Britannica: The Gold Standard
Proposed New One World Currency
Don't Worry About This $94,000-per-Citizen Tax Yet
By Briton Hill, analyst, Chaikin Analytics
|The U.S. government can't borrow any more money...
Not yet, at least.
You see, as a country, we've hit our $31.4 trillion "debt ceiling." That's the most money the U.S. can owe at any time. And it works out to roughly $94,000 per citizen today.
The U.S. could default on its debt as soon as this summer if Congress can't come to terms on what to do next. That could destroy the economy...
The government wouldn't be able to pay federal employees, contractors, and suppliers. And it couldn't make any payments on existing debt – including interest on the U.S. Treasury bonds in the world today.
But here's why I wouldn't worry just yet...
|As scary as all this debt-ceiling stuff sounds, we've been here before...
I'm sure you've seen or heard about the debt ceiling in the news in recent years. But I'm not sure you realize how much total U.S. debt has surged. Take a look...
|It's a seemingly never-ending trend. It has gone "up and to the right" for many decades.
As debt surges higher, the U.S. government can choose one of three options...
1. Cut spending
2. Increase economic efficiency and output
3. Raise the debt ceiling and borrow more money
The first option is a political nonstarter – especially as we near the next election cycle. And the second option is big, complicated, and would take years (perhaps even decades).
Considering that, I don't need to tell you which option the government always picks...
Every time we've been in this position before, Congress has raised the debt ceiling.
In fact, between 2001 and 2016 alone, the government raised the debt ceiling 14 times. That's almost once per year.
It's nothing more than "kicking the can down the road."
At the end of the day, simply making it the next guy's problem isn't a real solution. We need to cut spending and improve economic output to reduce our massive national-debt burden.
But that's easier said than done. And it's especially hard to do when the decision-makers in Washington, D.C. can simply sign their names and approve trillions more in new spending.
So in the end... we should expect another debt-ceiling increase this time.
That means it's "business as usual" for the U.S. government and the economy.
After all, the alternative is a true default. That would devastate the U.S. economy – and likely spread throughout much of the world.
Instead, the U.S. government will continue to finance its operations the same way it has for decades. It will keep borrowing more from its citizens and other countries.
You'll likely see a lot of news about the debt ceiling in the coming days. But for investors like us, the main idea is clear...
Our elected leaders likely won't do anything other than what they always do.
They'll kick the debt can down the road once again.
HISTORICAL GOLD PRICES - 1833 to Present
The price of gold remained remarkably stable for long periods of time.
For example, Sir Isaac Newton, as master of the U.K. Mint,
set the gold price at L3.17s. 10d. per troy ounce in 1717,
and it remained effectively the same for two hundred years until 1914.
The only exception was during the Napoleonic wars from 1797 to 1821.
The official U.S. Government gold price has changed only four times from
1792 to the present. Starting at $19.75 per troy ounce, raised to $20.67 in 1834, and $35 in 1934.
In 1972, the price was raised to $38 and then to $42.22 in 1973.
A two-tiered pricing system was created in 1968,
and the market price for gold has been free to fluctuate since then.
Most of our website visitors are from the USA and for that reason, we will begin with a chart covering the US dollar price of gold since the founding of the United States of America (USA). In our nation’s historically brief +240 year history, the price of gold has swung from as low as $20.67 oz to a high close to $2000 oz in the late summer of 2011.
Below we will examine the significant historical dates and charts for US dollar gold prices. We will begin with a roughly 700-year gold price chart that uses UK gold price data converted into US dollar gold prices going back in time, even before gold-hungry Christopher Columbus and other new world explorers arrived in the Americas.
Indeed 2020s China Gold Demand and Russian Gold Demand are now at historic levels as they are respectively working and even coordinating to de-dollarize their 21st Century economies further.
Up next is a historical gold price chart that covers the entire history of US dollar gold prices from the year 1776 to 2019. For the majority of non-war US history, the price of gold was steady at $20.67 per oz USD.
The first significant ramp in the US dollar gold price followed right after the end of the US Civil War. Primarily driven by the issuance of fully fiat Greenback currency bills, the then record US dollar gold price hit as high as $160 oz USD in the year 1869.
