the identity of the guests on board the train. There was fear that servants might talk about the excursion which may be leaked to the press.
The seven men traveled for two days and a night aboard Aldrich’s private car traveling a journey of 1,000 miles to Brunswick, Georgia. They took a ferry across the inland straits arriving on Jekyll Island. For the next nine days they sat at a table in an a closed room to discuss the details of what became the Federal Reserve System. After they accomplished their objective; they returned to New York.
Why the all of these particular elements to maintain secrecy? What was wrong with a group of private bankers attending meetings to discuss economics and proposed banking legislation?
Vanderlip, who attended the secret meeting, explains the reason and provides the answer to the puzzling behavior.
"If it were to be exposed publicly that our particular group had gotten together and written a banking bill, that bill would have no chance whatever of passage by Congress."
liberty-virtue-independence.blogspot.com/2009/09/creature-from-jekyll-island.html
This channel WILL have over 1 Million ++++ subs in time. Just keep doing you! Holy crap great videos!!!
Wow. At last. This is very very good. There are a couple of things in the c.20th round the wrong way, but otherwise it cannot take away from excellent and accurate, or proper content.
Funny that money is never less than 50% of any financial transaction, yet few understand what it is or how it works.
Seems those we've trusted to be in charge of & run our modern banking system are also those who have destroyed sound money & created & promoted fiat or valueless money in its place, & are promoting the rise of a cashless society (the end of money) as the inevitable result of the progress or evolution of modern banking.
Today we are using debt as money, funny how that debt we call money is loaned at interest to our Congress, which has authority to create sound money without debt or paying any interest on it at all. Does anyone else see collusion in this? If (or hopefully when) the idea of silver & gold as sound, or intrinsic value money are widely known & understood, it will be impossible for those who would control the world by financial domination (Global Financial Enslavement) to succeed.
Freedom depends on honest money which doesn't exist today.
Very nicely presented, thanks for posting this!
Roy Lamx Bitcoin.
Roy Lamx , It seems as though what you have said is the case. I can only assume that if the central banks get there way that the banks 🏦 are in charge. Meaning that if they want this to work in the United States they will take the gold and silver away to keep us depending on their agenda. Is it too late to go back to the gold standard?
@@lori3978 Good question. I don't think they need to restrict silver or gold any more than they already do. Their fiat currency laws efectivley force all transactions to be conducted in Federal Reserve notes. Our only recourse seems to be to educate ourselves, our representatives and others to the fraud of fiat currency and force their repeal.
This vid elucidates one of the most important political subjects being widely ignored today. I like to ask people "What is a dollar?" but they frequently can't comprehend the question, they blankly ask if I mean what is a dollar worth? And you can tell in the first few minutes of this vid she struggles (but does a good job) to frame the question because we don't know that it is supposed to be a unit of measure for value. Now can you imagine the uproar if the Bureau of weights & measures said they were going to allow a variable unit of measure for distance, or time, or anything else? BUT we completely lose all connection to reality when we struggle to wrap our minds around something to measure what things are worth. I wonder why?
I'm not a very intelligent person and i only clicked on this video when I couldn't get a straight answer for what money a dollar measures so I don't think this answer really merits any further thought but, I don't think money is really only used to measure somethings worth. Things are worth different amounts depending on where you are, based on what I think (again pulling this shit out my ass) somethings worth would be measured by maybe 3 things: 1.) Need for that particular item {ie. would an Egyptian view parka as something worth $1000 even though they have no harsh winters?} 2.) The difficulty to acquire said item 3.) The scarcity of said item {ie. a potato would be much more valuable to a person during a famine rather than during a period of prosperity} I think money is used to level the playing field between those 3 things if that made any fucking sense at all. Again i have no fucking clue what I'm talking about and I'm just operating on my common sense with a sprinkle of ignorance.
