END THE FED and switch to GOLD & SILVER Standard! BUT HOW?

The way to get hard money flowing again is to repeal the legal tender laws.

After that, the market will take care of the rest. Private minters will fill the gap of the US mint, and the US mint already is under order to mint gold and silver in quantities sufficient to meet public demand.

It would help if congress re-authorized fractional coinage and went back to ratios previously used, if not just for a transition period, or for the purpose of government based transactions.

Market transactions could easily take place with private coins.

I would think the easiest thing to do would be to mint coins in each of the following metals:

Copper, Nickel, Silver, Palladium, Gold & Platinum.

There should be 1/10, 1/5, 1/2 and 1 ounce versions of each.

The reason for a 1/5 instead of 1/4 is that it is more efficient when making change and will not drive the 1/2 out of circulation for lack of use as the current quarter has done with the half dollar.

This would put us on a coinage ratio of 1:2:5:10 for each metal. This has been proven mathematically to be the most efficient breakdown.

The reason for all six metals is to cover all the way from small values down to the mille (or about 1 cent today) all the way up to about $500 with coverage everywhere in between. Copper and Nickel fluctuate in price widely so having both will help insure a stable monetary supply that is more balanced than just having one. The same goes for the more "expensive" metals. Platinum and Palladium have been known to trade values over a decade between a few hundred and over $1000. So having both provides a good balance. Gold and Silver will always be around because they have a history of being trusted and used as money.

Copper and Nickel are also important for when silver fluctuates upwards (which it has in the past) to fill the gap left for small values and everyday purchases.

There would be no need for a Constitutional amendment to allow the other metals since States could well function with only gold and silver and the general market could use the others in addition.

I disagree with Paul on the problems of bimetalism. I see it rather that it was the monometal gold standard that led us to the progressive era (including income taxes, the FED, and the 17th amendment) due to the fact that it was the relatively rich who had most of the gold and it was the common man who used silver. By using a gold based dollar, rather than a silver dollar with gold set to a ratio of dollars, we ended up with a "soak the rich" backlash at the end of the 19th century that we are still paying for and trying to clean up the mess of today.

Study the monetary period between the Revolution and 1913 and you will see clearly why a gold only standard is a really bad idea.

Let the money power have their fiat currencies, and let the people choose their own.

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"The consolidation of the states into one vast republic, sure to be aggressive abroad and despotic at home, will be the certain precursor of the ruin which has overwhelmed all those that have preceded it."

- Robert E. Lee, 1866

Step 2: Let them sort it out.

Before we get a gold standard, I want the owners of the FED's gold distributed evenly among everyone in the world. Yep, it's total socialism but I am not supporting anything that lets them keep one red cent. They've been allowed to stay in control for too damn long already. The 1% contolling 95% of the resources deal ain't working.
http://www.youtube.com/watch?v=VIMi7fBA6e4

http://www.opencurrency.com/

American Open Currency Standard!

"Do you believe our nation should use a hard-backed, transparent and accountable monetary system? Do you want to protect your savings from inflation? Do you want to bring integrity, vitality, and strength to your community? Do you like the idea of "becoming the bank"? Are you ready, willing, and able to motivate people to "vote with their wallets"?

Join the growing network of competing complementary private currencies!

By participating in the AOCS, you have immediate access to the thousands of participating merchants across the country, as well as the approved Mints that will craft your private currency. AOCS Merchants are enrolled to accept any AOCS-approved currency. Sign up and turn some of your depreciating FRN's or bullion into a usable SILVER private currency!"

I think they may have something here!

Short Version of Jims previous ideas.

1: The Fed sets an official price. Say 1650 an Oz. They make it up just like they do interest rates.

2: This is a non convertable gold standard. You can not redeem gold from the fed.

3: The Fed announces a 25 pct gold covered standard. They claim to have every dollar backed up 25 pct by gold. For every dollar they print they will put a quarter dollar of gold in the vault.

4: The fed claims a gold standard and the sheeple are happy.

The real world benefit is the printing press is a little restricted.

The irony I see with this plan is if the Fed gets audited then I see no way this works. If we use cooked books then I think it works.

Here's how to do it...

Make an inventory of all gold and silver in US coffers. Come up with a total weight.

Re-establish the traditional values for gold and silver used for the hundred years prior to establishment of the Fed.

De-nationalize the gold and silver reserves.

Allow US citizens to exchange their dollars for gold and silver.

Tell our overseas lenders that we will honor our promise to pay back our loans...in worthless fiat money...

There will be a short-term shock to the economy as we adjust to a new monetary proxy (moving from paper to gold). Americans will be exchanging the purchasing power of the dollar for much less with gold. Remember, the purchasing power of one dollar has decreased by 96% since establishment of the Fed, so, in effect it takes 100 dollars to purchase what used to cost 4 dollars. When we go to change them back in we will be getting $4 dollars worth of gold in return, until the economy is able to adjust to the new values.

In the long run though, we'll have our republic back...and our lives.

Give me liberty!

why do we need THE GOVERNMENT to switch to a gold and silver standard?

sure that's what they're supposed to abide by, but they've already screwed it up.

there's no "switching" as in a centrally planned de-dollaring of the u.s. economy, and re-golding.

the dollar has to go away. and natural market forces have to be allowed to provide the currency. if the government wishes to participate in money creation, they are limited by the constitution to coining. in gold and silver only. no paper.

the best thing the government could do, is to defend the dollar, and allow competition to phase out the dollar.

This goes back to medieval times when free market was at its zenith. Sure people traded with silver and gold too but mostly it was 'traded' need for need basis. Gradually an accumulation of 'goods' would result in selling your surplus in the daily market for some coin.

Now this is true wealth and sound wealth!

Because you would have to 'produce' something initially that others need for something you may need in return.

First step would be for the U.S. treasury to mint gold coins and pay retiree benefits with them. The retirees would spread out the coins into the population. Unless the government doesn't trust retirees with gold. Then the government could establish that any gold or silver owned by private individuals could be turned into coins. Freesilver comes to mind.
grant

Freedom. Freedom to trade in whatever currency or goods...

for instance.. I gave my friend's son guitar lessons and she gave my daughters pony riding lessons. I tailored some clothes for a friend and she made me food.

Not everything has to be gold and silver. In a free market someone can pay someone for fixing their plumbing by giving them an ounce of tomato seeds....

gold and silver, gold and silver....... a free market is more than just those two metals.

live free or die,
he who has the gold , makes the rules . and who might that be? the house of rothschild thats who. they also own the federal reserve bank. duh

and the free market reintroduction of gold currency by the people themselves.

"In the capitalist society there is a place and bread for all. Its ability to expand provides sustenance for every worker. Permanent unemployment is not a feature of free capitalism." - Mises - www.mises.org