ChatGPT: How much would 372.5 grains of pure silver cost in 2022 dollars?

[Libertas]

How much would 372.5 grains of pure silver cost in 2022 dollars?

 

[ChatGPT]

To determine the cost of 372.5 grains of pure silver in 2022 dollars, we can follow these steps:

1. Find the current market price of silver per troy ounce. As of September 2022, the price of silver is around $22 per troy ounce.

2. Convert the weight from grains to troy ounces. There are approximately 480 grains in a troy ounce. So, 372.5 grains is equal to 372.5 / 480 = 0.776 troy ounces.

3. Calculate the cost of the silver. Multiply the weight in troy ounces by the current price of silver per troy ounce:
0.776 troy ounces * $22 per troy ounce = $17.072

Therefore, 372.5 grains of pure silver would cost around $17.07 in 2022 dollars.

 

[Libertas]

To determine the cost of 372.5 grains of pure silver in 2022 dollars, we can follow these steps:

1. Find the current market price of silver per troy ounce. As of September 2022, the price of silver is around $22 per troy ounce.

2. Convert the weight from grains to troy ounces. There are approximately 480 grains in a troy ounce. So, 372.5 grains is equal to 372.5 / 480 = 0.776 troy ounces.

3. Calculate the cost of the silver. Multiply the weight in troy ounces by the current price of silver per troy ounce:
0.776 troy ounces * $22 per troy ounce = $17.072

Therefore, 372.5 grains of pure silver would cost around $17.07 in 2022 dollars.

What does the constitution say about gold and silver being the only legal tender.

 

[ChatGPT]

What does the constitution say about gold and silver being the only legal tender.

The United States Constitution, specifically in Article I, Section 10, Clause 1, states that "No State shall... make any Thing but gold and silver Coin a Tender in Payment of Debts." This clause prohibits the states from making anything other than gold and silver coin as legal tender for payment of debts.

The Constitution does not explicitly state that only gold and silver can be used as legal tender at the federal level, but historically, gold and silver have been the primary forms of legal tender in the United States. There have been periods in U.S. history when the U.S. dollar was backed by gold or silver, known as the gold standard or silver standard.

While the Constitution addresses the states' ability to make other items legal tender, it does not prevent the federal government from issuing fiat money not backed by physical commodities like gold or silver. The modern U.S. monetary system operates on a fiat currency standard where the U.S. dollar is not backed by a specific commodity but rather by the faith and credit of the government.

 

[Libertas]

The United States Constitution, specifically in Article I, Section 10, Clause 1, states that "No State shall... make any Thing but gold and silver Coin a Tender in Payment of Debts." This clause prohibits the states from making anything other than gold and silver coin as legal tender for payment of debts.

The Constitution does not explicitly state that only gold and silver can be used as legal tender at the federal level, but historically, gold and silver have been the primary forms of legal tender in the United States. There have been periods in U.S. history when the U.S. dollar was backed by gold or silver, known as the gold standard or silver standard.

While the Constitution addresses the states' ability to make other items legal tender, it does not prevent the federal government from issuing fiat money not backed by physical commodities like gold or silver. The modern U.S. monetary system operates on a fiat currency standard where the U.S. dollar is not backed by a specific commodity but rather by the faith and credit of the government.

So the Federal Government is immune from the law?

 

[ChatGPT]

So the Federal Government is immune from the law?

The interpretation of the U.S. Constitution and its clauses can sometimes be complex and subject to various legal and historical perspectives. In the case of the clause regarding gold and silver as legal tender, it is important to note that the specific provision in Article I, Section 10 applies to the states rather than the federal government.

While the Constitution restricts the states from making anything but gold and silver coin a legal tender, it does not impose the same restriction on the federal government. This has allowed the federal government to have more flexibility in its monetary policies, including the issuance of fiat currency that is not backed by gold or silver.

In practice, the U.S. government, through legislation and the authority granted by the Constitution, has established the U.S. dollar as the official currency and legal tender of the country. The U.S. dollar is a fiat currency, meaning its value is not backed by a physical commodity but rather by the stability of the government and the economy.

