• "Spreading the ideas of freedom loving people on matters regarding high finance, politics, constructionist Constitution, and mental masturbation of all types"

Fed Begins Rationing Coins As Americans Horde Cash

Silver

Platinum Bling
Midas Supporter
Platinum Bling
Joined
Mar 31, 2010
Messages
6,700
Likes
11,090
#1
https://www.zerohedge.com/personal-finance/covid-cash-crunch-fed-begins-rationing-coins
COVID-Crunch? Fed Begins Rationing Coins As Americans Horde Cash



Mon, 06/22/2020 - 05:30



Having closed the US Mint and halted production (blaming COVID-19) after a surge in demand for gold and silver coins, and warned of the danger of using bills (once again blaming the pandemic and choosing to "quarantine" cash for the sake of Americans' health), Fed Chair Powell quietly admitted to lawmakers this week that The Fed will be rationing coins as the circulation of coins across the US economy ground to a halt due to the pandemic.
"What's happened is that with the partial closure of the economy, the flow of coins through the economy ... it's kind of stopped," Powell told lawmakers.​
He said the shortage was due to the mass business closures that prevented people from spending their coins, as well as a lack of places that are open where people can trade coins for paper bills.
"We've been aware of it, we're working with the Mint to increase supply, we're working with the reserve banks to get the supply to where it needs to be," Powell said, adding he expected the problem to be temporary.​

Of course, Powell added that the problem would only be temporary, given the economy was reopening and establishments that traditionally deposit their cash into banks were beginning to restart operations.

Until the shortage is resolved, the Fed is taking the unusual step of limiting the amount of quarters, dimes, nickels, and pennies sent to banks "to ensure a fair and equitable distribution of coin inventory." They issued a statement explaining the decision:
Temporary coin order allocation in all Reserve Bank offices and Federal Reserve coin distribution locations effective June 15, 2020

The COVID‐19 pandemic has significantly disrupted the supply chain and normal circulation patterns for U.S. coin. In the past few months, coin deposits from depository institutions to the Federal Reserve have declined significantly and the U.S. Mint’s production of coin also decreased due to measures put in place to protect its employees. Federal Reserve coin orders from depository institutions have begun to increase as regions reopen, resulting in the Federal Reserve’s coin inventory being reduced to below normal levels. While the U.S. Mint is the issuing authority for coin, the Federal Reserve manages coin inventory and its distribution to depository institutions (including commercial banks, community banks, credit unions and thrifts) through Reserve Bank cash operations and offsite locations across the country operated by Federal Reserve vendors.​


The Federal Reserve is working on several fronts to mitigate the effects of low coin inventories. This includes managing the allocation of existing Fed inventories, working with the Mint, as issuing authority, to minimize coin supply constraints and maximize coin production capacity, and encouraging depository institutions to order only the coin they need to meet near‐term customer demand. Depository institutions also can help replenish inventories by removing barriers to consumer deposits of loose and rolled coins. Although the Federal Reserve is confident that the coin inventory issues will resolve once the economy opens more broadly and the coin supply chain returns to normal circulation patterns, we recognize that these measures alone will not be enough to resolve near‐term issues.​




Consequently, effective Monday, June 15, Reserve Banks and Federal Reserve coin distribution locations began allocating coin inventories. To ensure a fair and equitable distribution of existing coin inventory to all depository institutions, effective June 15, the Federal Reserve Banks and their coin distribution locations began to allocate available supplies of pennies, nickels, dimes, and quarters to depository institutions as a temporary measure. The temporary coin allocation methodology is based on historical order volume by coin denomination and depository institution endpoint, and current U.S. Mint production levels. Order limits are unique by coin denomination and are the same across all Federal Reserve coin distribution locations. Limits will be reviewed and potentially revised based on national receipt levels, inventories, and Mint production.​
This coin rationing occurs as Americans are hording cash in record amounts due to the COVID crisis. As Decrypt reports:
Banks have more cash than ever before - largely due to the coronavirus pandemic, figures from the Federal Reserve show.





