I'm telling you guys, between Utah, Arizona, and Wyoming, I am really considering moving WEST!!!!
Wouldn't this be very risky for business's? I mean, 1 dollar is worth $1. One could argue that the dollar is worth less, which it is, but thats on the supply side of the equation, not the the consumer side. I would really like to see what businesses take gold or silver. After all, its becoming more and more common for businesses to not take cash now aday's.
If all will remember a bit of history***the paper notes were only instituted because large amounts of gold was heavy and difficult to carry. The original notes were backed by and payable in gold. Banks, both private and federal were required to keep enough gold on hand to exchange paper notes in kind. If a person had $10,000 in 'Paper gold', there was $10,000 in Actual gold sitting in his/her bank. Coinage was for fractional spending and were minted in gold and silver.
Back in those days, there was ZERO National Debt. Political positions were filled by Patriots who true wished to do the best for the Country. Communities were small and tight knit. People helped each other and policed themselves.
I am not sure exactly when the US Government began to remove our dollar from the gold standard, but I know that it was complete separated during the Nixon administration. A short look at the exponentional rise of deficit spending by the US since then will show all but the completely blind and ignorant that when the dollar became totally fiat, as a country, we have been sliding toward disaster at an ever increasing pace. At this point, IMO, there isn't anything that can avert it.
Ahhh for the bad old days.....
Wilson got the ball rolling with the Federal Reserve.
FDR, continued down that path with his gold confiscation bank holiday. At this point there was no gold to back up the currency, the but the currency was pegged to the price of gold thus the "gold standard." FDR also monkeyed around with the price of gold in order to manipulte the currency.
Then Nixon, as you say, really boned the dog.