Several Silver Converters

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There is a lively interest in silver coin use among LRC blog readers. Several readers have kindly informed me of two applications. Thank you all. Here are some links: calc1, calc2a, calc2b, calc2c. The latter 3 links are to different pages about the same application.

Now here is a possible simple route to the use of silver and gold in commerce again in a transition period in which metal and FRNs compete. (1) A 100% money depository bank offers a silver and gold account. (2) You deposit silver or gold into the account. (3) The bank accounts for your deposits and withdrawals. (4) The bank issues silver and gold checks and coin. The price for these two services may differ. (5) You are issued a debit card in silver and gold. (6) Retailers link to the bank. (7) Retailers use a silver and gold converter to convert your FRN tab into gold and silver. (8) You can choose to pay in either gold or silver. (9) A swipe of the card pays your bill in metal at current spot prices or close to them. Congress could set a date 12–24 months in the future on which the privileges of the FED would all end. It could become private if it chose. There would then be a transition period in which this kind of account would develop. It would include wage and salary payments too and spread to payments of all kinds according to the competition between deregulated FRNs and metal. Banks might also arise that accept deposits of economic goods other than gold and silver to be used as a basis for means of payment. Their survival will depend on the market.

6:25 am on May 16, 2011