Deposits have never been so high—growing by $865 billion in April alone, CNBCreported. Deposits in total have increased by $2 trillion since January after record amounts of cash were pumped into US bank accounts to help with COVID-19 chaos. Money in bank accounts now stands at a whopping $15.4 trillion, June figures show.​



The flood of money is due to the US government doling out trillions of dollars to help its citizens with the economic hardships brought on by COVID-19 lockdowns; an unlimited bond buying program by the Federal Reserve; and people hoarding money because of uncertain times.​


That money is sitting in bank accounts. The biggest US banks—JPMorgan Chase, Bank of America and Citigroup—have experienced astronomical growth, CNBCreported. But there is such a surplus of cash, CNBC reports, that banks don’t quite know what to do with it.​
We have already seen sly moves to ban cash transactions in favor of the universal use of credit cards on the flimsy excuse that handling cash may spread the coronavirus.



As Viv Forbes warns at The Epoch Times, don't let our cash money become the biggest COVID casualty. Swapping paper money for a monopoly of electronic money is a bad deal.We should always be free to save our cash and protect the value of our savings by investing in real assets or sound money like gold and silver.
Real money is always measurable by weight, such as pounds, grams, pennyweight, and ounces of gold and silver, or carats of gemstones. It cannot be counterfeited or corrupted easily. But the value of fiat money relies on the honesty and openness of the rulers.
...
Fiat money allows politicians to secretly steal your savings to fight yet another war on someone or something. Next we will see a war on “speculators,” or “hoarders,” and calls for a world currency.
U.N. one-worlders will not let this COVID crisis go to waste. They dream of one-world government (the “National Cabinet” writ large) with no circulating cash and mandatory use of digital money (credit card currency). The climate alarmists would also like to use a digital money monopoly to promote their war on carbon. They could control and ration what we buy and consume—lettuce, tofu, bicycles, and green energy only, with no overseas trips and no secret buying of diesel, bacon, or beef.
We have already seen the start of their war on cash—digital money will join mulberry money, shinplaster, and cubic currency in the long history of failed political money. While people are focused on social distancing and contact tracing, one-worlders are secretly planning to recall banknotes and abolish cash. Then they can ration the “money” available to each of us each month (cutting it off for white males once they reach their “use by date”?).​
For many people in the world, a store of gold coins, silver coins, gem stones, or a bit of productive land has allowed them to survive or escape when their government became too oppressive or lost a war, and the local fiat money became a cubic currency.

Unless, of course, history repeats...Gold confiscation?
 

andial

((( member )))
Midas Member
Site Supporter ++
Joined
Apr 1, 2010
Messages
11,457
Likes
12,560
#4
Money velocity must be negative by now that means fed must follow, will do a search.
 

Cigarlover

Midas Member
Midas Member
Midas Supporter
Joined
Dec 18, 2011
Messages
8,223
Likes
16,334
#5

andial

((( member )))
Midas Member
Site Supporter ++
Joined
Apr 1, 2010
Messages
11,457
Likes
12,560
#6

Casey Jones

Silver Member
Silver Miner
Joined
Apr 4, 2020
Messages
857
Likes
1,218
Location
Western Montana
#7
For many people in the world, a store of gold coins, silver coins, gem stones, or a bit of productive land has allowed them to survive or escape when their government became too oppressive or lost a war, and the local fiat money became a cubic currency.

Unless, of course, history repeats...Gold confiscation?
Absolutely. Take everything that can be used as money away, except the State fiat...which will be administered ELECTRONICALLY, and whether you have access to your wealth, depends on whether the State gives approval.

You need only look at other times in history, other failing civilizations, to see what life is like when money is restricted, short, or forbidden.

The one joker in the deck is FOREIGN currency. Bitcoin is a ruse - and can be quickly shut down when the time is right. Right now it's being pumped by covert operatives of TPTB, as an alternative to gold. When it suits the Elites, it will be cut off.

But, foreign money. Ironically, it might just be Chinese currency - China, unlike liberalized Western governments, seems intent on creating a hard PM-backed currency. It may well become the de-facto Reserve Currency, once the bill for this orgy of dollar-printing comes due.
 

