Kenneth Gerbino Quote

"Historically, the United States has been a hard money country.
Only [since 1913] has the United States operated on a fiat money system.
During this period, paper money has depreciated over 87%.
During the preceding 140 year period, the hard currency
of the United States had actually maintained its value.
Wholesale prices in 1913... were the same as in 1787."

by:	Kenneth Gerbino former chairman of the American Economic Council
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Categories:	Banking, Economics, Fed, Money, IRS, Taxation
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yep  -- Mike, Norwalk
-- Logan, Memphis, TN
Life is pretty good for many these days and we are still, some say, the richest country in the world. So, so what? Seems like an innocuous, meainingless quote.  -- Waffler, Smith, Arkansas      1
It's smoke and mirrors, Waff. We've out consumed production for years. The "wealth" is all Fed created debt. It's a debt which is coming painfully due soon. But as they say, ignorance is bliss. Maybe Keynes was right and we'll all be dead before the debt comes due.  -- Bryan Morton, Stuart, FL      1
Yes Waff,life is pretty good for many these days which has nothing to do with the quote. Mr Gerbino is quoting some statistics that shoud scare any intelligent person.When the value of what we now call money depreciates we all lose, especially older people on fixed incomes. Now Waff, if this is too complicated for you, you can probably find a 5th or 6th grader to explain it ,but look for one not from our public school system, maybe one who has been home schooled.  -- jim k, austin      1
This is a true statement and it makes me wonder where we are going from here.  -- Me Again
-- Tim Blosser, Enola, PA
Waff, Some say you are the richest country in the world? They need to wake up. You are the brokest country in the world. And America should not be broke with all of its innovation, creativity and productivity. Your government and banking system have bled you dry...and then some. I wonder will will rise from the ashes?  -- J Carlton, Calgary      1
I expect that my children will have to pay $50,000 for a car, a million for a house, and $10 for a gallon of water. Of course all these things would have cost about the same in gold or silver as they did 200 years ago (except the car of course). Do the math -- the price we pay for this money system is EVERYTHING we've got -- 90% of our labors are for interest payments to some banker somewhere whether directly or indirectly. Waffler is too well indoctrinated as a retired accountant and has benefited very much from the system -- he will not condemn it nor does he value private property or any personal right except free speech no matter how inane. Every dollar in our pockets is a dollar owed -- if that isn't crazy, I don't know what is. If America is prosperous, that prosperity merely pays the interest on our unpayable debt -- it is the Fed that is prosperous! The Fed holds the entire country and its people as collateral!!!  -- E Archer, NYC      1
I agree that our government is not the richest but there are poorer governments, check out the Italians and Japan. But the people are the richest, just ask Buffet, Gates and Trump. Even with our problems we have it good. What we need is a trasfer of wealth to pay off the national debt. Economic and monetary systems are for the purpose of benefitting people and distributing goods and services. Hard currency gold has no intrinsic value other than its ability to do a better job than fiat currency. I do not know that it has proven its ability to do that anymore than has "confidence" which is the driving force in the American economy.  -- Waffler, Smith, Arkansas
What we need is true freedom and liberty for all with each and every inalienable right protected (eliminating: the fiat thieves, slave masters, taxation without representation, compelled compliance, license, governmental larceny, victimless crimes, etc.) in a hard money country to grow long lasting prosperity.  -- Mike, Norwalk      1
Waffler, I am afraid you are still ignoring the facts -- every so-called 'US dollar' whether in Federal Reserve Notes, bank balances, or checkbook money has been been borrowed into circulation (that is how it is created in the first place) -- there is no way on Earth to pay back our debts without removing every single dollar in circulation, and we would still owe more. Secondly, there is no intrinsic value of Federal Reserve notes and checkbook currency other than speculative value -- it is supposed to represent the GDP of a nation but if we keep adding more bills into the equation without the same gain in GDP, the notes become worth less, and if the volume of currency is reduced (by paying off debts) there are less tokens to use for trade even when there is a good supply and demand. Gold on the other hand absolutely DOES have intrinsic value as does silver, platinum, copper, iron, nickel, oil, etc.. Gold has uses other than for money -- it is a very real commodity and because of its scarcity and the effort required to mine and mint it, it has a high value for its weight and size. Honest trading is done through a medium of exchange that in and of itself has value on its own. But if someone has the power to magically introduce a trillion dollars out of nowhere except a promise to one day return it to the void from which it came, he would and could buy up everything and everyone with nothing but thin air. That is what a fiat currency, legal tender, does and did -- it replaced every gold dollar, and you can bet the Fed didn't just burn up all those gold certificates -- they've still got them, and they still own the gold in Fort Knox (if there even is any). Bad money pushes out the good, and that is the intent, not an accident -- our entire nation including its people and YOU are in debt and the Fed ultimately holds it all (i.e. for every dollar we owe, the Fed already has). Yes, the Federal Reserve is a private corporation, it is not a government entity, it has never been audited, and pays no taxes whatsoever. It is privately owned by private commercial banks like Citigroup, JP Morgan, Kuhn-Loeb, and others -- another reason these banks do not need to be bailed out. I know it is a lot to accept, but that doesn't make it any less true.  -- E Archer, NYC      1
Ken, wake up and smell the coffee, the only thing that is constant is change. How many recessions, depressions did we have in the 150 dream years?  -- sam, Dallas

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