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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

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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.

Nassim Taleb: The Next Black Swan

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Posted on March 13, 2012

In case you missed Nassim Taleb’s interview on CNBC this morning.

He endorsed Ron Paul and is a bit cryptic in his four points, one of which,  that a sovereign debt crisis is coming to the United States.   Rather than doing the necessary “root canal” to deal with the economy’s structural problems,  the government is giving Novocain in the form of large budget deficits,

You have to start with government budget that is in control.  You start with that.   It’s unconditional.  You don’t gamble with future generations’ money and you don’t gamble with hyperinflation.  You want the government first, like we’re doing with the Greeks. We’re doing it to the Greeks.  We should do it to ourselves.  You start with that.  That’s 90% of the problem.

Click here for full interview.

or (copy and paste) link below.

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Definition of ‘Black Swan’
An event or occurrence that deviates beyond what is normally expected of a situation and that would be extremely difficult to predict. This term was popularized by Nassim Nicholas Taleb, a finance professor and former Wall Street trader.

Six House Dems Would Confiscate Oil Company Profits

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Posted on January 21, 2012

Six House Democrats, led by Rep. Dennis Kucinich (D’OH), have filed a bill aimed at controlling gasoline prices. Styled the “Gas Price Spike Act”, H.R. 3784 would establish a “Reasonable Profits Board” which would have the power to confiscate 100% of oil company profits above a level that they deem to be “reasonable”.

I know: “You had me at ‘Kucinich’.”

Kucinich is either a naive fool, a craven panderer to his electorate, or a throwback to Soviet-style central planning. That he could find five other elected nitwits (Reps. Woolsey, Langevin, Conyers, Fudge and Filyers) to put their names on such an anti-capitalist, unconstitutional fantasy is an indication that the Far Left Wing of the Democratic Party has left the ranch.

Consider, too, what it says about “Republican” presidential candidate Rep. Ron Paul (R-TX), who recently declared that he would consider Kucinich for a cabinet post in a Paul Administration.

Paul said his libertarian political philosophy helps him connect with some on the far left — including Kucinich, who shares Paul’s general anti-war stance.

Paul joked that if he brought the Ohio congressman aboard in his administration, he might have to create a “Department of Peace.”

“You’ve got to give credit to people who think,” he said.

The Gas Price Spike Act, H.R. 3784, would apply a windfall tax on the sale of oil and [natural] gas that ranges from 50 percent to 100 percent on all surplus earnings exceeding “a reasonable profit.” It would set up a Reasonable Profits Board made up of three presidential nominees that will serve three-year terms. Unlike other bills setting up advisory boards, the Reasonable Profits Board would not be made up of any nominees from Congress.

The bill would also seem to exclude industry representatives from the board, as it says members “shall have no financial interests in any of the businesses for which reasonable profits are determined by the Board.”

Oil companies would only be able to make less than a reasonable profit without penalty. Anything over 105% of reasonable would be taxed at 100%. Proceeds of the confiscation would be dedicated to tax credits for high-milage vehicle purchase and mass transit subsidies for the poor.

Peeling back the layers of stupidity in H.R. 3784 would be akin to peeling an artichoke. In the interest of time, I will cut to my central point.

Implicit in the very suggestion that a Windfall Profit Tax is called for is the notion that somehow the oil companies are able to manipulate the price of oil, and hence, gasoline.

Gasoline prices are at historically high prices. Despite the spike above $4.00 per gallon in 2008, you actually paid 10% more at the pump in 2011.

When we refer to the industry as “oil and gas”, we mean “oil and natural gas”, not oil and gasoline. All oil companies make a substantial fraction of their revenue — many more than half — from natural gas.

The price of natural gas has plunged to 10 year lows recently as a result of warm winter temperatures, slack industrial demand and burgeoning supplies.

Natural gas prices have fallen to levels that make it difficult to justify drilling for more. Many of the new supplies of gas that come on will be incidental to the successful search for oil.

I challenge anyone who believes that oil companies control the price of oil and gasoline to explain how they do it, and why they seemingly have no control of natural gas.

Cross-posted at RedState.com.

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