D-FENZ

Gold Chaser
Midas Supporter
Platinum Bling
Joined
Jan 24, 2011
Messages
2,795
Likes
6,593
#8
Maybe I'm dreaming but if I remember correctly, for a short time, maybe 40 years ago or so, banks were paying $1.10 for 100 pennies. Anybody recall this? Never did it myself but I'm pretty sure that was the deal. I tried an internet search and came up with nothing.

Maybe they will dust off that deal (again?) if the coin shortage persists. I'm ready to pounce if they do. I've got a monster acid jug full of random change that I've been hording. Probably 600 pounds or more.
 

Fatrat

Silver Member
Silver Miner
Site Supporter
Joined
Apr 15, 2018
Messages
5,057
Likes
5,295
#9
It might be time to turn the zinc pennies back in, also dimes and quarters as long as they have no silver content.
 

solarion

Midas Member
Midas Member
Sr Site Supporter
Joined
Nov 25, 2013
Messages
6,674
Likes
10,177
#10
1.235 velocity as of april
https://fred.stlouisfed.org/series/MZMV#0
If this thing lands the world blows up.
Weird how closely correlated M2 velocity is to the fake phony and false treasury market. Not. Who'da thunk that creating a fake monetary system would entail risk. Thank goodness Nixon took that "temporary" measure and suspended dollar/gold convertibility to stop those "evil dollar speculators" in their tracks!

1592837940377.png
 
Joined
Oct 16, 2011
Messages
145
Likes
174
Location
Texas
#11
Silver dollars and copper pennies are covid killers (ie. the virus doesn't live long on those metals). Real money FTW?
 

Casey Jones

Silver Member
Silver Miner
Joined
Apr 4, 2020
Messages
857
Likes
1,218
Location
Western Montana
#12
Silver dollars and copper pennies are covid killers (ie. the virus doesn't live long on those metals). Real money FTW?
That's not part of the agenda.

The PURPOSE of ginning up the fear, is to abolish money they cannot infinitely control - money that's in a free man's pocket, instead of money that's always electronically in the hands of the Elites. The Wu Flu...is just a crisis-opportunity for the Left. Never let a good crisis go to waste, as Ramen Manuel said...
 

ZZZZZ

Platinum Bling
Platinum Bling
Site Supporter ++
Joined
Dec 23, 2017
Messages
5,217
Likes
11,229
Location
Northern Arizona
#14
Grasham's Law at work: Bad money drives out good.
.
.
 

andial

((( member )))
Midas Member
Site Supporter ++
Joined
Apr 1, 2010
Messages
11,457
Likes
12,560
#15
Weird how closely correlated M2 velocity is to the fake phony and false treasury market. Not. Who'da thunk that creating a fake monetary system would entail risk. Thank goodness Nixon took that "temporary" measure and suspended dollar/gold convertibility to stop those "evil dollar speculators" in their tracks!

View attachment 170086
Sometimes i wonder if it is natural, this decline in the verility of our capitalist economy since 1980, and the fed/gov is trying to stop it from landing. Or if fed monetary policies and government policies caused it on purpose.
 

solarion

Midas Member
Midas Member
Sr Site Supporter
Joined
Nov 25, 2013
Messages
6,674
Likes
10,177
#16
The world pretending that debt is money is unnatural. There's no capitalism without capital after all and all we have now is piles of debt "money". The law of big numbers guarantees that there's an end date to this charade. The fed has had to consistently manipulate the price of "money" lower for decades on end to kick the can down the road...and now rates either go negative or shit hits the fan. Rates cannot long go negative while cash is still around though, as even the dumbest sheep will eventually figure out that bank credit sucks crap and horde cash.
 

Casey Jones

Silver Member
Silver Miner
Joined
Apr 4, 2020
Messages
857
Likes
1,218
Location
Western Montana
#17
Grasham's Law at work: Bad money drives out good.
.
.
There is no more good money.

For the moment, there is AU. Soon, I expect, that will be made illegal.

