well thats almost true they allowed us to keep gold with collectors value or jewelry I believe back then it was something like $100 worth for "personal use"...even more important is when they confiscated hold it was 100% voluntary its not like the went door to door, they said bring it to us and a bunch of followers scared to get into trouble did just that...any governemnt confiscation today would be the same some would get scared and bring it to them most would think F off your not getting it...
So, 100 years ago you could get a 1oz gold coin for $20 Today you'd need $2600 to get the same coin. That's serious inflation..... Which is virtually non existent in a gold backed system.
inflation is real but its important to understand the relevance since $20 100 years ago was actually worth t5he same as $360 today but that being said gold isnt 325 an ounce lol....
@cutlerylover on a long term basis, everything inflates...but it's never equal..... as you can see, even after only 40yrs of life.....basic wages lag behind ....it adds up over those years....which is why a working man can't singularly provide food and shelter for his family today.
@@thelifeofjools8384 I agree, and whats not talked about are living needs, back in the 60s we had no internet, thats a life need now, people simply do NOT live without the internet so thats an extra cost of living add to that how to look ion the internet? laptop, tablet, phones? all expensive computers that break and need to ber replaced all the time adding to living costs...peopel just need more crap to be happy and all that crap costs money...
We took a major downturn in this country in 1933 and in 1971. The pyramid scheme is going to come to an end. Either we go back to a gold standard (won’t happen) or the entire system explodes (doubtful) or option 3… like you said, digital currency. Even though they claim to not have that in mind, we’ll unfortunately see it thrust upon us very soon. Gold and silver are great places to park your money. Pre-33 gold is an amazing thing. Holding gold coins that were used as real money have no equal.
Meh, it allowed to be able to essentially print paper to buy natural resources, military equipment and infrastructure to defeat the soviets economically.
@1800moonSugar The value of gold has always been in it's rarity, which is why lead has not been used to back cash. Gold backed means you could not print more money than you had gold for. That is the value. The cost, which is what you are really speaking of, goes up and down but mostly up over the long term.
Im 38. And i knew this. But I told my 48 year-old girlfriend this like a couple months ago and she had no clue that the bills were a certificate for a certain denomination of gold or silver
Jeff, big fan here. I just want everyone watching to understand that while fiat currency today is all just made up, our current cash is backed by the U.S. Military. This is far better of a system than the gold standard as precious metals have very little practical applications compared to military backing.
Preach, brother. Our monetary system is living on borrowed time and borrowed fiat currency. In the future, I'd rather use the BRICS "unit" if it's partially gold-backed over whatever CBDC system the FED is dreaming up.
Paper money wasn't really a government plan, this was something banks did on their own. But each bank would have a different currency, so fraud was high and transactions were difficult. So the central bank was born. And leaving the gold standard was both good and necessary. It's not as if the gold standard prevented inflation -- deflationary spirals were fairly common, and they still found it necessary to devalue to currency to break out, the standard just made that harder to do and more of a shock to the system when it did. 50 years of pure fiat currency has worked pretty well
yes thats true we all used English money then came to the US and colonized then each state had their own currencies they tried to make a continental currency but they made too much and it lost all of its value...they should have learned their lesson back then...gold and silver has NEVER seen inflation that's why people like to own its inflation free...a silver quarter bought you a tank of gas in 1964 it will buy you MORE than a gallon of gas today,...you cant make more gold you can only mine and recycle whats here, but mining takes time...we shoukd get bakc on the gold standard and use physical gold and silver for money again...it just wont happen they government wants more control not less so they WILL go digital eventually
Back in 1978 i got a silver certificate 20 dollar bill as payment at the fast food place i worked. Never had seen one before that and never have gotten one since.