Thanks for the upload
Congress, acting appropriately upon delegated powers of the Constitution, ratified the Coinage Act on April 2, 1792. The Coinage Act of 1792 specified lawful money to be gold and silver coin. The denomination was based upon a standard unit of weight - a dollar (371.25 grains of fine silver), based upon the Spanish milled Dollar of silver in circulation within the United States. The Coinage Act simplified the process of issuing standard coins in circulation. An individual could take his silver or gold dust, shavings, or bullion to the mint. It would be melted and pressed into coin at no cost to the owner. It guaranteed the weight and substance of the dollar.
One dollar of silver is 412.5 grains, 90% pure, 10% alloy for durability and strength.
One dollar of gold is 27.5 grains, 90% pure, 10% alloy for durability and strength.
Prior to the Federal Reserve Act of 1913, the United States government coined and issued debt free money. The only Constitutional lawful money is gold and silver.
“The terms ‘lawful money’ and ‘lawful money of the United States’ shall be construed to mean gold and silver coin of the United States.”
USC Title 12 § 152
“Coins and paper currency used as circulating medium of exchange, and does not embrace notes, bonds, evidence of debt…”
Black’s Law Dictionary, 6 Ed.
yeah but the numbers where wrong. the spanish dollar, which was based on the Taler had 25 grams of silver and not 24 g. The thing is the US didn't know the proper weight of the spanish or german Talers so they collected a few examples and weight them. Turns out they where used coins and lost weight (because people used to illegally cut away from the rim of coins). Knowing the error and the changes over time they even wrote in the coinage act that the dollar should be 24 g fine silver OR!!! 27 grams of standard silver. so the dollar should be 27 g of sterling silver (25 g fine silver). 25 grams because that was the silver content of both the Taler and the spanish piece of 8 Dollar and 925 sterling silver making the coin 27 g in total because sterling silver is the standard silver world wide.
Several acts and laws were passed between the times you've mentioned which changed the weights and fineness of U.S. coinage, some of which are mentioned in this video.
@@-oiiio-3993 Also we never had a "Gold Standard" because the dollar was fixed as a set amount of silver with gold pegged to it originally at 15 to 1. This ratio was designed to take the power away from the rich who had gold and give it to the workers who were paid in silver.
@@Roylamx That ratio changed several times and the U.S. was, indeed, on 'gold standard' for decades.
Research the various coinage acts, lobbying wars between 19th Century 'goldites' and 'silverites'.
_"An individual could take his silver or gold dust, shavings, or bullion to the mint. It would be melted and pressed into coin at no cost to the owner. It guaranteed the weight and substance of the dollar."_
A practice which ended in 1873 as the value of silver had fallen.
The Coinage Act of 1873 abolished the free coinage of silver while also slightly changing the weights of coinage to be struck and placed the United States on a gold standard which replaced the previous bimetallic standard.
Beautiful explanation
The definition of “note, n.”, in Black’s Law Dictionary (Rev. 4th Ed.) is: “A unilateral instrument containing an express and absolute promise of signer to pay a specified person or order, or bearer, a definite sum of money at a specified time.”
Black’s Law Dictionary, 6Ed states, “An instrument containing an express and absolute promise of signer (i.e. maker) to pay a specified person or order, or bearer, a definite sum of money at a specified time. A note not meeting these requirements may be assignable as not negotiable."
“A note is a specific and unconditional promise to pay.” UCC-304-1
“Intrinsically, a dollar bill is just a piece of paper.”Modern Money Mechanics, Federal Reserve Bank of Chicago.
An original Federal Reserve Note (series 1914) declares, “The United States of America will pay to the bearer on demand Five Dollars”.
This series of Federal Reserve Notes made no pretense of being dollars. This note is a promise to pay lawful money; therefore, A NOTE CANNOT BE MONEY.