And we'll be in the same situation of peasants everywhere where money or commerce is forbidden. This is nothing new; it's one technique used to starve out a troublesome peasantry.
 

SilverBuyer

Silver Member
Silver Miner
Joined
Jan 21, 2015
Messages
905
Likes
808
#18
Absolutely. Take everything that can be used as money away, except the State fiat...which will be administered ELECTRONICALLY, and whether you have access to your wealth, depends on whether the State gives approval.

You need only look at other times in history, other failing civilizations, to see what life is like when money is restricted, short, or forbidden.

The one joker in the deck is FOREIGN currency. Bitcoin is a ruse - and can be quickly shut down when the time is right. Right now it's being pumped by covert operatives of TPTB, as an alternative to gold. When it suits the Elites, it will be cut off.

But, foreign money. Ironically, it might just be Chinese currency - China, unlike liberalized Western governments, seems intent on creating a hard PM-backed currency. It may well become the de-facto Reserve Currency, once the bill for this orgy of dollar-printing comes due.
Bitcoin can't be shut down unless you shut down the entire internet.

We'll see if China really creates a PM backed currency, I for one highly doubt it. No reason for them to not fleece their citizens with a funny money system as well. I do think they are accumulating PMs but that's because they see the writing on the wall for the U.S. dollar and other currencies. Accumulate hard assets for their dollar reserves while they still can.

Rich chinese are some of the biggest bitcoin supporters, keeping their money safe from the commies.
 

FunnyMoney

Silver Member
Silver Miner
Joined
Apr 1, 2010
Messages
3,130
Likes
2,923
#19
There is no more good money. For the moment, there is AU. Soon, I expect, that will be made illegal. And we'll be in the same situation of peasants everywhere where money or commerce is forbidden. This is nothing new; it's one technique used to starve out a troublesome peasantry.
Money is an illusion, only workers can create money or wealth. Everyone else either got their money from others are are currently stealing it from others. When govts create money they are simply stealing from the unfortunate.

I don't think we see a crash in the money supply, coin supply or velocity of money. More likely this is the pre-inflation period and all signs do indicate that.

SHTF is a local thing, but yes, globally the frog's water continues to heat up.
 

Roger Ramjet

Lost in a Time Warp
Joined
Mar 30, 2020
Messages
129
Likes
204
Location
The Deep South
#20
Just for times like these I keep several hundred bucks in rolled coins (and $1 and $5 bills) on hand. That way, regardless of the emergency (natural disaster, national internet shutdown, currency shortage, etc) I can pay for items and make exact change so I won't be taken by the "sorry, don't have change for that 20, if you want that, (insert needed item) you'll just have to leave that whole bill" I've seen it happen numerous times during various shutdowns. Lots of unscrupulous people out there and getting worse by the day...

RR
 

tigerwillow1

Gold Member
Gold Chaser
Site Supporter ++
Joined
Mar 31, 2010
Messages
1,109
Likes
1,901
#21
Bitcoin can't be shut down unless you shut down the entire internet.
You're not the first person I've heard that from, and I don't pretend to know the technical aspect of it. It's just that I've seen the governemnt do so many things I thought they couldn't do, that I think they'd find a way. Even if it's not technical, like jailing people caught or suspected of using bitcoin.
 

anywoundedduck

Gold Member
Gold Chaser
Joined
Mar 31, 2010
Messages
4,155
Likes
6,128
Location
Kentucky
#22
Bitcoin can't be shut down unless you shut down the entire internet.

We'll see if China really creates a PM backed currency, I for one highly doubt it. No reason for them to not fleece their citizens with a funny money system as well. I do think they are accumulating PMs but that's because they see the writing on the wall for the U.S. dollar and other currencies. Accumulate hard assets for their dollar reserves while they still can.

Rich chinese are some of the biggest bitcoin supporters, keeping their money safe from the commies.
US Treasury can end Bitcoin and all electronic fiat, in one day. National Security reasons.
Replace it with the new and improved, US Gold backed Crypto currency.
 