Thanks Jeff for making this important video for youngers to understand how paper money was supposed to work. I do still have old Bill's 20's, $10's $5's put away even the different color $2 dollar Bill's
I am having fun looking for King Charles as he makes his way into our change. Only got 1 quarter and 1 toonie so far. He won't be King as long as she was Queen, so the quantity will be down. I have a mint set of my birthdate coins, will have to get a first year set of the King. I wonder if Canada was ever backed by gold? Will have to look it up. I don't see a dollar as a dollar, I see it as an 80 cent note because i don't get it until after the tax is taken out.
yes and no, yes most transactions are digital going from one bank to another with a swipe, BUT its still private and almost all vendors accepts cash...a CDC (central digital currency) would change that a lot, 1st of all vendors would NOT be accepting physical money any longer it would be useless due to hyperinflation most likely or a law...but the government would control the money NOT the bank thats just a middle man the feds would have full access to your money at all times giving them full control of how and when you spend it as well as access to your money to take it when they want for various reasons maybe if you commit a crime they take ALL your money away? maybe if you have a warrant they empty your accounts, what if you owe taxes you wont have to pay they will take it, ALL of it, same goes for fees fines like speeding tickets ect...it would be VERY different...also all your transactions woudl be on a blockchain which ight even be public so people would know who you sent money to for what and when...theres billions or trillions of dollars that arent taxed in the US because people use cash, think about all the illegals? they couldnt buy anything if they weren't in the system...
@cutlerylover not only are most transactions digital, but literally 90 percent of all US currency is a 0 1 number code that doesn't have a paper equivalent. If you're talking completely removing paper money and theres hyper inflation then bitcoin kept in cold storage like a ledger with private keys would be the way around that and pretty much all your other worries. Its not completely invulnerable to the government but much harder to access. Also important is that the dollar is only valuable because of faith in the US government and that they're able to pay back loans and whatnot. Its not actually backed by anything like it used to be. Money becoming just 1s and 0s is likely within my lifetime I would imagine. Also important to notice if you majorly screw up the government will take your house and freeze your assets and been that way for a long time so your fears aren't new found
I came for the Praxis...but anyone that talks about this and the atrocities of the Federal Reserve is gonna get me to suscribe. Is mind blowing how many people dont get this and refuse to get this
technically 1862...but the English colonized the US in early 1600s and used state money for a long tiem as well as everyone accepting this like the Spanish reales as well as English currency...so in the beginning it was all over the place for a while...
yes I own a ferw and have videos on them they are a coolidea BUT are collectibles right now to me and arent usable yet...yopu need all 50 states makign them and the majority of retailers accepting them as payment for it to work
most of the other majors countruis have been hoarding physical gold...thats money, the US i sthe only country that has a world currency but as soon as they change that and start trading oil with another currency the US is fugged and the whole world will send our dolars back here creating hyperinflation for real which might be what they want do drop it and push a digital currency and a reset...then they have 100% control of our spending and more power than ever, have a speeding ticket dont want to pay it ohm well they took it, have taxes opowed they will take it they dont have to wait for you to send it, have warrant? they take ALL your money until you give up and turn yourself in lol..the list goes on and on...
@@cutlerylover "have taxes owed they will take it". They already do that, and have done so for years. The IRS can seize your bank account, and if that isn't enough will send agents to your house to take your stuff too. They did that to Willie Nelson, I recall a video where IRS agents took all his instruments and amplifiers. Property tax is rent. Don't pay it, and your local town or city will take your house away from you. One advantage cash has over a digital currency is anonymous payments. You can do that with bitcoin, but most of the major brokers use KYC(know your customer) and force you to provide ID. The government would LOVE all digital currency, as every single purchase you make would be logged.
Is that old bill still valid as a $20 bill? If it is, how is the statement in the upper left not valid also? Regarding gold/silver vs cash, the price of gold/silver constantly fluctuates. The 'price' of cash doesn't. A $20 bill always costs $20 and it's always accepted as $20 when you spend it. If we purchased things with gold/silver, their worth would be decided at the time we spend it, not at the time at which we acquired the gold/silver. As an example, if I 'bought' a $20 bill on Dec. 17/2024 it would have cost me $20. Today I could buy $20 worth of goods with it. Someone else that bought $20 worth of Bitcoin on Dec. 17/2024 can not, today, buy $20 worth of goods with that Bitcoin because it's agreed upon 'value' is less today than it was on Dec. 17th.
Yes it is , they younger might call the Manager to verify it is redeemable, but yes you can spend it like a $20 dollar bill. I do have old money put away $100, 20, 10, 5, 2 in Bill's the $2 came in different colors red, green, blue ink I forget which one of those are very rare to have but I have all 3 colors that I picked up year's ago.
