The Crime of 1873 & the Debasement of Silver
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- เผยแพร่เมื่อ 7 ก.ค. 2024
- The Crime of 1873 & the Debasement of Silver - In this episode, 'The Guy in the Hat' discusses the debasement of silver, specifically the rise of monometallism and the catastrophic impact on the common man in 1873. This is the moment at which the 'money of the people' was largely made illegal, with debt and taxes payable in gold only.
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There was no income tax in the 1800s and the greenback was independent of the private central bank of that time, so a threat.
The monetary system has evolved since 1690, not by natural forces; but rather by the designs of bankers, who profit by their manipulations.
Therefore, what you are experiencing today is not what it was in 1940, or in 1900 or in 1860 etc.
It is important to keep this in mind, that the currency system is still in a state of flux, and ever further manipulated to advantage the banker and politician, and disadvantage further (steal from ) the ignorant common people (99.9%, ) but we the people dont understand this, or the extent to which monetary practices have evolved to steal from us, because in our minds we work for money, our parents worked for money and so did our grandparents, so isn't it all pretty much the same with a little bit of inflation ?
Hell no ! There have been massive machinations and manipulations designed to harvest your work and energy to the advantage and privilege of a few.
And because monetary principles are abstracts that cannot be seen with our eyes, they require mental effort to get our heads around. They are in fact, a completely separate topic to practical daily living, yet they effect our daily life totally.
The first principle to understand is that you have been robbed of real money by successive bankers, because the whole idea of 'Money ' is to hold something of real value as your own property, and to receive something of real value for your labour and productivity.
But you get nothing, you get zero of value. You get paper, or plastic or electrons for your work and efforts, and these, having no fixed intrinsic value weight or measure, can therefore be manipulated and devalued before you even believe you have it, and faster than you can accumulate it. Devaluation through inflation is the insidious tax your vote or will has NO power to address; the banker alone retains that privilege, and uses it to rob you every second of every year, night and day.
You have been hood winked by slight of hand and mind into accepting a constantly devaluing IOU for nothing, all at the point of a gun, because 'legal currency ' means, you shall accept this degrading note alone for your labour, or the armed sheriffs will pay you a visit, and commit further theft and violence upon you, as the state retains to itself the Exclusive franchise to exercise violence. When the State does violence, that's OK.
Your forefathers were paid in real money, Gold and Silver, but the bankers were limited in what they could loan out by metalic money, so they sought to do away with it, and they invented the promissory note, the 'bank note' which promised to be redeemable for a Silver or Gold coin.
They did this to remove the natural restriction on what they could loan out, because new debt at interest is their primary tool of harvest. Then, gradually, they removed the metal altogether, telling you it was for your own good, because now you could have a booming economy and more commerce, and no limitation on how many hours both you and your partner could work .
(The 'full employment' mandate simply means you all shall work all of the time until you die, but in the 1700s 6 months work would keep you alive all year if you owned your land. )
Once they had the Exclusive note printing power, they went to town, printing any amount their bought servants in government wanted, creating the national debt, whereby an unborn child is born in servitude and serfdom to an now $100,000 to $ 150,000 debt to who ?
That would be the share holders of the Federal Reserve if you live in the United States, or the Central Bank in your country, and also the large private banks, for once government abrogated the currency creation power to both the Central and large private banks, they must then go cap in hand to the banks to build new public infrastructure. So now every county, state and nation has indebted their ' citizens' in totally unpayable debts to the currency creators.
Meanwhile after Bretton Woods the Federal Reserve sent its agents around the world to ensure that all Central banks were created in its own image, doing exactly what it does, so no one shows them up, even though quite a few Central banks are not privately owned like the Federal Reserve is, yet they still create ALL new Currency as Debt which indebts you, your children and grandchildren forever.
That is a small taste on the first faulty monetary principle and that's before we talk about the unpayable interest on the new worthless currency that they create for zero cost.
There are 4 faulty monetary principles in practice that ensure 99.9% will live in servitude to the .1%
Unless you educate yourself and then teach your children and grandchildren, you will remain enslaved, 70% of your work goes to the bankers and bureaucrats.
Soon the FED will call in all notes to force use of CBDC.
When banks no longer accept cash deposits we will be a cashless society and we will have forgotten we were ever a free people.