FunnyMoney

Silver Member
Silver Miner
Joined
Apr 1, 2010
Messages
3,130
Likes
2,923
#23
You're not the first person I've heard that from, and I don't pretend to know the technical aspect of it. It's just that I've seen the governemnt do so many things I thought they couldn't do, that I think they'd find a way. Even if it's not technical, like jailing people caught or suspected of using bitcoin.
It is not even that difficult.

If they want to shut something down on the Internet, the tech exists. Sometimes it's like hitting a moving target .... and for smaller nations not always possible, but for any of the big players... it usually on takes a few tries before all targets get hit.
 

ZZZZZ

Platinum Bling
Platinum Bling
Site Supporter ++
Joined
Dec 23, 2017
Messages
5,217
Likes
11,229
Location
Northern Arizona
#25
US Treasury can end Bitcoin and all electronic fiat, in one day. National Security reasons.
Replace it with the new and improved, US Gold backed Crypto currency.
True, but Bitcoin is owned and used more widely outside the US than inside.
.
.
 

SilverBuyer

Silver Member
Silver Miner
Joined
Jan 21, 2015
Messages
905
Likes
808
#26
US Treasury can end Bitcoin and all electronic fiat, in one day. National Security reasons.
Replace it with the new and improved, US Gold backed Crypto currency.
They can outlaw it but can they end bitcoin? Nope, not even close.

Just like they've done such a good job ending marijuana, cocaine, meth. Everyone knows if US govt bans something it doesn't exist anymore.
 

FunnyMoney

Silver Member
Silver Miner
Joined
Apr 1, 2010
Messages
3,130
Likes
2,923
#27
Ok so break it down for us.
I thought I did with the above explanation, but I can continue....

If you are a major CB in the world, you have control over the routers in your nation by way of infinite money. Think software engineers in this case. It's not long before a block's in place on anything related to those tokens you happen to hold... or wait... used to hold.
 

ZZZZZ

Platinum Bling
Platinum Bling
Site Supporter ++
Joined
Dec 23, 2017
Messages
5,217
Likes
11,229
Location
Northern Arizona
#28
One of Bitcoin's strengths is that it is decentralized. The Bitcoin blockchain ledger runs on something like 100,000 servers, most of them outside the US.

Not saying it's impossible, but TPTB would have to shut down just about the entire internet to shut down Bitcoin.
.
.
 

SilverBuyer

Silver Member
Silver Miner
Joined
Jan 21, 2015
Messages
905
Likes
808
#29
I thought I did with the above explanation, but I can continue....

If you are a major CB in the world, you have control over the routers in your nation by way of infinite money. Think software engineers in this case. It's not long before you block anything related to those tokens you happen to hold... or wait... used to hold.
You don't seem to have a firm grasp on how bitcoin works. What do you mean used to hold? One thing they absolutely can't do is take your tokens away from you. Even shutting down the entire internet doesn't take away your tokens although you can't access them until its back up.

The central banks of the world can ban people from selling them for paper currency. Even then that wouldn't guarantee anything as there likely will be banks who skirt the rules for the right price like they've been caught doing for drug money. Beyond that you could still trade bitcoin for goods (which is originally how bitcoin was often used as no banks were involved). Granted if there was a worldwide ban on bitcoin the price would almost certainly fall substantially as there are enough owners who operate in mainstream financial channels who'd be looking to get out.
 

ZZZZZ

Platinum Bling
Platinum Bling
Site Supporter ++
Joined
Dec 23, 2017
Messages
5,217
Likes
11,229
Location
Northern Arizona
#30
If I owned anything approaching one full Bitcoin, I would store it in an offline wallet.
.
.
 

FunnyMoney

Silver Member
Silver Miner
Joined
Apr 1, 2010
Messages
3,130
Likes
2,923
#31
You don't seem to have a firm grasp on how bitcoin works. What do you mean used to hold? ...
Bitcoin requires an exchange to be operating. Offline wallet relies on some future connection to an exchange if you want to exchange the token for say, gold or silver or food.

What did I get wrong in the above? I think that is all the grasp you need.

