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Old 08-03-2012, 06:54 AM   #21
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United States House of Representatives

Committee on Financial Services

Subcommittee on Domestic Monetary Policy

Hearing on Sound Money: Parallel Currencies and the Roadmap to Monetary Freedom

August 2, 2012

Congressman Ron Paul

Statement for the Record


One of the most pressing issues of our time is the push for monetary freedom. The only sound monetary system is one which protects sound money and allows consumers, businesses, and investors the freedom to transact in the currency of their choice. The importance of sound money is summed up nicely by Ludwig von Mises: “It is impossible to grasp the meaning of the idea of sound money if one does not realize that it was devised as an instrument for the protection of civil liberties against despotic inroads on the part of governments.” It is no wonder that governments fight tooth and nail against sound money, as sound money protects the well-being of the middle class and the poor while preventing the expansion of government.

Governments throughout history have sought to monopolize the issuance of money, either directly or through the creation of central banks. The growth of central banking in the 20th century allowed governments to monetize their debt in an indirect manner while still ensuring a ready market for government debt. And central banks' slow but sure debasement of the currency allowed governments to repay their debts in devalued money. What debtor would not want such a sweetheart deal?

Indeed, the 20th century witnessed a revolt by governments against the strictures of sound money. In some countries such as Weimar Germany the revolution came quickly and the results were both immediately apparent and instantaneously disastrous. In other countries such as the United States, the revolt came more gradually, with the destructive effects of money printing only recently becoming apparent to more and more Americans.

Over the past 100 years, the Federal Reserve has continually pumped new money into the economy, resulting in a 96 percent devaluation of the dollar. This devaluation does not affect everyone equally, as the banks who receive this new money first benefit from using it before prices rise, while average Americans suffer the price rises first and receive only a trickle of money well afterward. In this way the Fed enriches Wall Street while impoverishing Main Street, leading to a growing disparity of wealth.

The wealthy are always able to protect the value of their assets against inflation to an extent that the middle class and poor cannot. Anyone with enough money and resources can set up a foreign bank account denominated in euros or Hong Kong dollars, or purchase gold and silver that will be safely stored in London or Singapore. The rich are best able to purchase precious metals, the only ones able to invest in high-yielding hedge funds, and the ones most able to shelter their assets from punitive taxation.

All the legislation and regulation that ostensibly protects the average American from losing money in fact does exactly the opposite. It keeps the average American from being able to defend against inflation by investing in precious metals, forces him into mediocre investment opportunities that do not even keep up with inflation, and leaves him at the mercy of the taxman. Compared to their counterparts in other countries, the average American has far fewer financial options available to them.

Mexican workers can set up accounts that are denominated in ounces of silver, and can take delivery of that silver whenever they want, tax-free. In Singapore and some other Asian countries, individuals can set up bank accounts denominated in gold and silver. Debit cards can be linked to gold and silver accounts so that customers can use their gold and silver to make point of sale transactions, a service which is only available to non-Americans. In short, Americans have far fewer options to protect their wealth than citizens of many foreign countries do.

The solution to this problem is to legalize monetary freedom and allow the circulation of parallel and competing currencies. There is no reason why Americans should not be able to transact, save, and invest in the currency of their choosing. Unfortunately, decades of government restrictions and regulations have hampered and prevented the circulation of parallel currencies and destroyed the familiarity of Americans with any sort of money aside from Federal Reserve Notes or bank deposits denominated in U.S. dollars. The thought of introducing parallel currencies undoubtedly scares many people who understandably wish to minimize their financial risk.

All financial activity is fraught with risk. Most people understand the risks inherent in stock or bond investment, but the risk of holding savings accounts or cash is still drastically under-appreciated. Everyone is familiar with the maxim “Don't put all your eggs in one basket” and investors and savers are constantly urged to diversify their portfolios, yet the U.S. government continues to set roadblocks that force Americans to transact and save in dollars that continue to depreciate.

According to the government's official figures, price inflation runs around two percent per year which means that, since interest rates on savings accounts are near zero, the real rate of return on savings accounts is negative. Anyone holding a savings account or cash is losing nearly two percent of the value of his savings per year with this relatively mild inflation. Some private economists estimate that actual price inflation is running closer to nine percent per year, which would make the loss from holding dollars enormous.

Even greater danger comes during bouts of hyperinflation, such as during Weimar Germany and more recently in Zimbabwe. But when Zimbabwe's dollar became worthless, people began to use U.S. dollars, South African rand, and Zambian kwacha to conduct transactions. Similarly in Weimar Germany, many individuals resorted to using dollars, pounds, and precious metals. So despite the economic hardship wrought by hyperinflation, not all economic activity ground to a halt, largely due to the circulation of parallel currencies. Should the United States ever face a hyperinflationary crisis, which due to the Fed's quantitative easing is very possible, the only means of survival would be through the use of parallel currencies.