But most people won't miss it as long as they have streaming TV.
LMAO!!!!! We were never a free people.😅
Here's a quick primer on what's wrong and what to do about it.
ALL fiat currency is debt, that's the only way the Central Banks make it, whether through government bondage note, or private bank loans.
Bankers have developed four practices that
are unsustainable and catastrophic.
If we dont understand the causes of a problem we will address the symptoms or actors, not the causes.
1st. Large private and Central banks have obtained the Exclusive franchise to create ALL new Currency as Debt, at interest.
An increasing population needs an increase in currency, but it is ALL created as a debt to the Central Bank, bearing interest.
This indebts the whole world, every person, every government, in totally unpayable debts, ( because where can the interest come from) enslaving us all to bankers through personal debt or ever increasing oppressive and unjust taxation, permits, licences, registrations, regulations, rates, duties, fees, fines, levies, surcharges, adinfinitum, of which an increasing volume goes straight to the debt creators, who created it for free. (At zero cost to themselves.)
2nd. Because of the first fault, (wherein a Central bank has the Exclusive franchise to create ALL new money,) and they attach interest to it, (which they do not create) they must continually create more currency to pay the interest on the last round of debts and to resupply liquidity as debt repayments suck the last round of currency they created out of the national economy.
The volumes of the booms and busts of 'credit cycles' are totally unnatural and the economy should follow population growth.
Inflation, (or rather, devaluation through deliberate currency oversupply,) is destructive to all but the rich. There is virtually no limitation on fiat currency creation.
Because successive governments have abrogated the peoples right to create their own Sound debt free money, the state also sponsors inflation by borrowing and spending, 'stimulus ' in the vain hope that they can 'create wealth through debt,' and inflate away past and present debts with NEW DEBT ! 🤪🤪🤪 This robs the people under their very noses.
Adding to this is fractional reserve banking wherein private banks effectively create massive new Currency volumes, (but its only temporary because it's all debt) blowing bubbles (in housing/CRE/stocks) which devalues everyone's savings, work, 401k & pension, by raising all prices. (Which don't return to their former level when inflation reduces, the rate of increase simply slows down momentarily. )
We call price increases inflation, but it's really devaluation of your savings, time, work and while corporations do add to inflation of prices, they generally are Not the primary drivers of inflation. Attacking corporations is becoming side tracked.
Shrinkflation further adds to our reduction and desolation as companies attemptto make the same or more profits than last year.
(Did you know the only time our society gets some real new Currency ? It's when someone goes bankrupt and can't repay the banks what they borrowed. )
The fix ? The first step is to end Central Banks and return to Sound Metalic Money.
This will slow the rate of currency creation and make it much more difficult to devalue our wages and savings by currency 'printing.'
The 2nd step would be to legislate that banks publish their reserve ratio. So if they have $100 million on their books in deposits, and $50 million in loans, that's a 50% reserve ratio. We could legislate a reserve ratio, and by openly publishing this people can choose the risk level they are willing to take.
Along with this we need to legislate an industry to home loan ratio.
This will change banking and we need to change banking, because it is destructive. The banks wont be able to make as much, and that's a good thing.
We need to make money anything the people want, but legal tender must meet Metalic standards under the office of weights and measures, and national and state treasury departments and mints could produce and release real intrinsic value Money.
This will not create inflation like some bankers and their economists would have you think.
It is not who creates currency that drives the Constant devaluation of your work & money, it is THE VOLUME per population/ productivity.
The banks increased the base currency supply by over 65 % since March 2020 & 300% since 2008. This has been greatly multiplied as deposits were rolled back into real estate loans creating bubbles, which further lever up equity to back more loans.
You can't spend it off planet, and we've had no increase in population or productivity. How can it not devalue our savings, wages and retirement funds by a similar % as it enters the economy ?
3rd problem. Fiat currency whether paper OR DIGITAL has no intrinsic value, thus it cannot be used as a long term store of value, particularly in an ever expanding fiat system. Taxation and the 'legal' currency label attached to fiat creates artificial demand for fiat currency. This is the 'Force' component of Fiat currency, wherein you are forced at the point of a gun to accept worthless paper or electrons for your daily work. Metalic Money is the currency of a free sovereign people. Fiat at Debt is the currency of slaves.