Good question about how it is worth today's standards? Because the $20 day is worth about the 10 back in the 1980's Gold would be worth the same I can imagine the value is higher than paper money because you would need a whole lotta paper money to trade it for Gold?
@@snoopu2601 You missed his point. If that $20 is still valid, then he should be able to walk into the bank and get $20 in gold for it. Walk in with a bill, walk out with gold. Old cash had no value in it, the value was sitting in the bank. The bill was just a government IOU to the holder.
yes some old currency is no longer bale to be used in the US but this $20 is...the price of gold and silver always fluctuates within a specific bracket thats not that big, the price of a $20 bills will always lose value year over year thats what inflation is...the $20 doesnt become less the itme your buying just becomes more so that bill have less and less value over time until one day it has no value at all that cant happen with gold or silver at least it havnt is the entire history iof humans civilization even as other fiat currencies failed over and over for thousands of years gold and silver always kept their value... so the difference is your $20 bill is guaranteed to lose value with time gold and silver wont...even though in the short term they can lose a small percentage of value in the long term they both continually go up in value due to inflation...it has the opposite effect since with time fiat currency is devalued and you need more and more to buy the exact same goods...monday to Friday stick with fiat, the gold and silver could go up or down...2025-2026 gold and silver wins automatically and always will..in a perfect situation our US dollar is suppose to lose 2% of its value annually...
Never forget when the government banned civilian ownership of precious metals!
well thats almost true they allowed us to keep gold with collectors value or jewelry I believe back then it was something like $100 worth for "personal use"...even more important is when they confiscated hold it was 100% voluntary its not like the went door to door, they said bring it to us and a bunch of followers scared to get into trouble did just that...any governemnt confiscation today would be the same some would get scared and bring it to them most would think F off your not getting it...
Thats the truth
So, 100 years ago you could get a 1oz gold coin for $20
Today you'd need $2600 to get the same coin.
That's serious inflation..... Which is virtually non existent in a gold backed system.
When I was in Junior High, gold was $400 oz and silver $5. Gold was about a month minimum wage.
inflation is real but its important to understand the relevance since $20 100 years ago was actually worth t5he same as $360 today but that being said gold isnt 325 an ounce lol....
@cutlerylover on a long term basis, everything inflates...but it's never equal..... as you can see, even after only 40yrs of life.....basic wages lag behind ....it adds up over those years....which is why a working man can't singularly provide food and shelter for his family today.
@@thelifeofjools8384 I agree, and whats not talked about are living needs, back in the 60s we had no internet, thats a life need now, people simply do NOT live without the internet so thats an extra cost of living add to that how to look ion the internet? laptop, tablet, phones? all expensive computers that break and need to ber replaced all the time adding to living costs...peopel just need more crap to be happy and all that crap costs money...
And that’s why the value of United States currency continues to drop
We took a major downturn in this country in 1933 and in 1971. The pyramid scheme is going to come to an end. Either we go back to a gold standard (won’t happen) or the entire system explodes (doubtful) or option 3… like you said, digital currency. Even though they claim to not have that in mind, we’ll unfortunately see it thrust upon us very soon. Gold and silver are great places to park your money. Pre-33 gold is an amazing thing. Holding gold coins that were used as real money have no equal.
Meh, it allowed to be able to essentially print paper to buy natural resources, military equipment and infrastructure to defeat the soviets economically.
I was born into the second. People talk about the Great Depression but rarely talk about 1971. Are 2008 and 2020 the next milestones?
Not really. Gold has no intrinsic value and could easily be worthless at the drop of a hat.
@1800moonSugar This is false, Gold is more useful now then ever.
@1800moonSugar The value of gold has always been in it's rarity, which is why lead has not been used to back cash. Gold backed means you could not print more money than you had gold for. That is the value. The cost, which is what you are really speaking of, goes up and down but mostly up over the long term.
I’ve gotten many odd and unique “tips” delivering pizzas but the best by far was a person didn’t know and gave me two $5 blue seal’s
Im 38. And i knew this. But I told my 48 year-old girlfriend this like a couple months ago and she had no clue that the bills were a certificate for a certain denomination of gold or silver
Jeff, big fan here. I just want everyone watching to understand that while fiat currency today is all just made up, our current cash is backed by the U.S. Military. This is far better of a system than the gold standard as precious metals have very little practical applications compared to military backing.