It is horribly unjust to force the American people to do business with a dollar that is continuously debased by the Federal Reserve. Forcing a monopoly currency with legal tender status onto the people benefits the issuer (government) while harming consumers, investors, and savers. The American people should be free to use the currency of their choice, whether gold, silver, or other currencies, with no legal restrictions or punitive taxation standing in the way. Restoring the monetary system envisioned by the Constitution is the only way to ensure the economic security of the American people.
http://paul.house.gov/index.php?opti...1999&Itemid=60

Here's the full hearing:

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Old 08-13-2012, 01:17 PM   #22
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AOCS guys testify before the House Committee

http://www.opencurrency.com/5-things...rned-from-d-c/

A lot of interesting things in this article, but this one strikes me:"When you say House Financial Services Domestic Monetary Services Subcommittee to me, it sounds important. First, the domestic economy is in shambles, and our monetary policy is at the very root of this issue. Maybe you don’t know enough to agree with me, but certainly the members of the committee DO (or at least should). 30 seconds before the hearing was scheduled to start, we were still unsure if the hearing was going to start. Why? Because, as Ron Paul explained, “We need at least one other committee member here to call the session to order.” I’m sorry? No one shows up for this stuff? And that’s okay? At the scheduled hour, almost on the dot, we were lucky to be joined by Congressman Luetkemeyer, and the meeting was called to order."
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Old 08-13-2012, 01:55 PM   #23
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Thanks Benjamen. I appreciated getting a more detailed explanation for his testimony that legal tender laws were not an issue.
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Old 10-09-2012, 07:42 AM   #24
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It’s going to be illuminating to see whether the government appeals the big ruling on judges’ pay that was handed down last week at Washington. The case is called Beer v. United States. ... The plaintiffs are Judge Peter Beer and a rainbow coalition of some of the most distinguished judges on the federal bench. They have just won a ruling that prohibits Congress from suspending a system of automatic pay increases designed to protect their honors from inflation.
...
The judges turn out to be a special case because it is unconstitutional ever to diminish their pay. This is American bedrock that was laid down by the Founders because of the British tyrant George III. The king made judges dependent “on his Will alone, for the tenure of their offices, and the amount and payment of their salaries,” as America’s revolutionaries put it in the Declaration of Independence. So it was written into the United States Constitution that the compensation of judges “shall not be diminished during their Continuance in Office.”

In Beer, the judges sued under that clause after Congress suspended automatic pay increases it had established to protect their honors from inflation. What the appeals court just ruled is that Congress, in suspending the automatic pay increases, diminished the judges pay, particularly because when Congress legislated the automatic pay increases, it also established limits on the outside income judges are permitted to earn.

More broadly, at least by our lights, the ruling says, in effect, that the legal tender laws don’t apply to judges’ salaries. That is, the court is suggesting that, at least in the case of judges, 100,000 dollar bills will not suffice in 2012 for a contract to pay $100,000 that was entered into in, say, 2000. The Appeals Court packed its opinion with some prime language from the founding era.

“[N] othing can contribute more to the independence of the judges than a fixed provision for their support,” the Court quoted Alexander Hamilton as writing in 79 Federalist. It noted that at the constitutional convention at Philadelphia, where the Founders sat that summer in 1787, James Madison urged that variations in the value of money could be “guarded agst. by taking for a standard wheat or some other thing of permanent value.”

Madison’s wheat gambit was rejected, the court noted, and Founders did not tie judges pay to “any commodity.” Quoth the United States Court of Appeals for the Federal Circuit: “The framers instead acknowledged that ‘fluctuations in the value of money, and in the state of society, rendered a fixed rate of compensation [for judges] in the Constitution inadmissible.’” It was quoting 79 Federalist again. It noted that the constitutional convention voiced concerns “to protect judicial compensation against economic fluctuation.”

It turns out, though, that the historical record is clear what the Founders thought dollars were. They used the word “dollars” twice in the Constitution. By a dollar they meant 371 and ¼ grains of pure silver or a 15th as many grains of gold. That’s the way Congress defined a dollar in law under the Articles of Confederation and the way Congress defined it in law in the first Coinage Act of the constitutional era.