The “note” promises that the United States Government “WILL PAY THE BEARER ON DEMAND FIVE DOLLARS.” The reverse of the note states, “THIS NOTE IS RECIEVEABLE BY ALL NATIONAL AND MEMBER BANKS AND FEDERAL RESERVE BANKS AND FOR ALL TAXES, CUSTOMS AND OTHER PUBLIC DUES. IT IS REDEEMABLE IN GOLD ON DEMAND AT THE TREASURY DEPARTMENT OF THE UNITED STATES IN THE CITY OF WASHINGTON, DISTRICT OF COLUMBIA OR IN GOLD OR LAWFUL MONEY AT ANY FEDERAL RESERVE BANK.”
Please notice that United States Notes are not Federal Reserve Notes!
A United States Note was backed by gold on deposit at the U.S. Treasury.
The United States Note (1953 series C) promised to pay a specific sum of dollars to the bearer on demand. The 1953 Series C Note was a legal valid note according to the definition of “note.”The note declared, “THIS NOTE IS A LEGAL TENDER AT ITS FACE VALUE FOR ALL DEBTS PUBLIC AND PRIVATE.” The word "tender" means: “to offer”. Therefore, legal tender means that it is legal to offer something in payment of a debt. Consequently, one is not forced to accept a note as payment of the debt.
Good information.
Well done! 👏
Outstanding
This is cool. I am a beginner coin collector, and this is a great history lesson.
You do not collect, you appreciate.
@@eternalthrill Whatever.
Well done. What to do? Protect yourself.
Lawful money that backed the note was removed by 1963. Green pieces of paper created by the Bureau of Printing and Engraving, issued by the United States Department of the Treasury were intentionally designed to appear like the lawful notes they replaced. The Department of the Treasury proclaimed that the pieces of green paper were notes and dollars. The 1963 Series Notes were neither lawful notes nor dollars! A note to pay the bearer on demand dollars cannot be the dollars that it promises to pay the bearer.
The Federal Reserve Act of 1913 declared that the Fed notes would be backed by 40% in gold. Gold backing was reduced by 1928 as the Federal Reserve assumed more “authority” to loosen credit and float larger quantities of notes.
The Federal Reserve Note (Series of 1928 A) declares, “REDEEMABLE IN GOLD ON DEMAND AT THE UNITED STATES TREASURY OR AT ANY FEDERAL RESERVE BANK.” Although notes were no longer redeemable in gold; they were still redeemable in silver which was also lawful money.
Please notice that the “note” declared FEDERAL RESERVE NOTE”, “THE UNITED STATES OF AMERICA WILL PAY TO THE BEARER ON DEMAND FIVE DOLLARS.”As I stated earlier in this essay; a note promises to pay in dollars.
Assistant General Council, Russell L. Monk, of the Department of the Treasury declared, “Federal Reserve Notes are not dollars.”
The United States Treasury issued the SILVER CERTIFICATE backed with 100% silver reserve. The certificate declared, ‘SILVER CERTIFICATE’, “THIS CERTIFIES THAT THERE IS ON DEPOSIT IN THE TREASURY OF THE UNITED STATES OF AMERICA, FIVE DOLLARS IN SILVER PAYABLE TO THE BEARER ON DEMAND”. The certificate was a legitimate, dependable, sound money substitute backed by 100% money and was not inflatable.
The SILVER CERTIFICATE lost convertibility and was eliminated in 1968 when they were recalled by the United States Treasury. Consequently, since 1968, neither notes nor certificates of the United States Treasury were issued that would pay lawful money if one were to attempt to redeem them. Actually, there were no longer notes but imitation notes; counterfeit!
Webster’s New Collegiate Dictionary (1974Ed.):“Counterfeit: To imitate or copy esp. with the intent to deceive. To engage in counterfeiting something of value. Forgery. Something likely to be mistaken for something of higher value.”
Dr. Gary North declares, “If individuals do it, the State must intervene and punish violators, since fraud and theft are both involved. Yet, the State is also to be limited by law of honest weights and measures; it must not force citizens to accept a unit of money which is worth less in exchange than its face value. In short, legal tender laws are immoral, currency debased is immoral; printed unbacked “money” is immoral.”
thanks for all the research.... wow... i love gold and silver coins... now i know y
Your tinfoil hat is slipping.
