Frederick William Dame
(Exercising freedom of speech … as long as it still exists.)
Emperor Cloaca Maxima I
JT: A picture with the correct caption is worth a thousand words.
http://www.washingtonpost.com/blogs/wonkblog/wp/2013/01/08/former-head-of-u-s-mint-the-platinum-coin-option-would-work/. Don Fredrick of The Obama Timeline provides the following quotation from the National Inflation Association:
"Throughout world history, only about 16 tons of platinum have been mined, which based on the current platinum price of $1,595 per oz would value all of the platinum produced in history at $816.6 million. In order to produce a real (non-fiat) $1 trillion dollar platinum coin based on the current platinum price, it would require 627 million ounces or approximately 20,000 tons of platinum. This equals 1,250 times more platinum than what has been mined in world history. Even if the U.S. was able to obtain all of the world’s platinum ever mined, the U.S. dollar would need to be devalued so that a $100 bill only has the purchasing power of what 8 cents does today."
JT: I have some thoughts concerning the matter.
- I'm surprised that under Obama the dollar has any purchasing power.
(continue reading at The Obama Timeline here http://www.colony14.net/sitebuildercontent/sitebuilderfiles/justthinking046.pdf )