The idea that a dollar could be worth a different number of grains of silver or gold at the end of a contract than it meant at the beginning of a contract would have horrified George Washington and nearly all of the other Founders (Benjamin Franklin, a printer, had a vested interest in paper money). So would the idea that the dollar would be permitted to decline over a decade to but a sixth of the number of grains of gold at which it was valued at the start of a decade. That is what has just happened in America.

The court deciding Beer didn’t get into legal tender per se. But the legal tender question is the elephant in the courtroom, so to speak. If a dollar can’t be diminished for judges — that is, if the legal tender laws are not good enough for judges — why should they be good enough for the rest of us? If they are not good enough for the contract between the government and judges, why should they be good enough for contracts between private parties?

Or, to put it another way, the rest of us folk might as well be amici as the courts start to grapple with constitutional money. The diminishment of their salaries has driven the federal judges nearly to distraction, and understandably so, precisely because they are honest men and women. The chief justices — most recently Chief Justices Roberts and Rehnquist — have been warning about it for decades. The Great Scalia issued an impassioned warning about the problem here in New York just the other day.

We don’t know whether the Supreme Court will be asked to hear an appeal of Beer. If it is asked, it may decline. But if the nine are asked to take a final look at the case, the question for them to start thinking about is less the promises of Congress — although breaking such a promise is enough of a diminishment for us — and more about the meaning of money. The fact is that Americans are just as upset about the harm being done to them by fiat money as the judges are.
http://www.nysun.com/editorials/is-l...er-next/88019/
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Old 10-09-2012, 09:38 AM   #25
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How can you find an impartial judge on a case that affects the pay of all judges?
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Old 10-10-2012, 11:17 AM   #26
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Forbes is really amping up the drum beats lately...
Quote :
...
To that end, when he takes office, President Romney should urge Congress to pass a bill similar to that proposed by Ron Paul, the Free Competition in Currency Act, which would abolish all federal taxes on gold and silver bullion, as well as ban state and local taxes on them. It would explicitly allow gold-based monetary transactions and would remove the onerous reporting rules that now afflict gold and silver bullion buyers.
...
The tide is turning on this issue. On the national level we should do as Utah did in 2011: eliminate all taxes on transactions in gold and silver bullion. When you “purchase” a $20 bill for two $10 bills, you don’t pay sales tax. When you exchange dollars for euros, you don’t pay a government tax on the transaction. Utah decreed that U.S.-minted gold and silver coins are legal as currency.

An interesting historical fact is that until 1933 the U.S. government itself issued gold-based dollars that floated freely with currencies issued by numerous national banks.
http://www.forbes.com/sites/stevefor...from-disaster/
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Old 10-24-2012, 06:44 AM   #27
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NY Sun with another brilliant piece:
Quote :
“We then organized the strongest coalition and the strongest sanctions against Iran in history, and it is crippling their economy. Their currency has dropped 80%.”

So said President Obama in the middle of the great debate in respect of foreign policy. We take it as one of the most maddening moments in the whole campaign. ... If Mr. Obama comprehends how bad it is for Iran that its currency has shed 80% of its value, why doesn’t he comprehend that about a dollar that has lost 50% of its value under his presidency alone?

The point seemed to go right by Mr. Romney. Gee, willikers, what is it going to take to get the Republican candidate to make an issue of the collapse of the dollar? Its value has plunged under Mr. Obama to less than a 1,750th of an ounce of gold from the 850th of an ounce of gold it was worth on the day Mr. Obama was sworn to preserve, protect, and defend the Constitution. It may be that Mr. Romney doesn’t want to press that point for strategic reasons — under the last Republican president, after all, the dollar shed nearly as much of its value as the 80% the rial has lost. That is, the vallue of the dollar under President George W. Bush plunged to an 850th of an ounce of gold from a 265th of an ounce of gold.
...
http://www.nysun.com/editorials/the-80-solution/88049/
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Old 01-10-2013, 09:18 AM   #28
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Rep. Paul Broun Jr. of Georgia has introduced the "Free Competition in Currency Act of 2013" in the 113th Congress. This bill contains the same provisions as bills previously introduced by former Congressman Ron Paul, which seek to repeal legal tender laws and prohibit taxation on certain coins and bullion.

The newly introduced bill H.R. 77 ...
...
Rep. Paul Broun Jr. has also reintroduced Ron Pauls' legislation calling for an audit of the Federal Reserve. The bill H.R. 24 currently has five co-sponsors and has been referred to the Committee on Oversight and Government Reform, and in addition to the Committee on Financial Services.

Ron Paul's "Audit the Fed" bill had passed the House in the last session of Congress 327-98 with 274 cosponsors. The Senate failed to act on the bill before the end of the 112th Congress.

