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 Once the currencies are exchanged, it is still just good ole USD

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Ponee
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PostSubject: Once the currencies are exchanged, it is still just good ole USD   Mon May 05, 2014 5:59 pm






Golferiam: Personal thought: DC raised a very interesting and valid point today about co-mingling funds. Basically he said that term was generally used for treating monies generated by/for different entities…persons, corporations, trusts, etc….not necessarily individuals moving money between their own accounts.

The argument for not co-mingling exchanged funds has been the exchanged funds will be tracked and/or taxed differently. So be it..but remember, the system already exists that handles different kinds of income (dividends, interest, capital gains, regular income, etc), all of which are taxed differently, which are co-mingled…and that has not been a problem.

Once the currencies are exchanged, it is still just good ole USD just like any other funds you may have. As for being tracked…your money is already tracked. With your account statement, they know exactly how much of your money is spent on what and with whom.

One dollar is no different than the other so all they need and want to know is how much of your USD derived from the exchange of IQN was used.

Do they really expect us to hold each of the proceeds from each currency in separate accounts and spend independently from those accounts for all the hundreds and thousands of different “stuff” we will spend it on?

Not even our government is that stupid to try doing that…it would work and it does not good. So, will I put my IQN USD in one account and my VNN USD in another…yes, I will because it is easy to do and Tony said to do it.

But, you can bet your bottom dime I will immediately start spending that money or sending it to my brokers and not give a care about what is mixed with what.

BTW…I know some of you will yell about the FRN vs the UsTN….blah, blah, blah. I really don’t believe we will soon see a different piece of paper distinguishing one from another. Yes, over the long term the notes may have US Treasuary Note and not the Federal Reserve Note label but it will be no different from the time we did away with the Silver Certificate notes…it will simply change and we will care less.
What will matter is the accounting at the national and international levels…the currencies will most likely be resource backed in order for us to get away from fiat currencies and those printing presses continuously printing worthless notes we currently have.

Unlike the Silver Certificates (we could actually get a quantity of pure silver), we will not be able to go to a National Bank and claim our pint of oil or ounce of gold or gram of uranium…It will simply (?) be an accounting measure.
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PostSubject: Re: Once the currencies are exchanged, it is still just good ole USD   Mon May 05, 2014 6:12 pm

Not gonna see resource backed currencies, not now, not ever. The gold standard worked only because the governments set a fixed value for gold & silver. Sorry, but that's the way it is. The system collapsed when the commercial value of gold and silver rose faster and higher than the system cold adjust. Face it when gold is held at $32.00 an ounce and it has a commercial value almost 3 times that, you have problems.

As far as separate accounts, if Tony said it, that's good enough for me --- not to do it.

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PostSubject: Re: Once the currencies are exchanged, it is still just good ole USD   Mon May 05, 2014 7:13 pm

This separate account thing is and has always been, total nonsense.  The government does not need that to know what to tax you, they go by what you got at time of exchange, they don't care where you parked it.  And Kevin is correct, there will be no asset backed currency.
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