The "Penny Plan"

NoDrama said:

LBJ rescinded the coinage act of 1792 with the coinage act of 1965.

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That LBJ was one sneaky SOB.

redivider said:

tell me of one such instance where peoples savings in the US have been eroded to the point they are valueless because of the Feds irresponsible monetary policy. please, just once..... you can't. because it won't happen. because our monetary system is too good.

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Umm lets begin with the Continental Currency, ever heard of "not worth a Continental"? That became worthless in a short period.

Lets see, than we have 1862 Greenbacks. Lincolns great idea, unfortunately humans were in charge so it too became worthless, as did its counterpart, the Confederate Dollar.

How about something more contemporary shall we? The Federal Reserve Note (What you call a Dollar) was created in 1913, since that time the US Dollar has been devalued by 97% , damn near worthless, not much longer to go. http://www.marketoracle.co.uk/Article3324.html

This is Directly the Feds responsibility. The Fed is mandated to keep stable prices and maximum employment.

I had to edit it a bit because at first I didn't notice that it had to be the Fed's fault.

londonfog said:

Nodrama are you joking ??? I think you know that we can't just go print money like that..It would only devalue the dollar and what good ia a dollar thats not worth a dollar..Remember Zimbabwe..well that would happen to the American dollar if we just printed "all the money that we need"..we would have the Zimbabwe dollar..but why do I think you knew this and was only joking and being sarcastic

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It's funny you say that....

http://video.foxbusiness.com/v/1099836386001/economic-house-of-horrors/