The Fiat Currency World

Read the original article here.

The Olympics were held in the UK this month and the number of items we can point out about the country that provided the inspiration for the book, 1984, are lengthy.

Look no further than the currency used in the UK, the British pound sterling. Not one in a million English citizens see the irony of calling a piece of paper with no backing a “pound” of sterling.

The pound originated over 1,200 years ago, born about AD 785. Back then 240 silver pennies equaled one pound. The pennies were made with the purest silver available and were as much as 99.9% silver. Later in 1158 King Henry II introduced much more durable 92.5% silver pennies into circulation. Today these are known as sterlings since they have the same percentage of silver as sterling metal.

Debasement came to the silver currency during the reigns of criminals Henry VIII and Edward VI. The pound was redefined as a “troy pound” which contained just 12 ounces. The troy ounce is smaller than the avoirdupois ounce and the troy pound is smaller than the avoirdupois pound.

Without getting too bogged down in that, let’s just look at the modern paper “pound” in terms of the original pound. At today’s silver price of £17.75 per ounce, and with 16 ounces in a pound, the value of one pound sterling (assuming 92.5% silver) today would be worth £262. (Just look at the astronomical money supply growth).

Instead, the modern paper “pound” is only worth its £1 face value and there is no silver nor gold at all backing it.  It is literally worth only 1/284 or so of the original pound…which is even less than the original silver penny which was worth 1/240 of the original pound. Yet people are so brainwashed that they still call a piece of paper a pound.

The same goes for many other things.  People carry around “gold cards” but the only bank card that we know of that is actually backed by gold is through Peter Schiff’s EuroPac bank in St. Vincent.  For all other cards, they are only gold in color not in substance.

And, look no further than the Olympics where athletes competed for gold, silver and bronze colored metals!  The last time the gold medal was made out of gold was at the Stockholm Olympics in 1912… a year before the financial coup of the US and the institution of the Federal Reserve crime organization.  The timing is likely not a coincidence.

In 2012, the gold medals handed out have a makeup of 1.34% gold!  The rest is 92.5% silver and 6.16% copper.  The resulting medallion is worth about $500. For the silver medal, the gold is replaced with more copper, for a $260 make-up of metals. The bronze medal is 97% copper, 2.5% zinc and 0.5% tin. That’s about $3, worth less than most trinkets.

Of course, in the fiat world we live in, winning a gold medal also comes with a fiat currency prize… something most slaves prefer anyway as it has been decades since gold has circulated in their society.  For winning gold, athletes are awarded $25,000 USD.

But, being slaves, US athletes have to then pay not only $8,750 in a “prize tax” to the extortionist IRS but, in perhaps the biggest slap in the face of them all, the IRS even has a “medal tax” and taxes them $236 on a “gold” medal worth only $500… more than 50%!

Yet, they will still cry as they sing their national anthem and well up with pride for winning for their country, the land of the free!

Of course, the very fact that all the gold is gone from backing all the currencies – and even from the Olympic medals – and that people think gold colored plastic credit cards are actually something with which to impress others… are signs that we are nearing The End Of The Monetary System As We Know It (TEOTMSAWKI).

  • http://www.facebook.com/geoffrey.newbury Geoffrey Newbury

    INteresting, but a little checking would have elicited the fact that a troy ounce is LARGER than an avoirdupois ounce (although a troy pound is smaller than the normal pound.
    A troy ounce is 31.10 grams: an avoirdupois ounce is 28.35 grams.

    • http://bogpaper.wordpress.com Bogpaper.com

      Thank you for pointing that out Geoffrey, we agree, it would have been useful if that had been mentioned in the article.