The American Political Divide: What is it?

[v35]

Just prior to abandoning the gold standard you could literally take US dollars and exchange them for gold at $35 an ounce, then take that gold to France or wherever and sell it for more than the equivalent of $35 an ounce. Take those now-devalued dollars back to the US, and repeat, without limitation. Of course that was preposterous and unsustainable. Once the decision was made there was no turning back.

I have a few old US silver certificates I use to draw attention to the fact it stated it could be exchanged for real currency, denominated at various points in history as gold or silver. The point being made is that governments always renege on their promises. Always always always.

We could discuss the constitutionality of the US code that established paper money as legal tender, but it's a moot point. It's all over. We just continue to play the game of pretending it doesn't matter.

 

[wiscoaster]

.... We just continue to play the game of pretending it doesn't matter.

It doesn't matter if everyone involved believes it doesn't matter. That could continue indefinitely so long as that belief isn't shaken and continues. When one party in the transaction stops believing, then the game stops. I saw on the local news that cash is no longer being accepted for payment by Lambeau Field and the vendors there. So, maybe belief is already being shaken?

 

[v35]

I'm reasonably convinced there is an underlying movement to eliminate currency as we know it, in favor of cashless transactions at all levels.

There is no law that obligates anyone (other than the US Treasury, for tax payments) to accept paper money, coins, or anything other than whatever medium of exchange they deem acceptable. If they say Bitcoin and only Bitcoin so be it. If I want to trade my ammunition for your venison, so be it.

Already many businesses do not accept currency; my airline for example does not accept cash for onboard snacks. Doesn't matter how much cash you have for that bag of peanuts. You got $1000 cash? Tough. Give me your credit card or no peanuts for you. Oh, your credit card became deactivated because its issuer disagreed with your decision to use it to buy guns and ammo? Aww, too bad.

US currency is on the way out and will eventually become obsolete. Online cashless payments will be the only method by which we can transact business. Of course that won't eliminate paper money right away, but it will have a stigma attached to it, like you're some criminal trying to get away with something. Or maybe you're just one of those right-wing gun nuts.

Cashless payment systems are easily manipulated and can be shut off like flicking a switch. No matter what metrics or denominations are used, the real value of everything becomes arbitrary. Or, it becomes a function of the taxing authority, which ultimately depends upon human productivity, and the common denominator becomes slavery in one form or another. We're already well along that path.

 

[v35]

... Oh, your credit card became deactivated because its issuer disagreed with your decision to use it to buy guns and ammo? Aww, too bad.

And here we go: https://www.theepochtimes.com/banks...e-businesses-to-2nd-tier-economy_3809950.html

 

[wiscoaster]

I'm reasonably convinced there is an underlying movement to eliminate currency as we know it, in favor of cashless transactions at all levels.

...<snip>...

Cashless payment systems are easily manipulated and can be shut off like flicking a switch.

Yes, and that's the major reason why.

But, wait ... there's one more reason: currency revaluation. Pretty easy to do if all transactions are electronic. And you don't even need to turn in your old money.

 

[roscoe]

No medium of exchange has intrinsic value. It is all by agreement between parties. Gold, dollars, rubles, silver, bullets. Whatever.