The Real World of Money
Fred Dashevsky is from Long Island New York. He attended University of New York at Albany and studied psychology, political science, and economics. Fred started in the coin business in 1984 in Northern New Jersey opening several offices in Southern California in the mid 80s. He returned to the east coast in 1989 and opened Hilton head office for SDL Inc. in 1991 with partner Andrew Gause. He has since opened his own business, U.S. Coin Capitol. Give him a call for your numismatic gold investments 800.878.2646
Kudos to US founders for crafting a document, the Constitution, that has endured over 246 years so far.
Constitution has mechanisms that allow it to be changed.
Second Amendment included to prevent government becoming tyrannical.
Article 1 Section 10 gave government the right to make and collect money. Founding fathers wanted to prevent the bankers from getting control over the monetary system.
Up to 1933, dollar still had gold backing and the right to redeem dollars for gold.
In 1933, govt removed right of people to redeem dollars for gold. Federal Reserve had printed more paper dollars than they had gold to back it. They had stripped the gold reserves.
By 1920s, no money was circulating because paper dollars were destroyed by the Treasury when they were redeemed for gold.
Absence of cash caused massive depression.
In 1933, after dollars were not redeemable for gold, the govt started printing them as the way out of the depression.
Sen. Louis McFadden and others protested institution of Federal Reserve Act. He was killed.
Changing its monetary system was the most significant change in US history.
Govt. made ownership of gold illegal. Public asked to bring in their gold.
People with wealth prevented confiscation by shipping their physical gold coins to Europe.
Up to 1971, govt. still claimed currency was backed by gold, but gold reserves had markedly dwindled. So Nixon overthrew gold standard.
European bankers upset that dollar no longer backed by gold and flooded America with paper dollars. Caused greatest inflation in US history.
Caller Sean asks if anything will change from this country and states being a corporation and corporations owning America. The illusion of choice by voting.
Will there be a monetary jubilee? Treasury can do it if Congress throws out the Federal Reserve. Fat chance of that happening.
US has printed 40% more money in the last 2 years than was ever printed before.
Very difficult to go off the US financial grid.
Patrick’s award-winning screenplay about the President taking over the Fed Reserve.
Andrew Jackson shut down second central bank and the economy flourished until the Civil War started.
US Coin Capitol offering 2 specials. 1) Gold Special: One 1907-1932 mint state sealed $20 gold coin and 2 Indian Head gold coins. $5850 for the 3 coins.
2) Silver Special: 1000 circulated dimes minted before 1964 and 10 MS65 Morgan silver dollars. $4850 for the package.
Current drop in gold and silver prices is a buying opportunity. European money is in worse situation and it’s pouring into the US, strengthening the US dollar.
All major countries have a central monetary system and they’re all trying to print unbacked money to ease their financial woes.
Every half point increase in interest rates is 146 billion dollars of more debt.
We’re headed for a deep recession. Stock market has grown for 2 years on zero interest money. Very volatile.
The public bears the burden of inflation. Conflicting measures to fight inflation vs. stagflation. Fed needs to sustain consumer confidence.
Listener asked: What happened last year on Reddit Raiders run on silver?
Listener asked: Does Fred change his prices in tandem with spot prices? Yes, but the more scarcity affects the value of a coin, the less effect on Fred’s price.
Russia’s revenues are increasing, but unable to pay their debts because they can’t get payments through the system.
The G7 announced they will cap the price of Russian oil at $40/barrel. A country paying more may be subject to sanctions.
Foreign countries may be reluctant to hold rubles because of uncertainty over change in its value.
Will the Euro survive?
All of these problems are happening globally because there is no sound money anywhere.
Have physical possession of your own money. Own a physical numismatic coin and have it in your possession.
Freedom comes with responsibility.