Radio Contra Episode 210. Precious Metals, Goldbacks, Voluntary Currencies and CBDC with Jeremy Cordon
Episode 210. I’m joined by Jeremy Cordon, President of Goldback, Inc to talk voluntary local currencies, precious metals as currency in local transactions, his solutions, the future of Goldbacks as they expand, CBDC and the death of freedoms, and much more.
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About the Author: NC Scout
NC Scout is the nom de guerre of a former Infantry Scout and Sergeant in one of the Army’s best Reconnaissance Units. He has combat tours in both Iraq and Afghanistan. He teaches a series of courses focusing on small unit skills rarely if ever taught anywhere else in the prepping and survival field, including his RTO Course which focuses on small unit communications. In his free time he is an avid hunter, bushcrafter, writer, long range shooter, prepper, amateur radio operator and Libertarian activist. He can be contacted at [email protected] or via his blog at brushbeater.wordpress.com .
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GUNS N GEAR
I’m certainly not going to say that things like goldbacks and precious metals aren’t / can’t part of the solution, but we actually do already have a currency in place. It is the current coin, which is based on a copper nickel standard. Copper has been used as money for at least as long as silver or gold. It cost nothing to hoard. There is no downside. It is completely legal and lawful, and meets all the criteria of good money.
Things that make good currency are durability, portability, divisibility, uniformity, limited supply, and acceptability.
And in case of shtf it can be supplemented with more copper coin production..
Also one of the old patriot tropes is that the US $ is backed by nothing is not true. It is backed by current coin.
The fact is is that the current coin is the largest voluntary currency in use.
You know how we can avoided using cash? Use the current coin.
One last thing about the gold backs is that they do lack one of the fundamental things that make good currency, and that is durability.
The argument he makes about other metals is just as relevant to the goldbacks, though I don’t fault him in trying to sell his product.
“Gold is so malleable that a single ounce of it (about the size of a quarter) can be beaten into a thin continuous sheet measuring roughly 100 square feet. That means it would take 576 ounces (or just 36 pounds) of gold to completely cover a football field, or a whopping 367,211 ounces (or about 11 tons) of gold to completely blanket all of Central Park.”
How much more so when the thickness is at the atomic level?
Edit to my post- the copper and nickel in currently minted US coins is worth so little that the melt value is far less than the face value of the coin, with the only exceptions I am aware of being the nickel, and pre-1982 pennies. The current melt value for a Post-1964 US Quarter, for example, is approximately six cents.
Also, there is only enough coinage and cash, combined, to account for a very small percentage of all US “money” that exists, so a lot of the US dollar supply truly is backed by nothing.
Please read this:
https://alansfactoryoutlet.com/the-metal-composition-of-american-coins-since-1783/
“Also one of the old patriot tropes is that the US $ is backed by nothing is not true. It is backed by current coin.”
Wrong. The coin is for fractional transactions. The basis for the USD is backed by the fact it is the world reserve currency for the oil trade.
Is it redeemable in the current coin? Yes it is. Even by your own assertion IT is backed by something. I would argue though more than that it is backed at the very least by the the whole of the US including the people and its posterity.
Dude, just stop. You’re making a fool of yourself.
I always appreciate your reasoned responses. You are quite consistent.
You should make your own website.
The world is no doubt dying to hear your opinions.
Me, not so much.
Hi, very new to the goldback principle, so this may be a really stupid question…. Can you reverse the production process on a goldback to extract the gold again? E.g., if US gov were to outlaw them (like with Liberty Dollars), could a person owning goldbacks “melt” or otherwise extract the gold to be able to reuse in another format? And…if so, how much might that cost?
Yes.
In fact, the nickel is made up of 75% copper and 25% nickel. Except for the war years, they have been the same content since first produced. The dime, quarter and half are made up of a 8.33% Ni and the
balance Cu and have been such, except for the half which had a short 40% silver run after 1964, the same content since post 1964.
Doesn’t matter how much metal is in them, what they are worth is what somebody will exchange them for, just like any other real hard currency. The fact it is a working in place currency is what is important (unless you would rather spend your much more limited hard to replace gold, silver, etc. on daily needs. That has always been what the lesser metals have been used for. Also something to keep in mind, is historically ALL metals have been considered valuable. People use to burn houses down just to collect the nails). Have people been willing to exchange current coin since 1964? Certainly they have, so why should that change? It is certainly of more value than a paper IOU or electrons on account.
And certainly, there is more paper then coin, but that doesn’t change the fact the coin is what backs the paper. And as such that is one reason why there is inflation. Though I would also point out that the real cash internally might not not be all that far out of line with the hard currency, especially these days when cash is used less.
All the electronic $ is really not an apt consideration, and even more so what cash and electronic cash is outside the country. Those are all really somewhat separate economies (as I and others have been pointing out for sometime).
Good vid for those who haven’t seen it on some of the problems we had with shortages of species in the early days of America.
The History of Money in America.
https://www.youtube.com/watch?v=I5INCV7AQTI&ab_channel=Townsends
Found out about Goldbacks two years at a pawn shop in central Washington. Went shopping for some .45 ACP and left with our first GB as a bonus.