United States Notes are legitimate as well because these are tax free and non-bearing interest unlike the Federal Reserve Notes.
Lawful Money is not really gold and silver, it is Legal Tender. Lawful Money = Legal Tender. It includes all U.S. coins and currency issued by the treasury, and not by the federal reserve. Federal Reserve Notes are Legal Tender, but it is not lawful money because these are instruments of debt, and are being taxed to pay interest on national debt. USC 411 "... they shall be redeemed in lawful money...," redeem into what? Gold or silver? No... maybe it is possible to redeem federal reserve notes into some other type of "lawful money" in order to help prevent the expansion of debt or interest on elastic currency.
The only time Jesus used violence was against the Money Changers.
yes, he didn't turn the other cheek when he viewed the injustice. Here's the historical fact; Rome had taken over the colony of Palestine when Caesar conquered Egypt, which had been the colonizer before Rome. The Romans demanded a tax to enter the synagogue; however the Jewish people would not pay with any coin bearing the face of an emperor, so they settled on paying with the half shekel. The community of money CHANGERS got wind of this so purchased all of the half shekel @ approximately 21 and then began charging 27; Jesus saw this as usury and was upset enough to turn over all of the money changers tables of business inside the synagogue. This is a Jewish story, not a Christian one. By the way where are all the American Christians when ISIS is killing a lot of Coptic Christians in Iraq and Syria. Americans are backing the Sunni ISIS all at the behest of Israel which is led by Zionists not Jews. We Americans have no discernment, no backbone and showing absolutely no character. We are led by a WarHawk chicken Bolton and we allow this?
1913--back when a dollar was worth a dollar!
In general, a solid video I thought. While it showed an obvious bias for a shiny-metal-based currency from the outset, it was informative and fairly descriptive and even-handed. Until the end. Then they became quite biased and one-sided. In particular, they failed to even mention that the very arguments they're making against a fiat currency are the same arguments made against a gold-backed or silver-backed currency by the majority of economists. I think the majority argument is, while rapid inflation or deflation is an issue with fiat currency that requires constant vigilance and management, it's a much bigger issue for gold- and silver-backed currency. Because with gold and silver, the discovery of gold mines (which can be cornered by foreign nations) used to regularly produce the same wild instabilities in the currency/prices/economies that this video is worried might happen with a fiat currency. Same thing always used to happen as global demand for gold (which of course is just a shiny metal, there's nothing inherently valuable in gold over say "fool's gold" or polished brass) would wax and wane with shifting pubic tastes, or as a few folks or nations decided to hoard gold, or decided to rapidly sell off gold.
Basically, I believe the mainstream economist opinion is that the solution this video argues for, a gold-backed currency, has exactly the same problems this video is scared about for fiat currency, but much much worse. And that this rampant instability of gold-backed currency is kind of an empirical fact, viewed often in fairly recent history.
Not just a gold-backed currency, this informative vid makes the case that silver & gold ARE money! Karl Marx agreed with you, as do all the Keynesian economists who favor government control over people & economys. But one day soon I believe even people like you will recognize the need to wrestle power out of the greedy hands of international banksters & their fellow conspirators & devil worshipers.
@@Roylamx Metal values fluctuate far more rapidly and severely than they did centuries ago, and even then there had been major 'panics' (research Panic of 1873, for instance). To tie one's economy to them would be economic chaos. Reserarch tulips and the economic downfall of Europe that was caused when economies were tied to them.
It is a practical matter, not the hocus pocus that you make it out to be.
Fair point. Just wondering why an ounce of gold can buy the same stuff as it did 1000-2000 years ago?
@@-oiiio-3993 Obviously the true hocus pocus is the fraud of fiat money. What else is there that increases in existance simply by creating a higher number?
If I tell you I'm going to trade you my cow and I give you a picture of it wouldn't you feel cheated?
Silver and gold have intrinsic value and fiat currency has intrinsic fraud. Which one do you choose?