The fix ?
Return to Silver, Gold, Copper & Nickle currency, designated by weight, not cents/dollars. These will find their own local value. These can't be printed to oblivion, have intrinsic value, and are a safeguard against bankers counterfeiting. Continue to keep the manufacture of Gold & Silver rounds by private mints & foundries to help keep government mints honest.
Do not allow bankers and economists of the current system to con you into believing there isn't enough Metalic Money. You float its value, mint it by grams and ounces and you have a Gold and Silver backed currency. Same with Copper & Nickle. Mint 10th ounce, 2 10ths, 5 10ths and 1 ounce and grams in 1 grams, 2 grams, 5 & 10 grams. Never give it a 'value number,' which is a lie. Give it its weight & purity, and let the market decide what it will buy. Call it 'slow money," like 'slow food.' It's slower for sure, but it's 10 times better for you.
If you think there's not enough metal, live more like the Amish and there will be plenty. We are a totally wasteful people and that can't go on forever. Everything we manufacture should be recycled at end of life. No more landfill.
Probably necessary to nationalise mines & pay shareholders out in metals. We are aiming at a more just, more perfect union, and that requires we treat shareholders justly and make them whole while preserving a mining and exploration industry. So gently, thoughtfully, carefully on this one.
4th. The 'World Bank' and IMF are your friendly international arms of the Federal Reserve, who loan worthless US currency invented at zero cost to enslaved nations of people to purchase necessities, when their own commodities or worthless currency would do just as well. This ensures the indebtedness of nation's simply to survive. I suggest a goods and commodities exchange between countries, with a quarterly settlement of shortfalls with Gold or Oil/Gas. And oil and gas are not the monsters they are made of to be, and may well prove to be the greenest energy sources other than hydro. Studies suggest making an electric car requires the moving of 500,000 lbs of rock/soil, (which is only possible with diesel and oil) so the real energy footprint of a battery that has a 200,000 km life could easily prove to be twice that of a clean running low emission gasoline vehicle with a repairable engine, and LPG is extremely clean due to less carbon atoms. (3-4 carbon atoms, vs gasoline at 4-12 carbon atoms.)
This research is present and ongoing.
Correct these 4 Principles and >80 % of a nation's problems would disappear.
Do not allow your masters the Debt slave creator's to tell you it can't be done. They are not seeking your best interests, but theirs. It is easily done, it's just a different but far better system.
Beware. The FED, IMF, WEF wants you totally enslaved with Digital currency.
Convert your garbage fiat currency into Gold and Silver while you still can, or prepare for destruction.
Come to think of it, you better prepare for destruction anyway, because humans are animals and always learn the hard way.
The bankers motto is : 'Preserve your Capital at all costs.' The bankers are buying Gold. We the people can afford Silver.
Good luck.
Spanish Gold Doubloon (0.218 troy ounce of gold) = $4.....Spanish Silver $1 = 8 Reales (0.8219 troy ounces of silver). So, for every 0.218 ounces of gold, there would be 3.2876 ounces of Silver. That is a 15.08 Gold/Silver Ratio for Spain, not 4/1 as discussed. Not a deliberate move for debasement as US had 15/1, as well. Spain retained its value. Am I correct?
