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A Complete History Of The $20 Bill

by Rob Wile

There’s been a lot of debate recently about the value of U.S. currency, with the GOP now including an exploratory gold standard committee in its platform.

But it’s only the latest such argument in a debate that’s rated almost since the nation was first settled.

The San Francisco Federal Reserve and Doug Mudd, the curator of The American Numismatic Association’s  Money Museum, have helped guide us through the history of the $20 bill, from the colonial era to the present.

We were able to find $20 notes from every era of the country’s banking history, from the colonial era to the present Federal Reserve system. We also included Confederate bills and notes issued by obscure local banks. We discuss what prompted the new bill to be issued — and whose portrait is on the cover.

Click Here:  History of the $20 Dollar Bill

Source  A Complete History Of The $20 Bill – Business Insider.

Republicans Eye Return to Gold Standard

Published: Friday, 24 Aug 2012 | 6:39 AM ET
By: Robin Harding and Anna Fifield, Financial Times

The gold standard has returned to mainstream U.S. politics for the first time in 30 years, with a “gold commission” set to become part of official Republican party policy.

Drafts of the party platform, which it will adopt at a convention in Tampa Bay, Florida, next week, call for an audit of Federal Reserve monetary policy and a commission to look at restoring the link between the dollar and gold.

The move shows how five years of easy monetary policy — and the efforts of congressman Ron Paul — have made the once-fringe idea of returning to gold-as-money a legitimate part of Republican debate.

Marsha Blackburn, a Republican congresswoman from Tennessee and co-chair of the platform committee, said the issues were not adopted merely to placate Paul and the delegates that he picked up during his campaign for the party’s nomination.

“These were adopted because they are things that Republicans agree on,” Blackburn told the Financial Times. “The House recently passed a bill on this, and this is something that we think needs to be done.”

The proposal is reminiscent of the Gold Commission created by former president Ronald Reagan in 1981, 10 years after Richard Nixon broke the link between gold and the dollar during the 1971 oil crisis. That commission ultimately supported the status quo.

“There is a growing recognition within the Republican party and in America more generally that we’re not going to be able to print our way to prosperity,” said Sean Fieler, chairman of the American Principles Project, a conservative group that has pushed for a return to the gold standard.

A commission would have no power except to make recommendations, but Fieler said it would provide a chance to educate politicians and the public about the merits of a return to gold. “We’re not going to go from a standing start to the gold standard,” he said.

The Republican platform in 1980 referred to “restoration of a dependable monetary standard,” while the 1984 platform said that “the gold standard may be a useful mechanism”. More recent platforms did not mention it.

Any commission on a return to the gold standard would have to address a host of theoretical, empirical and practical issues.

Inflation has remained under control in recent years, despite claims that expansion of the Fed’s balance sheet would lead to runaway price rises, while gold has been highly volatile. The price of the metal is up by more than 500 per cent in dollar terms over the past decade.

A return to a fixed money supply would also remove the central bank’s ability to offset demand shocks by varying interest rates. That could mean a more volatile economy and higher average unemployment over time.

Copyright 2011 The Financial Times Limited

Source

Paul Philosophy Gains Steam with GOP Establishment

Libertarian ideas of smaller government, cutting domestic spending and a balanced budget not only run in the Paul family, but are starting to take a hold with mainstream Republicans as well.

Just ten years ago, the budget and domestic spending would not have been as high of a priority to many within the party other than Senator Rand Paul’s (R-Ky) father, Senator Ron Paul (R-Texas).

When the younger Paul proposed his latest take on the FY 2013 United States Budget, it was seen as the “most radical” of today’s four proposed Republican budgets by many on the left. But it was also seen as a refreshing change by many on the right.

Most surprising about the Paul Budget is not that it made it to a vote at all, but that 17 of the Senate’s 47 Republicans voted for a budget that was supposedly too radical.

Today’s vote got a ‘yea’ from Senator Jim DeMint (R-SC), Senator Orrin Hatch (R-Utah), Senator Mitch McConnell (R-KY) and Senator John Thune (R-SD) just to name a few.

The Paul budget most notably called for the elimination of the Departments of Education, Energy, Commerce and Housing and Urban Development (HUD), which is seen as a large step by mainstream conservatives in getting the nation’s finances back on track.

According to the American Spectator, the Paul budget will also reduce federal spending by $11 trillion relative to President Obama’s budget, reduces discretionary spending to 2008 levels, and reduces foreign aid at $5 billion per year.

Theoretically, the Paul budget will not only balance the federal deficit in five years, but it would actually achieve a $111 billion surplus by 2017. If that wasn’t juicy enough for most conservatives, the Paul Budget would also repeal Obamacare, Dodd-Frank and the Davis-Bacon prevailing wage requirements.

Super committee defense spending sequesters would also be ended, and the Federal government would also be required to end ownership of any failed private sector companies and stop bailing corporations out.

Despite the spending cuts that will be seen as ‘hefty’ by those on the left, the Paul budget sets out to prove that many items can be cut without touching entitlements.  A separate bill addressing Medicare has yet to be drafted.

None of the senators were available for comment.

Source:  Paul Philosophy Gains Steam with GOP Establishment.

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