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 Post subject: Black7's random thread
PostPosted: Thu Sep 30, 2010 9:43 am 
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since Blk99Xtreme started one i will... yet mine my not be as motivational

First post is a fact.

The US dollar will soon be irrelevant. You should invest your money in gold. After all that's what the dollar stands for anyway. The dollar is just a bond saying you own a portion of United States gold reserve. Which is now being depleted due to the fact that our American dollar is no longer valuable anywhere in the world. Our government is using the actual gold as collateral.

The only true items that will ever hold value are precious metals.

Ponder that.
Something else to ponder! How many of you actually see your money these days? Feel the actual cash in your hands? Or is your plastic bank card your form of cash. So really its like you traded in your Gold for plastic.

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 Post subject: Re: Black7's random thread
PostPosted: Thu Sep 30, 2010 10:17 am 
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Black7 wrote:
The dollar is just a bond saying you own a portion of United States gold reserve.


Not true anymore. The gold standard was cancelled by Nixon in 1971.


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 Post subject: Re: Black7's random thread
PostPosted: Thu Sep 30, 2010 10:28 am 
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-KB- wrote:
Black7 wrote:
The dollar is just a bond saying you own a portion of United States gold reserve.


Not true anymore. The gold standard was cancelled by Nixon in 1971.

ACTUALLY I forgot about that! which IMO makes the dollar even more worthless lol....

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 Post subject: Re: Black7's random thread
PostPosted: Thu Sep 30, 2010 10:59 am 
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-KB- wrote:
Black7 wrote:
The dollar is just a bond saying you own a portion of United States gold reserve.


Not true anymore. The gold standard was cancelled by Nixon in 1971.



Damn, you beat me to it! :box:

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 Post subject: Re: Black7's random thread
PostPosted: Thu Sep 30, 2010 11:27 am 
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But think about it guys... that still holds true. It was only put in effect so people couldnt get their bonds and get the gold out of FT Knox. The dollar still has to be based on some type of valuable items in our federal reserve. Other wise its only worth the paper its printed on.

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 Post subject: Re: Black7's random thread
PostPosted: Thu Sep 30, 2010 11:38 am 
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Black7 wrote:
But think about it guys... that still holds true. It was only put in effect so people couldnt get their bonds and get the gold out of FT Knox. The dollar still has to be based on some type of valuable items in our federal reserve. Other wise its only worth the paper its printed on.



In truth, the dollar is backed only by the U.S. promise that we will recognize it as 1 dollar. Our money today is called "FIAT money"

http://en.wikipedia.org/wiki/Fiat_money

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 Post subject: Re: Black7's random thread
PostPosted: Thu Sep 30, 2010 11:42 am 
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BigMikey wrote:
Black7 wrote:
But think about it guys... that still holds true. It was only put in effect so people couldnt get their bonds and get the gold out of FT Knox. The dollar still has to be based on some type of valuable items in our federal reserve. Other wise its only worth the paper its printed on.



In truth, the dollar is backed only by the U.S. promise that we will recognize it as 1 dollar. Our money today is called "FIAT money"

http://en.wikipedia.org/wiki/Fiat_money

kool man..thanks... learn something new everyday.....

"the dollar is backed only by the U.S. promise" --- Oh Lord

So the bills are basically Government forms of IOU?

but I am still saying.... anything gold or copper is always gonna be valuable no matter what....

Diamonds are gonna be lost in value if Africa says they are gonna release all the reserve they have into the world. Only way for the diamonds to keep value is if one of the big wig companies buys them all in bulk and limits public release.

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 Post subject: Re: Black7's random thread
PostPosted: Thu Sep 30, 2010 11:46 am 
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Black7 wrote:
BigMikey wrote:
Black7 wrote:
But think about it guys... that still holds true. It was only put in effect so people couldnt get their bonds and get the gold out of FT Knox. The dollar still has to be based on some type of valuable items in our federal reserve. Other wise its only worth the paper its printed on.



In truth, the dollar is backed only by the U.S. promise that we will recognize it as 1 dollar. Our money today is called "FIAT money"

http://en.wikipedia.org/wiki/Fiat_money

kool man..thanks... learn something new everyday.....

"the dollar is backed only by the U.S. promise" --- Oh Lord

So the bills are basically Government forms of IOU?

but I am still saying.... anything gold or copper is always gonna be valuable no matter what....


Yes, and ABSOLUTELY! Gold today is the soundest of investments. Any precious metal, even silver will prove to be a good investment as time goes on. LOL, so will a few barrels of crude oil eventually :D

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 Post subject: Re: Black7's random thread
PostPosted: Thu Sep 30, 2010 11:48 am 
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i think oil may be a thing of the past soon. Maybe in next 15 years. They are going to do something to where oil is no longer in such demand.

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 Post subject: Re: Black7's random thread
PostPosted: Thu Sep 30, 2010 11:51 am 
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The Bretton Woods system pegged the value of the United States dollar to 1/35th of a troy ounce of gold. Other currencies were pegged to the U.S. dollar at fixed rates. The U.S. promised to redeem dollars in gold to other central banks. Trade imbalances were corrected by gold reserve exchanges or by loans from the International Monetary Fund. This system collapsed when the United States government ended the convertibility of the US dollar for gold in 1971, in what became known as the Nixon Shock.

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