Corrections and addendum:
02:35 - The video is wrong, here. Only the U.S. Government is required to accept 'paper' dollars, coins, or any other 'legal tender' at face value and to redeem them as described at 03:37 .
The 'lawful money' they will pay, however, will be more Federal Reserve Notes. The obligation to redeem in coin was abolished over eighty years ago, and precious metal was removed from circulating coinage in 1965.
The One Dollar Silver Eagle, as well as the currently produced gold 'Eagles', were never intended for circulation or to be used in commerce. They are sold by the U.S. Mint at a premium to collectors and investors.
There is absolutely no law binding merchants or individuals to acceptance of any form of currency
15:08 - The complete debasement of Continental Currency led to the once popular phrase, "not worth a Continental".
26:44 - Video states "...However, silver coinage was suspended in 1873, though resumed in 1878." This is false.
Though production of the silver dollar for circulation was suspended for those years, production of subsidiary coin continued. Silver dimes, quarter and half dollars were produced at the U.S. Mints of Philadelphia, Carson City, and San Francisco during 1874 (no CC quarter for '74), 1875, 1876, and 1877. In fact, the entire production run of Twenty Cent coins for circulation was minted during 1875 and 1876.
32:00 - Prior to the Series of 1934 notes, the declaration on Federal Reserve Notes read, "Redeemable in gold on demand at the United States Treasury, or in gold or lawful money at any Federal Reserve Bank". Silver certificates of the 1928 series promised payment in 'Silver Dollars', changed with the 1934 series to 'redeemable in silver on demand'. Redemption of Silver Certificates for precious metal ended in 1968. They are now only exchangeable for Federal Reserve notes or base metal coin.
Great video, 1/10 ounce of gold will now trade for 200 USD at a coin dealer 🤣
dollar comes from Greek ταλλαροι , tallari , shekel comes from greek σικλος or σιγκλος , siklos - siglos , both Greek words mean buckets - specific volume containers used in trade . Money is related to ( alone ) monk monje monaco etc, When Zeus had a fight with Hera he hanged her alone from Olympus , and she became Ηρα μονία Hera monia - Hera the lonely Her worship was later moved to Rome , the first mint in Rome was in the yard of her temple , monia became moneta monnaie , moneda moneten , ki etera (etc ) in the dialects
keep stacking silver people
Nice )
US Dollar is what I use here in Hawaii from Edwin Saquing Almazan People & Blogs ☺
Dollar history starts with Domi . It’s value depend. On his quality of ethics .
A network of international bankers brought about two horrendous changes into America long before the Council of Foreign Relations and the Institute of Pacific Relations were created.
J.P Morgan precipitated the “Panic of 1907” after spreading rumors that Knickerbocker Bank and Trust Company of America was insolvent. Morgan’s rival banks were ruined while other banks were brought into Morgan’s influence and control. Paul Warburg came to American with his brother Felix Warburg in 1902. Paul Warburg was vice-president of Kuhn, Loeb, and Company and engineered a central banking system. Warburg used the Panic of 1902 to emphasize the “need” for a central banking system. Morgan promoted the panic for his own selfish economic interests as Warburg promoted the need for “bank reform” by lecturing and writing on the subject. He received a salary of half a million dollars from Kuhn Loeb while writing and lecturing to promote “bank reform” and a “central banking system” he engineered. Warburg had United States Senator Nelson Aldrich, “Morgan’s floor broker in the Senate,” working toward their goals. Nelson Aldrich’s daughter Abby married John D. Rockefeller, Jr. Consequently, Nelson Aldrich was the grandfather of David Rockefeller; chairman of the Council of Foreign Relations, president of Chase Manhattan Bank, and founder of the Trilateral Commission. David Rockefeller’s brother Nelson Aldrich Rockefeller was vice-president of the United States in 1976.