In a statement included in a press release, Rep. Broun indicated his desire "to pick up right where Congressman Paul left off."
http://news.coinupdate.com/ron-pauls...lives-on-1795/
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Old 02-12-2013, 06:28 AM   #29
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All eyes will be on President Obama tomorrow when he fulfills his constitutional obligation to “give to the Congress Information of the State of the Union, and recommend to their Consideration such Measures as he shall judge necessary and expedient.” All sorts of topics are in the advance headlines, from jobs, to the budget crisis, to gay rights, to the war. All of them are worthy of attention by the President and the Congress.

Yet we haven’t seen in the headlines about the pending presidential palaver even one mention of the topic that, by our lights, rises above all the others. This is the state of the dollar. ...

This topic happens to be getting hotter by the week. The biggest development of late, in our book, was the decision of the Wall Street Journal to issue the op-ed piece by John Taylor warning that the supposedly stimulative monetary policy that Chairman Bernanke and his colleagues have been running is actually a drag on the recovery. That would be like a fire department discovering that the water with which it is hosing down a blaze is flammable.

So what in the world does the President think of monetary policy? Why has he been so all-fired mum on the subject? ...
More: http://www.nysun.com/editorials/the-...-dollar/88190/
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Old 05-14-2014, 08:34 AM   #30
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The Federal Reserve, for the first time in its 100-year history, is on the verge of operating with just three governors, the New York Times is reporting this morning. It says that the “dwindling of its board” is “straining the Fed’s ability to manage its complex responsibilities.” That’s the good news. The bad news is that it’s not yet clear whether Congress will rise to the occasion and — oh, say — audit the Fed to see what is going on there. This is a crisis that Senator Rand Paul, for one, wants to avoid wasting.

What precipitated the Times story is the pending departure of Governor Stein, who chairs two committees at the Fed. “He is also the only remaining member of those committees,” the Times’ Binyamin Appelbaum notes dryly. He also notes that three nominees to the Fed board are awaiting Senate confirmation but adds that “so are scores of other nominees to other offices.” He quotes Senate Democrats as saying there is a “real chance” that “no vote will be held before Mr. Stein departs at the end of this month.”
...
Enter the junior senator of Kentucky, Dr. Paul. He is warning the majority leader in the upper chamber, Harry Reid, that he will do his best to delay those votes unless the Democrats allow a vote on his Federal Reserve Transparency Act. The measure would redeem the campaign of Senator Paul’s father, Congressman Ron Paul, to audit the Fed. ...
http://www.nysun.com/editorials/the-...ing-fed/88707/
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Old 07-09-2014, 07:55 AM   #31
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... the Federal Reserve Accountability and Transparency Act of 2014.” H.R. 5018 would, as Mr. Taylor describes it in his Web log, require the Fed to adopt a “rules-based policy.” The Fed would make the rules. It would then have to submit them to Congress, and be transparent about whether it is following them. ...

... The measure is all the more significant for the fact that it is part of the wider ferment going in in the 113th Congress over monetary policy. ... Among measures we’re watching:

Centennial Monetary Commission Act, or H.R. 1176, which is being nursed by the chairman of the House-Senate Jooint Economic Committee, Congressman Kevin Brady, to examine monetary policy since the creation, a century ago, of the Federal Reserve;

Sound Dollar Act, or H.R. 1174, another Brady project, which would, among other things, including on the Open Market Committee more presidents of the regional Federal Reserve Banks, get tougher with the International Monetary Fund, and focus monetary policy on price stability;

Free Competition in Currency Act, H.R. 77, which was introduced by a Republican of Georgia, Paul Broun, and would codify Nobel laureate Friedrich Hayek’s idea of the deantionalization of money by ending legal tender status of United States fiat scrip and open the system to privately-issued competing currencies, and end any tax arising from the spending of gold or silver;

Sound Money Promotion Act, S. 768, offered by Senator Mike Lee of Utah, would exempt from taxation any gold and silver coins declared to be legal tender by either the federal government or any state government, extending nationally the most radical monetary measure to be enacted anywhere in recent years, the Utah Sound Money Act, which makes gold and silver coins legal tender in the Beehive State and removes state taxes arising from spending them.