You can not eat bitcoin, it does not attract buyers who want to melt it into a necklace because they like the why it shines.
It requires an exchange and it also requires the buyer wanting to buy it, currently there are no or few buyers who actually must have it.

I guess at some time in the future, offline wallets or tokens held in one form or another will be demanded for by buyers as something to have - a "must have" like a famous painting on your wall or a slick tuxedo in your closet.
 

Unca Walt

Midas Member
Midas Member
Site Supporter ++
Joined
Mar 15, 2011
Messages
11,478
Likes
18,995
Location
South Floriduh
#32
Maybe I'm dreaming but if I remember correctly, for a short time, maybe 40 years ago or so, banks were paying $1.10 for 100 pennies. Anybody recall this? Never did it myself but I'm pretty sure that was the deal. I tried an internet search and came up with nothing.

Maybe they will dust off that deal (again?) if the coin shortage persists. I'm ready to pounce if they do. I've got a monster acid jug full of random change that I've been hording. Probably 600 pounds or more.
D-FENZ -- Since the pennies have been debased and are no longer copper, they would not qualify for that $1.10 for 100 deal.

Copper pennies now, are what you want. Pre-1982. Right now, Provident Metals has an ad to sell you 50 pennies for "as low as $4.95" https://www.providentmetals.com/wheat-pennies-50-count-roll-common-dates.html

Look through your 600 pounds or more of pennies. ANY penny with a date prior to 1982 is worth... HEY! A fargin dime! <-- TINS

That ain't a 10% bump, that is a 1000% bump. Pretend you are looking for dimes. All the pennies that are not dimes (or better***) should be traded at the bank for FRN's, then trade the FRN's for real pennies or real dimes.

BTW -- Click on that link... you will see that even at 10c apiece for pennies, they are out of stock.

Whazzat tell ya. cool::delivery:


(or better***) There are, of course, several key dates. 1909S, 1909S vdb, 1914D, 1931S -- there are others, but you won't even find any of the key dates in this list... unless you break into great grampa's sekrit room in the barn. So just look for dimes.
 
Last edited:

SilverBuyer

Silver Member
Silver Miner
Joined
Jan 21, 2015
Messages
905
Likes
808
#33
Bitcoin requires an exchange to be operating. Offline wallet relies on some future connection to an exchange if you want to exchange the token for say, gold or silver or food.

What did I get wrong in the above? I think that is all the grasp you need.

You can not eat bitcoin, it does not attract buyers who want to melt it into a necklace because they like the why it shines.
It requires an exchange and it also requires the buyer wanting to buy it, currently there are no or few buyers who actually must have it.

I guess at some time in the future, offline wallets or tokens held in one form or another will be demanded for by buyers as something to have - a "must have" like a famous painting on your wall or a slick tuxedo in your closet.
What did you get wrong? Just about everything.

Bitcoin DOES NOT require an exchange to operate. It requires the internet to operate but NOT an exchange.

I can trade bitcoin to another user for gold/silver/food without the use of any exchange. In the early days of bitcoin exchanges didn't even exist. Those came about later after there was enough money in it to incentivize someone to start one.

Funny you use the same argument used against Gold. YOU CANT EAT IT!!! Well gold does have a very small industrial use but for the most part no one needs gold either.
 

EO 11110

CENSORSHIP KILLS
Mother Lode
Site Supporter ++
Joined
Jul 31, 2010
Messages
16,426
Likes
14,019
Location
clown world
#34
Weird how closely correlated M2 velocity is to the fake phony and false treasury market. Not. Who'da thunk that creating a fake monetary system would entail risk. Thank goodness Nixon took that "temporary" measure and suspended dollar/gold convertibility to stop those "evil dollar speculators" in their tracks!

View attachment 170086
could it be that the velocity divisor is soaring alongside the frbny insane money creation? thus driving down velocity - even as all other spending/trading metrics are not falling. velocity looks completely different if the mad money printers arent doing that

so velocity measure is nothing but a warning of what price inflation could happen if people start spending/trading more than the fed is printing?

just my theory -- never heard any low velocity screechers mention that as a factor
 

Unca Walt

Midas Member
Midas Member
Site Supporter ++
Joined
Mar 15, 2011
Messages
11,478
Likes
18,995
Location
South Floriduh
#35
What did you get wrong? Just about everything.