Nelson Aldrich worked tirelessly to create a revived “central bank” which President Andrew Jackson destroyed. He was the Republican “whip” in the Senate and chairman of the National Monetary Commission. The NMC was a special committee of Congress created for the purpose of making recommendations to Congress for banking reform legislation. The American public was concerned about what was happening in the banking industry. Banks were folding and people were losing their investments through broken promises banks made to protect depositor’s assets. Aldrich spent over $300,000 of taxpayer’s money to fulfill the aspirations and goals of international bankers. Americans were concerned about the concentration of wealth in the hands of a few large New York Banks on Wall Street. In those days, the concentration of wealth in a few large banks was termed “the money trust.” Various politicians had been elected to office on their campaign promise to break the grasp of “the money trust.” President Woodrow Wilson was among the politicians who campaigned on this issue but was actually hand-picked, financed, and surrounded by associates and advisors of “the money trust.” The public wasn’t aware of this at that time in history. One who campaigned against the money trust could most assuredly be elected. Aldrich was an important business associate of J.P. Morgan and the father-in-law to John D. Rockefeller Jr.
In November of 1910, a secret meeting of the Morgan - Rockefeller banking officers was held at a social club on Jekyll Island, Georgia. This was a social club and it was called "The Jekyll Island Club." Walk through the downstairs corridors and you will discover a door which identified with a brass plaque that declares: "In this room the Federal Reserve System was created."
Senator Nelson Aldrich sent his private railroad car to the railroad station in New Jersey and there it was in readiness for the arrival of himself and six other men who were told to come under conditions of great secrecy.
Secretary of the Treasury Abraham Piatt Andrew was the second most important man at the meeting. He later became a congressman with important internal ties to banking circle.
375.64 grains of silver are worth $18.117 (US-Dollars) as of today.
7 pizza guys disagree
Ok I’ll offer 500$ for a monster box of silver eagles 🦅 who’s offering lol 😂
😂🤣😂🤣😂🤣
Do the history of odd denominations.
The Half Cent and Half Dime were among the original denominations of subsidiary coinage specified in the Mint Act of 1792. Though the dollar was to be divided decimally (Cent =1/100, Dime = 1/10, Dollar=1, Eagle=10), there was a need for coins that would make change for the Spanish Dollar (eight reales) that circulated widely and was, indeed, legal tender throughout the U.S. until 1857.
The Half Dollar traded on par with the Spanish 4 Reales coin (four bits), as did the Quarter Dollar with the Dos Reales (2 bits). To make change for one Real (12 and a half cents - one bit) required the Half Cent coin. The silver Half Dime was thrown in as the original five cent coin, along with the gold Quarter Eagle ($2.50) and Half Eagle ($5).
With the U.S. 'Civil War' came massive coin hoarding and a complete absence of coinage for commerce.
The general public resorted to the use of postage stamps for small transactions and post offices were inundated with citizenry demanding to exchange raggedy postage stamps for new ones.
To alleviate the situation, base metal coins of small denomination as well as 'Fractional Currency' notes of three to fifty cents were issued through post offices in exchange for stamps.
The Three Cent Silver had also been issued through post offices as that was the first class postage rate at the time.
This period brought about the Two Cent Bronze of 1864 - 73, reduction of cent weight and switch to bronze (1864), introduction of the Three Cent 'Nickel' of 1865 - 1889 which ran concurrent with the Three Cent Silver (1851 - 72) and, one year later, the Five Cent 'Nickel' in 1866 (Half Dimes would still be coined through 1873).
The Twenty Cent silver coin of 1875 - 1878 was lobbied through Congress by Nevada silver interests and was an unwanted coin received by the public with about as much enthusiasm as would be the Susan B. Anthony Dollar of the next century. Another 'victory' for the same lobbyists was the 'Trade Dollar' of 1873 - 1885 which was intended to increase trade with China, not to be used domestically. Though the 'Trade Dollar' contained more fine silver than a standard U.S. Dollar, they were not considered to be legal tender.
Simple answer, under the federal reserve system its what the federal reserve, an entity not connected to the actual federal government, has issued value to.
Prior to the federal reserve the notes were backed by precious metals such as gold or silver. In other words, the gold in fort know is the very government controlled gold that one could redeem with an appropriate note.