Interesting information 😊
A few errors here. Copper coinage started in 1793 and stopped in 1859. Not started in 1864. 1864 is when bronze coinage replaced the copper nickel cent. The gold:silver ratio is set by the market, not the government. What the government sets is the weight ratios of gold to silver coins of the same dollar amount. In 1792, they were trying to get it as close to the market as possible, but the market fluctuates, so this caused either gold or silver coins to disappear from circulation and reappear with the other disappearing as the market ratio fluctuated (per Gresham’s Law). So soon after the mint ratio was set at 15, the market moved to 16, making silver cheaper and thus kept in circulation with gold being hoarded or exported or melted. Later the mint ratio was changed to 16 to keep up with this. Soon after the mint began operations, more urban easterners started to dislike carrying around heavy silver dollars and half dollars (they remained popular in the west and south). So they deposited them in banks in exchange for bank notes (in those days the government didn’t issue paper currency, it was supplied by private corporations. The banks kept the silver dollars and half dollars in vaults to back up their circulating paper. When banks got shaky during economic downturns, people rushed to redeem their notes for specie, or withdraw their deposits at the bank (a ‘run’, like in the movie it’s a wonderful life). This could cause even a sound bank to fail if it ran out of specie to pay these frightened people. Banks make money from lending, and in economic downturns, their borrowers can’t pay off the loans when called in, so the banks get pinched. Most of their assets are not cash in vaults but loans - only a fraction is kept in vaults as a reserve). Most people (i.e., ‘the common man’) didn’t even use coins or bank notes at all for transactions outside of cities, but credit accounts with each other and local businesses. They would bring in some eggs or beaver pelts or tobacco or something to the local store and the storekeeper would enter this on his books as a credit for that customer, and when the customer purchased something, the storekeeper would debit his account in the book. For decades after the US Dollar was created, many people still made these book entries in the various state pounds-shillings-pence units inherited from colonial days, even when actual US coins, or Spanish colonial coins for that matter (‘ready money’/specie) were being deposited. The ratio kept rising as new silver mines began to be worked in the west, causing inflation just like when modern central banks increase the money supply too fast. This caused the gold to become more expensive in terms of silver. ‘Inflation is everywhere and always a monetary phenomenon.’ Nowadays the ratio is about 80 but it has had a volatile ride as silver has become used more and more as an industrial metal. It was about 2.5 to 1 when the first coins were minted in ancient times, rose to 12 or so when the Spanish opened silver mines in the American colonies, till the 1790s it was 15 at the snapshot date when Congress settled on that number for the first US coins. 1873 was the date when they gave up trying to match the mint ratio to the market because silver was falling too fast to make this practical. Most countries did this but notably Mexico, India and China settled on a silver standard instead of gold. Every country had to choose one or the other.
If I remember my history, James Cook, who basically was the North's financier of the Civil War, was the key person involved in this 1873 debacle.
Amazing! Thank you BTR, I am subscribed!
Wow !
You missed the main problem completely.
The problem is that coins get melted when their face value is exceeded by their metal value.
The mint often can not keep up and as a result business transactions become difficult.
The US tried to maintain a fixed exchange rate of gold to silver but failed repeatedy.
That is why we have subsidiary coinage.
Greshams law states good money is driven out by bad money.
At times gold was driven out at times silver.
And gold hoarding was a complete catastophy.
Now why is it you failed to mention the Gold Corner and Silver Corner of Fisk and the Hunts.
Speculators who drove up the price to irrational levels for person gain.
Do read about it and do condider what effects that has on the domstic economy.
What happens to general spending when gold and silver coins are hoarded by a fraction of the population?
Good points!
So you need consumers to spend? Then make products that are equal in value 🤷🏻♂️
@@HankSemoreButz
Value is entirely subjective.
Look at gold.
800 in 1980
360 in 2000
1800 2011
1500 2017
Ect…..
@@charleshinton8565 and look how it keeps going up…wonder why?🤔
Excellent video. Thank you
Thank you guy in the hat
First time listener, subbed.
Are you familiar with Rothbard's History of Money and Banking? If so, what do you think of his view that they phased out silver because a bi-metallic standard was too difficult to maintain due to the regularly changing ratios that the metals were coming out of the ground. Do you consider Rothbard's work to be reliable or untrustworthy overall? Thank you.
Abosolutely?
Well said!
Consider the effect of spanish south american silver the purchasing power of silver in europe in the 16 and 17th centuries
There was also the china tea trade that saw silver flow to china never to return.....ergo opium
Also Milton Friedman wrote articulately on that same topic.
Gold backs are better for a retail , or trading sectors.
You're a very wise man.... prosperity to you!
the ration was 4:1 because silver was used in trade - as a currency - so much more silver was needed
Bread and circus will be the sheild for CBDC.
People forget the Chinese-Mexican connection.
Would you expand on that ?
the Chinese refused to accept westerners’ trade goods in exchange for Chinese exports. They insisted on being paid in silver and much preferred Spanish (later Mexican) pieces of eight, which became ‘trade dollars’. Some pieces of eight, and even US Mint trade dollars, are counter-stamped with Chinese characters indicating that a Chinese merchant or bank had tested the coins and proved it was not counterfeit and weight the proper amount and had the correct silver content.