Federal Reserve Transparency Act, or S. 209, offered by Senator Rand Paul, renews the drive to audit the Federal Reserve launched by the senator’s father, Ron Paul, to audit the Federal Reserve. His father’s measure passed the House by an overwhelming bipartisan vote in 2012 and is being offered by Mr. Broun in the lower chamber in the 113th Congress as H.R. 24.
...
http://www.nysun.com/editorials/cong...the-fed/88780/
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Old 07-24-2014, 06:57 AM   #32
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...
Legal tender law takes away your ability to plan for the future. It replaces a hundred million individual decisions whether or not to have tea, with a giant high-pressure fire hose that blasts hot wastewater indiscriminately. No matter whether they open the spigot further, or close it slightly, the scalding deluge of Fed credit is not in any way equivalent to the individual planning, saving, and borrowing that would go on if we had a free market.
http://www.zerohedge.com/news/2014-0...ing-impossible
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Old 02-02-2016, 07:41 AM   #33
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One of the main arguments The Fed and it's agents in D.C. use to undermine support for an audit of the Fed is that it would subject the Fed to political interference - that they are currently apolitical.

Quote :
Moments after the "disestablishment" Ted Cruz (even if Goldman may have a lien or two on said disestablishmentarianism), was announced to be the winner of the Iowa Caucus, a most unexpected commentator appeared among the flood of the otherwise traditional Twitter drivel with what can only be classified as the pinnacle of polarizing political commentary.

What is most surprising is that the source of this commentary was none other than the entity that is, at least in theory, supposed to be the most apolitical organization in the US: the Federal Reserve, and specifically the Fed which spawned current Fed Chairwoman Janet Yellen, the San Fran Fed.

The tweet in question appeared at precisely 10:56pm Eastern, or 7:45pm Pacific, and it was the following:
...

...
More: http://www.zerohedge.com/news/2016-0...ederal-reserve
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Old 06-14-2016, 09:19 AM   #34
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Quote :
...
As it happens, “X” correlates with Nixon shutting down the Bretton Woods gold standard in 1971 and the epic failure to get it fixed and restored in 1973. The drag, after a modest lag, filtered into the working economy. The rest is persistent stagnation for median families.

It was the destruction of the (dilute) gold standard which precipitated the death, or at least long coma, of the American Dream. That, in turn, caused the ensuing degradation “in our moral, social, political and economic values” as America turned Hobbesian.
...
http://thepulse2016.com/ralph-benko/...ard-mobility/#
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Old 06-28-2016, 09:07 AM   #35
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Quote :
Alan Greenspan, the former Chairman of the Federal Reserve ... advocates a return to the gold standard as a way to create financial, economic and monetary stability:
Originally Posted by Greenspan :
“If we went back on the gold standard and we adhered to the actual structure of the gold standard as it existed prior to 1913, we’d be fine. Remember that the period 1870 to 1913 was one of the most aggressive periods economically that we’ve had in the United States, and that was a golden period of the gold standard. I’m known as a gold bug and everyone laughs at me, but why do central banks own gold now?”
http://www.zerohedge.com/news/2016-0...-gold-standard

The ZH bit links to a Bloomberg Surveillance show (embedded video on Bloomberg) that is 36 minutes long. I didn't watch it to see if ZH took Greenspan's comment out of context, but wow. It's been a while since I've caught wind of Greenspan saying anything that assertive about the gold standard. That last question reminds me so much of when Ron Paul questioned Ben Bernanke and asked him the same thing.

Tradition!

edit: original source is actually GoldCore: http://www.goldcore.com/us/gold-blog...gold-standard/

They aren't prone to hyperbole or twisting facts in my experience.

edit #2: GATA says gold standard comments come at 18:25 mark in the video. Comments confirmed.
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Old 06-28-2016, 02:32 PM   #36
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Al has always been a gold bug but once he was put in charge of the fed he had to support the $.

What is heartening is that it gets harder to argue that gold is a useless relic as more wake up to the fact that gold is the place of safety that the hedgies and the likes of Soros chose when things got difficult.

Can only be good for POG going forward (-:
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Old 06-28-2016, 05:43 PM   #37
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Old 06-28-2016, 09:57 PM   #38
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What's up bugs?!?! Been a while since I've been on this site. When I saw this on zerohedge I had a sneaking suspicion there would be mention of it here. As mentioned in the above posts Alan has always been a goldbug but still good to show consistency. I don't think there is any plans to implement this but good to be recognized from a former fed leader and highly respected banker, if there is such a thing. Anyway hope you all are doing well, good to be back from my hiatus.
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Old 06-29-2016, 08:54 AM   #39
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Hey w&y999, glad to see you are still around. This fool on the hill is still watching the world go 'round.
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Old 07-01-2016, 05:04 PM   #40
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hey white n yellow
good to hear from you.

Did you buy gold around the time this little community first got together ?

and are you up, down or about even at this time ?
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if it cant be done with a digger .... it cant be done
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