Well gold does have a very small industrial use but for the most part no one needs gold either.
That is a flat-earth-deep-thought statement.

Now you pulled me into it. (*sigh*) I have proven time and again how you could not even have a computer. ANY COMPUTER, DAMMIT.

Without gold. <-- Nothing but gold allows microprocessors, computer cards, memory chips, plugs, hard drives, and a blue ton of other shit to exist.

I am a retarded Elektronic Engkineer. I used to DESIGN computers.

Every computer on earth has gold in it, and not one would work without gold. Is that crystal clear? I hope so.

Try running this world without even so much as one single fargin laptop. Even Donkey Kong wouldn't exist, much less a world-wide Internet./

Please, never ever again as long as you live ever post "a very small industrial use. but for the most part no one needs gold". Anywhere. It makes me crazy for someone to be able to type that in seriousness.

You would be dead of starvation or worse without gold, the absolutely necessary element that allows our infrastructure (communication, mining, travel, farming, industry) to even EXIST. Think about that when you go into a supermarket and wonder how the bloody hell the shelves are all stacked and labeled and priced. Gold got it there.

Jeeebus. Without gold, no satellites. No telephones. No television. No printers. No radar. NO FARGIN INTERNET.
 
Last edited:

SilverBuyer

Silver Member
Silver Miner
Joined
Jan 21, 2015
Messages
905
Likes
808
#36
That is a flat-earth deep-thought statement.

Now you pulled me into it. (*sigh*) I have proven time and again how you could not even have a computer. ANY COMPUTER, DAMMIT.

Without gold. <-- Nothing but gold allows microprocessors, computer cards, memory chips, plugs, hard drives, and a blue ton of other shit to exist.

I am a retarded Elektronic Engkineer. I used to DESIGN computers.

Every computer on earth has gold in it, and not one would work without gold. Is that crystal clear? I hope so.

Try running this world without even so much as one single fargin laptop. Even Donkey Kong wouldn't exist, much less a world-wide Internet./

Please, never ever again as long as you live ever post "a very small industrial use. but for the most part no one needs gold". Anywhere. It makes me crazy for someone to be able to type that in seriousness.

You would be dead of starvation or worse without gold, the absolutely necessary element that allows our infrastructure (communication, mining, travel, farming, industry) to even EXIST. Think about that when you go into a supermarket and wonder how the bloody hell the shelves are all stacked and labeled and priced. Gold got it there.

Jeeebus. Without gold, no satellites. No telephones. No television. No printers. No radar. NO FARGIN INTERNET.
So for 99.99% of human history we could live without it, just not the last 100 years.
 

solarion

Midas Member
Midas Member
Sr Site Supporter
Joined
Nov 25, 2013
Messages
6,674
Likes
10,177
#37
could it be that the velocity divisor is soaring alongside the frbny insane money creation? thus driving down velocity - even as all other spending/trading metrics are not falling. velocity looks completely different if the mad money printers arent doing that
True that. If they again reconfigure the made up GDP calculation methodology to pretend the economy is healthier than it is or stop with the mad money printing then M2 velocity would stabilize/climb, but of course the economy is a mess and they're not going to stop with the transfer payments anytime soon. Naturally, it's always going to be about how evil those damn savers are.
 

anywoundedduck

Gold Member
Gold Chaser
Joined
Mar 31, 2010
Messages
4,155
Likes
6,128
Location
Kentucky
#39
They seemed to need it back in the Old Testament times. Worshipped a golden calf back in Moses day. It was most revered as coinage and jewelry. Aztecs Eldorado.
Ok so break it down for us.
C L I C K
 

Uglytruth

Midas Member
Midas Member
Site Supporter ++
Joined
Apr 6, 2011
Messages
9,668
Likes
17,507
#40
Use this to get rid of the penny?