Following the 1933 gold nationalization also known as the US gold confiscation, the US dollar was devalued against gold by almost 70% to an eventually fixed price of $35 oz USD. The portion of US citizens who followed Executive Order 6102, saw their purchasing power lose substantially to gold in 1934. It was not until the year 1975 with gold that US citizens were again allowed to own more than 3 oz of private gold bullion a piece (the law was for four decades that no more than $100 US dollars in private gold ownership were allowed by US citizens, 1934 through 1974).
The word shekel came into the English language via the Hebrew Bible,
where it is first used in the Book of Genesis.
What is shekel in the Bible? shekel ˈshek-əl.
: an ancient unit of weight or value. especially
: a Hebrew unit equal to about 252 grains troy (about 16.3 grams)
: a coin weighing one shekel. 5 days ago
I’ve frequently pointed out that the hand of God is the only reason why the economy holds together.
Since 2008, we’ve had around a dozen events that could cause a 1929-style crash,
so it’s a divine miracle that we’ve survived each crisis.
The people running the show become more corrupt with...
The Beast from the Sea (Revelation 13)
13:1 Then [a] I stood on the sand of the sea. And I saw a beast rising up out of the sea, having [b ]seven heads and ten horns, and on his horns ten crowns, and on his heads a blasphemous name. 2 Now the beast which I saw was like e a leopard, his feet were like the feet of a bear, and his mouth like the mouth of a lion. The dragon gave him his power, his throne, and great authority. 3 And I saw one of his heads as if it had been mortally wounded, and his deadly wound was healed. And all the world marveled and followed the beast. 4 So they worshiped the dragon who gave authority to the beast; and they worshiped the beast, saying, “Who is like the beast? Who is able to make war with him?”
5 And he was given a mouth speaking great things and blasphemies, and he was given authority to [c] continue for forty-two months. 6 Then he opened his mouth in blasphemy against God, to blaspheme His name, His tabernacle, and those who dwell in heaven. 7 It was granted to him to make war with the saints and to overcome them. And authority was given him over every [d]tribe, tongue, and nation. 8 All who dwell on the earth will worship him, whose names have not been written in the Book of Life of the Lamb slain from the foundation of the world.
9 If anyone has an ear, let him hear. 10 He who leads into captivity shall go into captivity; he who kills with the sword must be killed with the sword. Here is the [e]patience and the faith of the saints.
The Beast from the Earth
11 Then I saw another beast coming up out of the earth, and he had two horns like a lamb and spoke like a dragon. 12 And he exercises all the authority of the first beast in his presence, and causes the earth and those who dwell in it to worship the first beast, whose deadly wound was healed. 13 He performs great signs, so that he even makes fire come down from heaven on the earth in the sight of men. 14 And he deceives [f] those who dwell on the earth by those signs which he was granted to do in the sight of the beast, telling those who dwell on the earth to make an image to the beast who was wounded by the sword and lived. 15 He was granted power to give breath to the image of the beast, that the image of the beast should both speak and cause as many as would not worship the image of the beast to be killed. 16 He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, 17 and that no one may buy or sell except one who has [g]the mark or the name of the beast, or the number of his name.
18 Here is wisdom. Let him who has understanding calculate the number of the beast, for it is the number of a man: His number is666.
by Ray Stedman
Jesus our Jubilee
What is Money For?
Guidelines on Giving
On Dying Wealthy
The Treasures of the Temple of Solomon
Gold: Notes for the Ordinary Person
Stewards of the Mysteries of God
The Christian and his Possessions (5 messages)
What is Money For?
Get Smart with Money
The Cost of Riches
The Godly Use of Assets, Time and Money, by Paul Winslow
Tithing, by Paul Winslow
God or Mammon
Guidelines for Giving
Prodigality Without Pressure
What Does the Bible Say About Money? (Olive Tree Blog)
The Temple Cleansings
Redeeming Money by Paul Tripp, Crossway, Wheaton, 2018
Scott Talbot of Dallas Theological Seminary speaks about a New Paradigm concerning money. Added 11/3/2020.
Notes by Lambert Dolphin
Old Library (1995)
New Articles: Library Annex (since 2018)
Lambert Dolphin's Place
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January 22, 2023. March 30, 2023. April 16, 2023.