My previous commentary of April 28, 2010 that the worlds needs a standardized monetary unit of value has not yet been accepted or rejected by any responsible government. Thus for the time being we are stuck with an appraisal of each nations unit of money. Lets start with the U. S. dollar coinage since that is where I reside.
Defined by Congress U. S. Mint Specifications $1 Coin Composition – Manganese – Brass.
The intrinsic value of the metal of the lawful Dollar coin is the same as Three Copper pennies.
It is reported that the purchasing power of the dollar has lost 97% of its value since 1913 when the Federal Reserve was established. I suppose we can say it all makes sense that each one dollar federal reserve note is now worth 3 cents.
Today we have an interesting situation where most business is conducted using Federal Reserve notes which, by the way, are not and never were lawful money and are no longer redeemable at face value in lawful money at the federal reserve banks.
Perhaps it will make you feel better if I point out the Euro coin is the same cupronickel as the U. S. one dollar coin but only weighs 7.5 grams so it is worth less than the almighty dollar even though the moneychangers say it is worth more – but what do they know – they produce nothing.
At any rate I still think the world needs a good international standard unit like a goldgram.
By Christian F. Murer
President and CEO Amalgamated Explorations, Inc
Christian F. Murer is the Company's founder, President, Chief Executive Officer and Chairman of the Board. Mr. Murer is a 1956 graduate of the Colorado School of Mines with a degree in geological engineering. Mr. Murer has operated as an independent contractor for over 50 years in the oil, gas and mining exploration business with experience in all phases of natural resource exploration and development in the Western United States. In the 60’s and 70's Mr. Murer was very active in the uranium mining business and did business with Consumer Power Co, Michigan, Union Carbide, Conoco, Exxon, Union Oil, Gulf Oil, Phillips Petroleum, and others.