Military = $$$ printers duped foot soldiers
Happy new year
Preach, brother. Our monetary system is living on borrowed time and borrowed fiat currency. In the future, I'd rather use the BRICS "unit" if it's partially gold-backed over whatever CBDC system the FED is dreaming up.
Food is the only currency with value. The rest is just beautiful art.
Paper money wasn't really a government plan, this was something banks did on their own. But each bank would have a different currency, so fraud was high and transactions were difficult. So the central bank was born. And leaving the gold standard was both good and necessary. It's not as if the gold standard prevented inflation -- deflationary spirals were fairly common, and they still found it necessary to devalue to currency to break out, the standard just made that harder to do and more of a shock to the system when it did. 50 years of pure fiat currency has worked pretty well
yes thats true we all used English money then came to the US and colonized then each state had their own currencies they tried to make a continental currency but they made too much and it lost all of its value...they should have learned their lesson back then...gold and silver has NEVER seen inflation that's why people like to own its inflation free...a silver quarter bought you a tank of gas in 1964 it will buy you MORE than a gallon of gas today,...you cant make more gold you can only mine and recycle whats here, but mining takes time...we shoukd get bakc on the gold standard and use physical gold and silver for money again...it just wont happen they government wants more control not less so they WILL go digital eventually
Back in 1978 i got a silver certificate 20 dollar bill as payment at the fast food place i worked. Never had seen one before that and never have gotten one since.
Thanks Jeff for making this important video for youngers to understand how paper money was supposed to work. I do still have old Bill's 20's, $10's $5's put away even the different color $2 dollar Bill's
very cool, its history :)
Happy New Year Jeff!!
I am having fun looking for King Charles as he makes his way into our change. Only got 1 quarter and 1 toonie so far. He won't be King as long as she was Queen, so the quantity will be down. I have a mint set of my birthdate coins, will have to get a first year set of the King. I wonder if Canada was ever backed by gold? Will have to look it up. I don't see a dollar as a dollar, I see it as an 80 cent note because i don't get it until after the tax is taken out.
If digital money is the future then the future is now. 90 percent of ALL money already is digital, just a number on a bank tellers computer screen
yes and no, yes most transactions are digital going from one bank to another with a swipe, BUT its still private and almost all vendors accepts cash...a CDC (central digital currency) would change that a lot, 1st of all vendors would NOT be accepting physical money any longer it would be useless due to hyperinflation most likely or a law...but the government would control the money NOT the bank thats just a middle man the feds would have full access to your money at all times giving them full control of how and when you spend it as well as access to your money to take it when they want for various reasons maybe if you commit a crime they take ALL your money away? maybe if you have a warrant they empty your accounts, what if you owe taxes you wont have to pay they will take it, ALL of it, same goes for fees fines like speeding tickets ect...it would be VERY different...also all your transactions woudl be on a blockchain which ight even be public so people would know who you sent money to for what and when...theres billions or trillions of dollars that arent taxed in the US because people use cash, think about all the illegals? they couldnt buy anything if they weren't in the system...
@cutlerylover not only are most transactions digital, but literally 90 percent of all US currency is a 0 1 number code that doesn't have a paper equivalent. If you're talking completely removing paper money and theres hyper inflation then bitcoin kept in cold storage like a ledger with private keys would be the way around that and pretty much all your other worries. Its not completely invulnerable to the government but much harder to access. Also important is that the dollar is only valuable because of faith in the US government and that they're able to pay back loans and whatnot. Its not actually backed by anything like it used to be. Money becoming just 1s and 0s is likely within my lifetime I would imagine. Also important to notice if you majorly screw up the government will take your house and freeze your assets and been that way for a long time so your fears aren't new found
I came for the Praxis...but anyone that talks about this and the atrocities of the Federal Reserve is gonna get me to suscribe. Is mind blowing how many people dont get this and refuse to get this
😁 welcome to the channel
But what year was the first US dollar made and used?
technically 1862...but the English colonized the US in early 1600s and used state money for a long tiem as well as everyone accepting this like the Spanish reales as well as English currency...so in the beginning it was all over the place for a while...