Very excellent Sir thxu 👍
how is the rise of the morgan dollar due to the coinage act of 1893, when the first coins were 1878
I have never heard the word 'exonerate' used in the context of debt settlement. Looked at several online dictionaries and don't see any such reference. Could you enlighten me pls?
At the end of the video, you state "silver is suppressed and always will be. So buy, buy, buy". What is the logic here? It sounds like a recipe for financial ruin and martyrdom.
I have to agree. I think an explanation is needed here
What is your logic when Silver is going up?
@@johngordon880 not now when biden gone
Mark
Listen to alaisdair mccloud and others. No one owns purely silver. But many do out 5-25% of their net worth owning gold and silver and even bitcoin.
Sure it’s financial ruin if you mortgage your house to buy silver. People did tell others on the media to mortgage their house and buy bitcoin and some people did!
Eventually manipulation will end at least for a bit. Remember gold stopped being manipulated and went from $35 to like $800 in a decade.
...our 1880's era silver mine near YQT had ore values up to 19,000 opt Native Ag. Direct-shipping ore. 50 feet from the surface. Developed but unmined. Yes we've found samples with an Instrumentation GDD Beep-Mat 8...
1968? Thought it was 1964?
In 64 they took the silver out of coinage except for the half dollar. Then in 68 they took the silver out of the half dollar
65-68 the half dollars had 40% silver instead of the old 90% silver, then 0% for 69 forward.
@@HalfassDIY Correction the 1970 half dollar is 40% and NIS.
1965 Coinage Act made bus tokens out of our pocket change here in the United States. Before 1965, dimes, quarters, half-dollars were 90%. Peace and Morgan silver dollars were .7734 oz silver.
Currency with any value (silver and gold), must have tangible real world wealth to pay for goods, services and debt. If any currency is debased, it robs people of their labors and their abilities to pay for anything. This is why central banks and their affiliate organizations should not be allowed to control currencies, interest rates and policies. They will choose to enrich themselves (family Banksters) over the population that works hard daily to sustain their way of life using honesty, integrity and perseverance to make it through life. Why are so many people fooled into fiat? I realize our public schools don’t teach about fundamentals in finance and currency but families should.
The monetary system has evolved since 1690, not by natural forces; but rather by the designs of bankers, who profit by their manipulations.
Therefore, what you are experiencing today is not what it was in 1940, or in 1900 or in 1860 etc.
It is important to keep this in mind, that the currency system is still in a state of flux, and ever further manipulated to advantage the banker and politician, and disadvantage further (steal from ) the ignorant common people (99.9%, ) but we the people dont understand this, or the extent to which monetary practices have evolved to steal from us, because in our minds we work for money, our parents worked for money and so did our grandparents, so isn't it all pretty much the same with a little bit of inflation ?
Hell no ! There have been massive machinations and manipulations designed to harvest your work and energy to the advantage and privilege of a few.
And because monetary principles are abstracts that cannot be seen with our eyes, they require mental effort to get our heads around. They are in fact, a completely separate topic to practical daily living, yet they effect our daily life totally.
The first principle to understand is that you have been robbed of real money by successive bankers, because the whole idea of 'Money ' is to hold something of real value as your own property, and to receive something of real value for your labour and productivity.
But you get nothing, you get zero of value. You get paper, or plastic or electrons for your work and efforts, and these, having no fixed intrinsic value weight or measure, can therefore be manipulated and devalued before you even believe you have it, and faster than you can accumulate it. Devaluation through inflation is the insidious tax your vote or will has NO power to address; the banker alone retains that privilege, and uses it to rob you every second of every year, night and day.
You have been hood winked by slight of hand and mind into accepting a constantly devaluing IOU for nothing, all at the point of a gun, because 'legal currency ' means, you shall accept this degrading note alone for your labour, or the armed sheriffs will pay you a visit, and commit further theft and violence upon you, as the state retains to itself the Exclusive franchise to exercise violence. When the State does violence, that's OK.
Your forefathers were paid in real money, Gold and Silver, but the bankers were limited in what they could loan out by metalic money, so they sought to do away with it, and they invented the promissory note, the 'bank note' which promised to be redeemable for a Silver or Gold coin.
They did this to remove the natural restriction on what they could loan out, because new debt at interest is their primary tool of harvest. Then, gradually, they removed the metal altogether, telling you it was for your own good, because now you could have a booming economy and more commerce, and no limitation on how many hours both you and your partner could work .