Our current currency is only backed by a promise.
ORIGIN: Czech silver currency - Joachimstaler 1519 - 1528 had the same weight.
INTERESTING: Marie Curie-Sklodowska from material near this city extract polonium and radium.
you misspelled GERMAN Joachimsthaler. the german male given name Joachim and the german word Thal meaning dale or valley might give that away. there wasn't even a "czech" nation back then. just germans and czechs living in bohemia with germans being the majority in cities like Prag and the czechs usually living on farms in the country side as peasants. Also the coin wasn't invented in Joachimsthal, it came from Guldengroschen (a large silver coin made to be equal to a gold florentine coin), the name dollar doesn't even come from Joachimsthaler because there where many places minting coins that ended in the name thal so there coins where known by the name they came from but most of them cam from villages called *something*thal so large Guldengroschen silver coins came as Thaler later Taler.
Lawful money comes from the mint now as always
Thank you Spain lol
pizza gate dollar gate Now I am going to work to get some more of this precious fiat , instruments of debt .
and you go study History .
Not even Legal tender - try and pay your Federal Taxes with currency
You are wrong. The federal government is required to accept Federal Reserve Notes as payment. That is what 'legal tender for all debts, public and private' means.
@@-oiiio-3993 The IRS DOES NOT ACCEPT CASH - PERIOD - THEY WRITE OFF YOUR TAXES - LAW there is no law they respect- See Chief Counserl for the IRS MEMO on Google anbout acceptance of CASH- If 3 people are on Staff they MUST take it but do not. I BOUGHT ALL NEW WINDOWS WITH THE CASH THEY REFUSED- Thery never come back
@@ebenezerclark123 You are wrong.
Go mow your grassy knoll.
@@-oiiio-3993 That is why MY TAXES ARE Paid and I bought windows with the money, YOUR A DUMB ASS
@@ebenezerclark123 Have you considered posting in the English language?
23:32 NONinterest bearing fiat currency, quite different from fiat with interest due
TheGOLD & TheSILVER are
still HISTORY . 7&10 owned .
~ Jesu M Christo, KMK, reAl .
2:37 let me stop u right there the federal reserve says any business can accept or reject money of any kinds at its discretion
So In 30 years my dollar would be a 1/3 of the value ! Or 2/3 at a modern rate !
1888 1 US Dollar coin
Perhaps you may try a sentence next time?
Note,n. A unilateral instrument containing an express and absolute promise of signer to pay to a specified person or order, or bearer, a definite sum of money at a specified time.
Black’s Law Dictionary, Rev. 4th Ed.
THE OLD - Federal Reserve Note
“WILL PAY TO THE BEARER ON DEMAND FIVE DOLLAR”
1) signer = Federal Reserve
2) pay to = Bearer
3) sum of money = Five Dollars
4) specified time = On Demand
TODAY’S - Federal Reserve Note IS NOT A NOTE !
1) signer = Federal Reserve
2) pay to =
3) sum of money = Five Dollars
4) specified time =
8:50 Is the constitution of the United States Corporation Not the United States of America Corporation And Clearly not The government of The United States Of America.
Whatever.
You're babbling.
Did our government forget this history?
@ Laurel Ewing; No, but they are betting you will. ...as almost everyone already has!
how is that not illegal
Try watching it more slowly.
The enactment of several laws was mentioned.
Take nickels o pennies n u will do good as back n day when silver coins were circulating the were cheaper than a dollar 2 make
They had to stop the small dollars cost more than a dollar .went to not for circulation in president coins mid series.😎
The 'golden dollars' cost well under a dollar each to produce and distribute. The difference is 'seigniorage', or profit, for the U.S. Treasury.
The problem, as with the SBA dollars before them, is that we're still bone headed enough to continue producing one dollar notes which require constant replacement and are thus not cost effective.
If the public would forsake the dollar note and use dollar coins, the Treasury would save $billions per year.