So, while the states are restricted in their ability to declare legal tender other than gold and silver, the federal government operates under a different framework that allows for the issuance of fiat currency.

 

[Libertas]

The interpretation of the U.S. Constitution and its clauses can sometimes be complex and subject to various legal and historical perspectives. In the case of the clause regarding gold and silver as legal tender, it is important to note that the specific provision in Article I, Section 10 applies to the states rather than the federal government.

While the Constitution restricts the states from making anything but gold and silver coin a legal tender, it does not impose the same restriction on the federal government. This has allowed the federal government to have more flexibility in its monetary policies, including the issuance of fiat currency that is not backed by gold or silver.

In practice, the U.S. government, through legislation and the authority granted by the Constitution, has established the U.S. dollar as the official currency and legal tender of the country. The U.S. dollar is a fiat currency, meaning its value is not backed by a physical commodity but rather by the stability of the government and the economy.

So, while the states are restricted in their ability to declare legal tender other than gold and silver, the federal government operates under a different framework that allows for the issuance of fiat currency.

So the US dollar is backed by debt and stability. What are the BRICS nations backing their currency with?

 

[Libertas]

The United States Constitution, specifically in Article I, Section 10, Clause 1, states that "No State shall... make any Thing but gold and silver Coin a Tender in Payment of Debts." This clause prohibits the states from making anything other than gold and silver coin as legal tender for payment of debts.

The Constitution does not explicitly state that only gold and silver can be used as legal tender at the federal level, but historically, gold and silver have been the primary forms of legal tender in the United States. There have been periods in U.S. history when the U.S. dollar was backed by gold or silver, known as the gold standard or silver standard.

While the Constitution addresses the states' ability to make other items legal tender, it does not prevent the federal government from issuing fiat money not backed by physical commodities like gold or silver. The modern U.S. monetary system operates on a fiat currency standard where the U.S. dollar is not backed by a specific commodity but rather by the faith and credit of the government.

The interpretation of the U.S. Constitution and its clauses can sometimes be complex and subject to various legal and historical perspectives. In the case of the clause regarding gold and silver as legal tender, it is important to note that the specific provision in Article I, Section 10 applies to the states rather than the federal government.

While the Constitution restricts the states from making anything but gold and silver coin a legal tender, it does not impose the same restriction on the federal government. This has allowed the federal government to have more flexibility in its monetary policies, including the issuance of fiat currency that is not backed by gold or silver.

In practice, the U.S. government, through legislation and the authority granted by the Constitution, has established the U.S. dollar as the official currency and legal tender of the country. The U.S. dollar is a fiat currency, meaning its value is not backed by a physical commodity but rather by the stability of the government and the economy.

So, while the states are restricted in their ability to declare legal tender other than gold and silver, the federal government operates under a different framework that allows for the issuance of fiat currency.

You appear to be glitching. What does US stability mean?
So the US dollar is backed by debt and stability. What are the BRICS nations backing their currency with?

 

[pmbug]

The data feedling ChatGPT is only current through 2022. I don't think it has any information on a potential BRICS currency which does not exist yet. There was chatter some month ago about the BRICS employing gold, but the very latest chatter does not mention gold at all. The latest news seems to indicate they want to build a CBDC:

Tin Foil Hats, Economic Reality and the Total Perspective Vortex

That sounds like the war on crypto India edition. I wonder if Paytm was even chartered as a bank or subject to the RBI's banking regulations.

www.pmbug.com

 

[Libertas]

The data feedling ChatGPT is only current through 2022. I don't think it has any information on a potential BRICS currency which does not exist yet. There was chatter some month ago about the BRICS employing gold, but the very latest chatter does not mention gold at all. The latest news seems to indicate they want to build a CBDC:

Tin Foil Hats, Economic Reality and the Total Perspective Vortex

That sounds like the war on crypto India edition. I wonder if Paytm was even chartered as a bank or subject to the RBI's banking regulations.

www.pmbug.com

It appears to be glitching. It will answer questions in a new thread. It appears to have some knowledge of BRICS

 

[pmbug]

It appears to be glitching. It will answer questions in a new thread. It appears to have some knowledge of BRICS

See also:

https://www.pmbug.com/threads/us-stability.7187/post-95063