[mnehring]

A currency that should be based on the full faith and credit should be less of a risk because it can survive one area within the economy crashing. Having a currency based on a single commodity is a greater risk because if that one single commodity is manipulated it could crash that currency. Historical reference, see how Soros destroyed the Pound Sterling. That isn't an excuse for ours becoming a debt based currency or saying it is great- a Gold standard just isn't the panacea that people think it is.

[mamelukesabre]

we never had a gold standard. we had a silver standard. it never failed us.

[Regulator]

A currency based on the "full faith and credit" is a recipe for slavery at the hands of an oligarchy.

It's no accident that the federal Income Tax amendment was passed (allegedly) at about the same the Reserve bank was created: the latter depends on the former for its collateralization.

The collateral is us and our labor. But we don't get to decide how much we get mortgaged for: the bank and its private owners do. We just get handed the bill, called "income taxes".

If that isn't slavery, don't know what is.

[slowhandluke]

A currency that should be based on the full faith and credit should be less of a risk because it can survive one area within the economy crashing.

Full faith and credit to do what? Hand you yet another piece of colored paper? The only faith you can have is that the Fed doesn't print so many of these colored bits of paper (or the electronic equivalent) that the value goes to zero. And that's a fairly silly faith to hold since the the Fed has let the dollar fall by 98% since it's inception.

The 'full faith and credit' used to refer to belief that the US Treasury would trade you 1 oz of gold for every $20 on request.

'full faith and credit' is faith in the people who run the Fed. Their objective was a stable dollar, which they did not accomplish. After the Humphrey/Hawkins bill, they added the task of ensuring full employment. They can't do that either.

On what basis would anybody have faith in the Fed? Only the bankers that the Fed protects.