Take even zinc pennies now u beat a silver dollar melt value n comparison silver dollars were dirt cheap back then I hoard nickels pennies n half dollars n quarters
One must extrapolate the ongoing evolution of fiat currency by past policy. Whereas the inflationary value of a dollar has diminished considerably, and almost completely since the Federal Reserve inception of 1914, and so has governmental debt risen oppositely and explosively in stark contrast to the dollar's devaluation, one would see that the curious and profound abatement of constitutional monetary standards will provide a sharp but temporary increase in "solvency", but cannot sustain
the immutable effect of the debasement of "trust', which with fiat has become the new and wholly improvised financial standard. Collapse becomes inevitable.
I totally disagree. Metal based currency is only tradition, not a guard against inflation. Indeed, in the modern dynamic economy, the value of money would swing wildly if it were based on either gold or silver depending on their industrial demand, whereas a well run currency will have a stable supply relative to the growth of the economy.
Christian Libertarian Tradition? You've been listening to Ben Bernanke. I guess Germany, and other countries wanting their gold repatriated is just tradition. Interesting how that's happening now as opposed to 20 years ago or more. It's also interesting that the first thing taken from another country during war, is not their currency, but their gold.
So who has ever 'run' a currency 'well'. That's the same argument as communism- all very good on paper(no pun intended )
21:28 hmmm if only the funder fathers will be here today…..
3:55 it is money of the United States Corporation Not the United States of America Corporation And Clearly not The government of The United States Of America.
Translation: Babbledy, babbledy, phfffft.
Bitcoin is the new gold and silver.
You can't eat the stuff, and if no one accepts it, it's garbage.
At least gold makes a good bullet.
oh wow... this video is before biden
Bla bla bla.....the dolar is coming from a Spanish coin , and the $ it means Spanish. Learn about your history and about your "dollar"
C a r b o u m e n , Bla bla bla, It was the standard of its day. But where did the Spanish get their gold and silver? I know the history....
'Two bits, four bits, six bits, a dollar...'
No te molestes en explicarles el origen del dólar. No hay mayor ignorante que quien no quiere aprender.
Once again, there is an implicit faith in the mining of metals as a basis of money. Why? Why should the money supply be dependent on the technology of mining gold or silver? There is no theoretical reason that you could not also base the money supply on the mining of nickel, except that nickel is both more abundant, and has greater industrial use. Indeed, the fiat money of US Federal Reserve Notes has held its value in a more stable manner than gold over the last 30 years.
Did you even watch the video? Silver & Gold are precious metals, they intrinsically hold value because they are rare, beautiful, useful, easily recognisable, difficult to counterfeit, easy to transport, difficult to destroy, and fungible, or of equal value by weight. What more could you ask for in a unit of money? Gold & Silver are barter perfected. They encourage honest business, thrift & industry, stabilize prices, foster morality & inspire virtue. Again I say, what more can you ask in a unit of measure for value?!?
Coin is the Real Dollar and FRS & Associates promote their products, their notes and their associates products, the cards and technology to confuse and distort what is concept of Dollar so they don't have the many, the would-be-free, circulating and using their own currency which is coin the real Dollar of the people which would otherwise only appreciate with use among themselves. Otherwise, then by the public use of the private products, they are relinquishing by consent of use, the ability to decide the matters of houses and markets. Ultimately giving the ability to buy everything, everyone of those that work to obtain their private credits only to carry and spend those things on others which contain nothing, further depreciating themselves, and the Dollar. Dollar is of people, of nation, is coin money, in physical form, of quality composition. Is of land bank deposit and you have a trust and appreciation in God for the materials for their qualities affixed and special feature of metals is it persists, is non replication source material and usable by many! Requires no electricity for use and is base product of God with value set by many, not few privately. FRS & Associates, the Visa MasterCard, they are the rulers because they hold the American Peoples Money and assets while the American People wield the Instruments of that which is enveloping and consuming their government and lands.
@@Roylamx You can't eat the stuff.
I’d kill for $20 eagles rn