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I FOUND AN AMERO IN MY POCKET
By Dan Nelson
The Federal Reserve Act of 1913 is written as follows;
�AN ACT: To provide for the establishment of Federal Reserve banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes.�
I would like to focus on the phrase, �to furnish an elastic currency.� If you take a rubber band and slowly stretch it to the point where it�s about to break and then let it go, it will spring back to its original shape. When America began using our current form of currency (penny, nickel, dime, quarter, and dollar) the penny was like the un-stretched rubber band. In the beginning the penny had value, although it was the minimum value of American currency you could still put a few of them together and purchase gas, food, etc.
Over time inflation has stretched the value of that penny to the point where today it is not only worth less, but it actually costs more than 1 cent to make a new penny. In the last few years that stretched rubber band has been released and the dollar has become the new value of that un-stretched rubber band. The dollar is now America�s minimum value of currency. You and I may not remember what it was like to pay 5 cents a gallon for gas, but by the end of this summer we will find out what it feels like to pay 5 dollars a gallon.
How does this idea of the dollar being America�s minimum value of currency manifest itself into the Amero? By the issuance of the $1 Presidential Gold Coins. �The program began on January 1, 2007, and is similar to the State Quarter program in that it will not end until every eligible subject is honored. The program will issue coins featuring each of four Presidents per year on the obverse, issuing one for three months before moving on to the next President in chronological order by term in office. The U.S. Mint calls it the Presidential $1 Coin Program.� According to the U.S. Mint the preliminary production number of the Washington $1 Gold coins to be issued will be 340,360,000.
If we take that figure and multiply it by four presidents per year until we reach our 38th President Gerald Ford (because they are only issuing coins for Presidents who have passed away) the total number of $1 Gold Coins to be issued by the middle of 2016 will be $12,253,640,720. But that�s not all, also beginning this year they will issue First Spouse $10 Gold Coins, and a $50 bullion coin reproducing the 1913 Buffalo Nickel!!! Just think what it will be like to have ten coins in your pocket with a value equaling $100!!! This will totally change the way Americans perceive the value of the dollar.
Now we have to look at the coins themselves to see how they can be integrated with coinage from Canada and Mexico. �Under the proposed plan, bank notes and coins of the currency (tentatively called the �amero�) will have �amero� symbols on one side and national emblems on the other to preserve important symbols of national identity.� What many Americans don�t know is that the dollar sign $ is used for both the Dollar and the Peso. That is significant for the following reason, the old American currencies spelled out the value of the coin, (penny - ONE CENT, nickel � FIVE CENTS, dime � ONE DIME, quarter- QUARTER DOLLAR, silver dollar � ONE DOLLAR).
The new gold coins do not say the word dollar on them anywhere, they only have $1. They also have national symbols, George Washington and the Statue of Liberty. We now have to be on the lookout for Mexican or Canadian $1 gold coins featuring symbols from those nations.
But not to worry, we�ll be a cashless society soon.
"Hope of the Wicked," Ted Flynn, A15
� 2007 - Bryan Malatesta - All Rights Reserved
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Dan Nelson spent four years in the Marine Corp and is currently working at a credit union.
E-mail: [email protected]
How does this idea of the dollar being America�s minimum value of currency manifest itself into the Amero? By the issuance of the $1 Presidential Gold Coins.