Bonehammer? Dude this is the name of your next knife
Gold…. If you can start investing in it
I laughed too hard at the hyperinflation comment 😅
Fiat currency, that's been a scam for a long time.
Have you heard of the gold back bills that have how much gold is in the bill
yes I own a ferw and have videos on them they are a coolidea BUT are collectibles right now to me and arent usable yet...yopu need all 50 states makign them and the majority of retailers accepting them as payment for it to work
government scrambling to buy up more bitcoin
It's worth noting that there is no major currency on earth still tied to gold or silver. This isn't something something unique to the U.S.
Edit: typo
most of the other majors countruis have been hoarding physical gold...thats money, the US i sthe only country that has a world currency but as soon as they change that and start trading oil with another currency the US is fugged and the whole world will send our dolars back here creating hyperinflation for real which might be what they want do drop it and push a digital currency and a reset...then they have 100% control of our spending and more power than ever, have a speeding ticket dont want to pay it ohm well they took it, have taxes opowed they will take it they dont have to wait for you to send it, have warrant? they take ALL your money until you give up and turn yourself in lol..the list goes on and on...
@@cutlerylover "have taxes owed they will take it". They already do that, and have done so for years. The IRS can seize your bank account, and if that isn't enough will send agents to your house to take your stuff too. They did that to Willie Nelson, I recall a video where IRS agents took all his instruments and amplifiers.
Property tax is rent. Don't pay it, and your local town or city will take your house away from you.
One advantage cash has over a digital currency is anonymous payments. You can do that with bitcoin, but most of the major brokers use KYC(know your customer) and force you to provide ID. The government would LOVE all digital currency, as every single purchase you make would be logged.
Happy New Year!
Is that old bill still valid as a $20 bill? If it is, how is the statement in the upper left not valid also? Regarding gold/silver vs cash, the price of gold/silver constantly fluctuates. The 'price' of cash doesn't. A $20 bill always costs $20 and it's always accepted as $20 when you spend it. If we purchased things with gold/silver, their worth would be decided at the time we spend it, not at the time at which we acquired the gold/silver. As an example, if I 'bought' a $20 bill on Dec. 17/2024 it would have cost me $20. Today I could buy $20 worth of goods with it. Someone else that bought $20 worth of Bitcoin on Dec. 17/2024 can not, today, buy $20 worth of goods with that Bitcoin because it's agreed upon 'value' is less today than it was on Dec. 17th.
Yeah it's just a broken promise.
Yes it is , they younger might call the Manager to verify it is redeemable, but yes you can spend it like a $20 dollar bill.
I do have old money put away $100, 20, 10, 5, 2 in Bill's the $2 came in different colors red, green, blue ink I forget which one of those are very rare to have but I have all 3 colors that I picked up year's ago.
Good question about how it is worth today's standards? Because the $20 day is worth about the 10 back in the 1980's Gold would be worth the same I can imagine the value is higher than paper money because you would need a whole lotta paper money to trade it for Gold?
@@snoopu2601 You missed his point. If that $20 is still valid, then he should be able to walk into the bank and get $20 in gold for it. Walk in with a bill, walk out with gold. Old cash had no value in it, the value was sitting in the bank. The bill was just a government IOU to the holder.
yes some old currency is no longer bale to be used in the US but this $20 is...the price of gold and silver always fluctuates within a specific bracket thats not that big, the price of a $20 bills will always lose value year over year thats what inflation is...the $20 doesnt become less the itme your buying just becomes more so that bill have less and less value over time until one day it has no value at all that cant happen with gold or silver at least it havnt is the entire history iof humans civilization even as other fiat currencies failed over and over for thousands of years gold and silver always kept their value...
so the difference is your $20 bill is guaranteed to lose value with time gold and silver wont...even though in the short term they can lose a small percentage of value in the long term they both continually go up in value due to inflation...it has the opposite effect since with time fiat currency is devalued and you need more and more to buy the exact same goods...monday to Friday stick with fiat, the gold and silver could go up or down...2025-2026 gold and silver wins automatically and always will..in a perfect situation our US dollar is suppose to lose 2% of its value annually...
Get some of the silverbacks or gold backs
I have some but I see them as fun collectibles so far they are the most expensive way to buy and own gold
Look at XRP
Happy New Year!