Debasement of the Coinage

brian said:
I just hope that when SHTF, I am at least at home, my primary residence, so I have my tools and toys at hand. I may not last a day but I'd like a chance.
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Dying ain’t much of a living - Josie Wales :)
 
First they debased the smallest denomination of coinage by making the penny copper plated zinc in 1983. Then they discontinued the penny saying it cost more to make than it was worth.

Now the same is happening to the nickel. It is going to be nickel plated zinc.

From Congressman Thomas Massie.

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Today, currency... coins and paper money... have no intrinsic value. The Chinese came up with the concept of paper money in the 11th century. Coins have also become similarly representative. Their melt value is basically nothing. You could melt them down but good luck selling the metal to anyone. Like paper money, coinage becomes a form of promissory note.

Who cares? In time, all currency will be some form of "credits" that are held in an account. A century from now, physical money (paper money and coins) will be extinct. Gone. Like gasoline powered vehicles. :)
 
Bongo Lewi said:
Today, currency... coins and paper money... have no intrinsic value. Like paper money, coinage becomes a form of promissory note.

Who cares? In time, all currency will be some form of "credits" that are held in an account. A century from now, physical money (paper money and coins) will be extinct. Gone. Like gasoline powered vehicles. :)
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Oddly, some make the same argument against "crypto".... that it has no intrinsic value. Ah, yes... but the paper money in your wallet does??
 
The thing is that if there is no physical money, the powers that be can flip a switch and cut you off from your money. Social credit score and all that.
We need to keep physical money alive as long as possible. You can bet that whenever they outlaw physical money, they will also outlaw barter.
 
no4mk1t said:
The thing is that if there is no physical money, the powers that be can flip a switch and cut you off from your money. Social credit score and all that.
We need to keep physical money alive as long as possible. You can bet that whenever they outlaw physical money, they will also outlaw barter.
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We are pretty much already there. The IRS can seize or freeze your bank accounts, put a brick on your paycheck or accounts receivable. As can the FBI and other Federal law enforcement - with a court order. The IRS doesn't need that. Ask me how I know.

Putting it simply, our currency today only has value because the US government says it does.

One could argue that having gold or other precious metal is better if and when the SHTF. I disagree. Especially if a tyrannical government seizes people's assets. If everyone's bank accounts can be seized, you can bet that trading metals would be banned.

If the IRS seizes your bank account and they know you have possession of gold or other valuables, the guys with guns will come to your house. This happened to a client of mine.

I'm reminded of the gun community meme that gets repeated every day... My guns were lost in a boating accident. It's a joke but some people actually think hiding guns and saying you dont have them anymore is a workable strategy. If one of those 'lost' guns ever turns up and it's not found at the bottom of a lake, you are going to prison.

My Dad used to say everyone behind bars thought they had things all figured out. There are a million mistakes one can make and a genius can only think of half a million. Criminal masterminds only exist in movies and comic books.
 
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Recall the vigorous discussion about buying silver a few months ago? Some saying there's nowhere to go but up?

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If you bought silver based on that argument and the timing, you would be seriously under water today.
 
Bongo Lewi said:
Recall the vigorous discussion about buying silver a few months ago? Some saying there's nowhere to go but up?

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If you bought silver based on that argument and the timing, you would be seriously under water today.
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And crypto.

Fortunately, what silver we have, we bought a long time ago. It's still way up.
 
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