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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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2 posters

    The True Story Of The Time The Government Printed A $100,000 Bill

    Neno
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    • Post n°1

    The True Story Of The Time The Government Printed A $100,000 Bill Empty The True Story Of The Time The Government Printed A $100,000 Bill

    Post by Neno Sat Feb 21, 2015 1:10 pm

    The True Story Of The Time The Government Printed A $100,000 Bill Dollar-currencyWikimedia Commons
    A $1 trillion-dollar coin seems like a high denomination to ask the government to print.
    Some say its weight could sink the Titanic! (This is benightedly ludicrous).
    But one time, the U.S. government actually got 1/10000000th of the way there — by printing a $100,000 bill.
    And it really helped the economy.

    The year was 1933. We were in the midst of a worldwide depression characterized by massive deflation.

    The True Story Of The Time The Government Printed A $100,000 Bill The-year-was-1933-we-were-in-the-midst-of-a-worldwide-depression-characterized-by-massive-deflation
    St. Louis Fed

    President Roosevelt ordered Americans to surrender any gold they held to the government.

    The True Story Of The Time The Government Printed A $100,000 Bill President-roosevelt-ordered-americans-to-surrender-any-gold-they-held-to-the-government
    Wikimedia

    The reason: no one was buying anything with cash.

    The True Story Of The Time The Government Printed A $100,000 Bill The-reason-no-one-was-buying-anything-with-cash
    Library of Congress

    Gold hoarding and bartering were also reducing the amount of funds flowing into the government.

    The True Story Of The Time The Government Printed A $100,000 Bill Gold-hoarding-and-bartering-were-also-reducing-the-amount-of-funds-flowing-into-the-government
    Library of Congress

    Americans agreed to surrender their gold, but it wasn't enough...

    The True Story Of The Time The Government Printed A $100,000 Bill Americans-agreed-to-surrender-their-gold-but-it-wasnt-enough
    St. Louis Fed

    ...Because Roosevelt also agreed to bail out the banks. That was good news for consumers but bad news for currency control.

    The True Story Of The Time The Government Printed A $100,000 Bill Because-roosevelt-also-agreed-to-bail-out-the-banks-that-was-good-news-for-consumers-but-bad-news-for-currency-control
    Wikimedia

    So Roosevelt proposed the Treasury take over the Federal Reserve's gold supplies.

    The True Story Of The Time The Government Printed A $100,000 Bill So-roosevelt-proposed-the-treasury-take-over-the-federal-reserves-gold-supplies
    By Infrogmation on flickr

    The pluses: Once the federal government controlled all the gold, it could better enforce its plans to devalue the dollar (thus reflating the economy).

    The True Story Of The Time The Government Printed A $100,000 Bill The-pluses-once-the-federal-government-controlled-all-the-gold-it-could-better-enforce-its-plans-to-devalue-the-dollar-thus-reflating-the-economy
    Library of Congress

    The costs: end of Fed independence.

    The True Story Of The Time The Government Printed A $100,000 Bill The-costs-end-of-fed-independence
    Library of Congress

    Fed Chairman Gene Black was sympathetic but wary. He advised the decision was best left up to Congress.

    The True Story Of The Time The Government Printed A $100,000 Bill Fed-chairman-gene-black-was-sympathetic-but-wary-he-advised-the-decision-was-best-left-up-to-congress
    Wikimedia
    Gene Black, left, with David Ben Gurion

    Congress took up the measure in January 1934. The Democrat-controlled Senate — a first since World War I — helped get the measure passed Jan. 31.

    The True Story Of The Time The Government Printed A $100,000 Bill Congress-took-up-the-measure-in-january-1934-the-democrat-controlled-senate--a-first-since-world-war-i--helped-get-the-measure-passed-jan-31
    Library of Congress

    The Gold Reserve Act of 1934 set a new federal exchange rate for gold at $35, but only for the purposes of foreign exchange.

    The True Story Of The Time The Government Printed A $100,000 Bill The-gold-reserve-act-of-1934-set-a-new-federal-exchange-rate-for-gold-at-35-but-only-for-the-purposes-of-foreign-exchange
    New York Times

    It also allowed the Treasury to print bills to pay for the Federal Reserve's gold.

    The True Story Of The Time The Government Printed A $100,000 Bill It-also-allowed-the-treasury-to-print-bills-to-pay-for-the-federal-reserves-gold
    Library of Congress

    And one of them was worth $100,000. (It had Woodrow Wilson on the face).

    The True Story Of The Time The Government Printed A $100,000 Bill And-one-of-them-was-worth-100000-it-had-woodrow-wilson-on-the-face
    Wikimedia

    Spoiler alert: It worked.

    The True Story Of The Time The Government Printed A $100,000 Bill Spoiler-alert-it-worked
    EconomistView

    Read more: http://www.businessinsider.com/the-history-of-the-100000-bill-2013-1?op=1#ixzz3SOe5rQU6
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    fonz1951
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    • Post n°2

    The True Story Of The Time The Government Printed A $100,000 Bill Empty Re: The True Story Of The Time The Government Printed A $100,000 Bill

    Post by fonz1951 Sat Feb 21, 2015 2:49 pm

    i wish i had that bill, gold certificate, wow. years ago my brother did some work for a man who paid him in $100 bills and one of them was a gold certificate, my brother thought it was fake, when he showed it around a guy offered him $500.00 for it and he took it. bet it was worth twice that, and i know to a collector today it would probably be worth thousands. also when i drove an armored tractor trailer from 1999 till 2007 we used to go to the bureau of engraving and printing in blue mound texas, one day we were waiting for them to bring the fresh printed currency out to be loaded on our truck, they come out and said there was a problem and would be delayed for about an hour. one of the guards come and asked us if we wanted a tour and we ,of course said yes. they didn't take us to where the currency was printed, but they took us everywhere else. i was amazed at the things i saw and wish i could tell. they have printed all kinds of bills , bonds and other things the average person will never know.it was quite amazing.
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