(The 'full employment' mandate simply means you all shall work all of the time until you die, but in the 1700s 6 months work would keep you alive all year if you owned your land. )
Once they had the Exclusive note printing power, they went to town, printing any amount their bought servants in government wanted, creating the national debt, whereby an unborn child is born in servitude and serfdom to an now $100,000 to $ 150,000 debt to who ?
That would be the share holders of the Federal Reserve if you live in the United States, or the Central Bank in your country, and also the large private banks, for once government abrogated the currency creation power to both the Central and large private banks, they must then go cap in hand to the banks to build new public infrastructure. So now every county, state and nation has indebted their ' citizens' in totally unpayable debts to the currency creators.
Meanwhile after Bretton Woods the Federal Reserve sent its agents around the world to ensure that all Central banks were created in its own image, doing exactly what it does, so no one shows them up, even though quite a few Central banks are not privately owned like the Federal Reserve is, yet they still create ALL new Currency as Debt which indebts you, your children and grandchildren forever.
That is a small taste on the first faulty monetary principle and that's before we talk about the unpayable interest on the new worthless currency that they create for zero cost.
There are 4 faulty monetary principles in practice that ensure 99.9% will live in servitude to the .1%
Unless you educate yourself and then teach your children and grandchildren, you will remain enslaved, 70% of your work goes to the bankers and bureaucrats.
💧. . . 🪧
The next generation of retirees won’t be needing to sell stock (paper printed from thin air) for fiat (paper printed from thin air) to be taxed more paper. No, they will be living off their bitcoin, using it daily to pay for things directly. Spending real energy that cannot be counterfeited.
Provided the energy is available. This idea, plan, etc is fallable.
Yah until the internet goes down
@@WHATSUP7049 That's a valid concern. While it's true that Bitcoin relies on the internet, it's worth noting that the entire global financial system is increasingly dependent on digital infrastructure. Bitcoin's decentralized nature makes it more resilient to localized disruptions, as the network operates worldwide with no single point of failure. Moreover, innovative solutions like mesh networks and satellite technology are being developed to ensure Bitcoin transactions can continue even if traditional internet services are disrupted. In the grand scheme, Bitcoin offers a level of security and stability that centralized financial systems can't match, especially in an ever-evolving digital world
@@WHATSUP7049 What is even more likely - even inevitable - is for the internet and ALL ELECTRONIC COMMUNICATIONS to be SO heavily restricted and monitored that good people will refuse to use them. CBDC will force humanity to its knees and it will be the end of all freedom except for a miracle, which I personally do expect!
Thumbs down, for me. You bring up lots of excellent 'facts' but explain very little of the reasoning of currency manipulation. You're very knowledgeable, but not good teacher. Sorry. You also avoid mentioning the illegality involved in currency changes. For example, FDR's 'executive order for all citizens to turn in their gold was, at best, an order to all federal employees, not to the citizenry. You also didn't mention that Lincoln's establishment of the greenback currency was also done without congressional authorization. These are not MINOR DETAILS. I think, if you're going to explain the Crime of 1873, you should explain how all these changes occurred because of criminal actions on the parts of government, bankers, and speculators.
If you know a ton then you should make a video if you think you can do a better job. I’m sure everyone would watch it.
I for one thinks this video was pretty good. It was the first time I considered the U.S. was on a silver standard from tbe Great Depression until the 1960s. If dollars were redeemable I suppose that would be the case. I don’t ever recall considering it. I’ve heard of silver certificates but never considered it a silver standard cause everyone promoted the idea it was a gold standard period at least for cross border trade.
But seriously you should do a video. The world needs more good videos showing the corruption or key points how the government and private central banks and other actors have manipulated society.
Maybe Lincoln did print greenbacks without congress. But if you’re going to mention that you probably should also consider how legal it was to invade and make a war to force others to be subjects of the Union to stop secession. Essentially the south was doing exactly what the north did during the revolutionary war which was a civil war not a war of secession like the 1860s war.
Some finance videos showed newspapers in England warning about Lincoln printing money causing a brain drain in foreign countries. Talking about Lincoln and money people should mention how bankers in the Union had the most to gain by having Lincoln meet his maker early.