“There’s a shortage of blanks.”
The US Mint mysteriously states this. “Once this inventory runs out, no additional inventory will be produced,” Mint said in a rather rough, meaningless tone. What the government is referring to is a surprising fact that it has given up its attempt to meet today’s record demand for Eagle gold coins.
This is disturbing news, or at least it should be. Especially at a time when we need to trust the government enough to take full responsibility for important health and energy aspects of our personal lives, Washington now seems to have completely violated a simple demand and supply phenomenon. With the demand for wild consumption – wait for it –mega-successful products (Golden Eagles), Mint now accuses the three suppliers of not providing them with enough gold blanks … even dragging their feet by not supplying these suppliers with enough crude gold and silver metal to make the blanks in the first place.
In Orwell’s words, this is another failure of the government’s Dual Thinking.
Is There No Competition In Our Money?
Why the government seems to be sabotaging one of its several successful businesses is at least questionable.
It is possible that Mint is refusing to further embarrass the US dollar, which has become overly politicized and is now falling sharply with record gold sales. Of course, gold is rare – and that’s what makes it so valuable – but the US government we are talking about is that there should be no problem in obtaining the gold needed for coin blanks, even with some kind of payment. -You go home.
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Washington may not be interested in inciting the “competing currencies” dispute.
according to New America“…Our nation once had competitive currencies, and this competition has led to honesty in the field of money. ”
“…the government did not have a monopoly on coinage. As a result, as always, the nation prospered when there was money. Today, however, the only legal currency is fiat money, which is issued by the Federal Reserve and is considered legal money. Its value continues to decline because there is no limit to how much it can be released. If our country was on the gold or silver standard, it would not be possible to exaggerate the supply of those precious metals. ”
Could this be the reason why the current government feels that it is a victim of its success with the famous Eagles? How do coin officials now think they can break the taxpayer’s brain in time and hit a solid measure of failure on a successful gold coin program?
Ron Paul Remedy and the Bizarro World of Washington
Congressman and former presidential candidate Ron Paul has some big problems with the management of the Federal Reserve System and our monetary system.
In particular, its two bills, the Currency Free Competition Act and the Fed’s Audit: HR 1207, are aimed at stopping the settlement of the rapidly sinking dollar in connection with the trillions thrown by Washington in recent years. worth. Here is Congressman Paul’s sound idea about money …
“This medium of exchange must meet certain characteristics: it must be durable, that is, it does not wear out easily; must be portable, ie easily portable; should be divided into units that can be used for daily operations. it must be recognized and unified so that one currency has the same characteristics as all other currencies; it must be small in economic terms so that the present supply does not meet the needs of everyone who demands it; it must be stable so that the value of its purchasing power does not change wildly, and it can be reproduced so that enough money is created to meet the needs of the exchange.
“In the history of mankind, gold and silver have been the two metals that have met these conditions the most, survived the market process and won the trust of billions of people.”
Returning to the new American article, “The Texas lawmaker also claims that a return to money competition will put an end to inflation and even the Fed’s paper-funded unconstitutional wars. Deficit spending for many other unconstitutional programs will also be phased out. ”
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In a free market economy, the principle of supply and demand prevails. Entrepreneurs first learn what demand is, and then determine how to meet it. With Washington and Mint, the opposite seems to be true. In this situation, as demand begins to rise, government bureaucrats retreat and struggle to stop the supply.
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According to Seinfeld, this is how things are done in Bizarro’s World (Superman Comics).
Fortunately, Mint’s Gold Eagles is not the only game in town. There are also other popular and available gold coins, such as the Maple Leafs of Canada and the sovereigns of Australia and the United Kingdom. There are also semi-numismatic and numismatic US gold coins, such as St. Godens and Liberty $ 20. To understand the difference, look at a reputable coin dealer like my Lear Capital.