Tuesday, July 20, 2010

Silver Is Not Money...


How will you know when silver and gold are money, when people in the street recognize both, and are willing to exchange paper dollars for them.

Earlier this month, I argued that gold was not money in the U.S. but that the dollar was. I argued that if you attempted to pay for gum with a gold coin that a clerk might, or might not, accept the coin. It's the same with silver. It is not now money.

As I argued, gold and silver are sort of "moneys in exile." Should inflation reach a serious stage in the U.S., gold and silver will dethrone the dollar as the money. Gold and silver would, of course, be much more stable moneys than a government issued paper money that is always under the threat of being inflated by the government. Government can't increase the quantity of gold and silver, the way they can paper money.

But right now, the dollar is king. A shaky king, but king.

Megan Duffield, and friends, went to Harvard Square to prove that the person on the street is still clueless about how to recognize silver and its value.

Megan emails
I am a frequent reader of the EPJ and have had my article published on your site once.  (thanks for that, it was awesome to see it there!)  I work for an animation studio in Cambridge, MA where we are producing a feature length film about the Federal Reserve and a group of Rebels that try and take them down.  Some of the crew members decided to take on Harvard Sq to educate people on precious metals, in an interesting social experiment.  Below is the video we put together of us trying to sell our collector's silver pieces for $5.>


  1. Nice to see so many well educated Dopes in our Society.

    We have a long way to go.

  2. As much as I hate the Harvard types who are destroying this state & nation, why would anyone deal with a stranger on the street selling something way under price ?
    Set up a cart or sell them for that price in a shop and watch them fly out the door.

  3. Great, and I just bought some coins for 15€. But it was worth it. Vanishing a silver coin is so much better than a 2 € coin. And just the sound while flipping it in the air markes people go crazy :)


  5. In India i think people would take it,the only reason they would not indulge in it is because of authencity of the silver coin and the person selling it. People would wonder why would a person go to sell in the streets at a cheaper price. For Indians silver is valuable and coins like as they were selling is common to give as gifts on festive occassions.In India authencity is always a problem of any product and that would be the only reason a person would ignore the seller of the coin

  6. Unfortunately, these girls in the video, don't know how to market their product.
    Buy a coin book and show people what a Silver coin in the book is priced at. By the way did the coin have a .999 marking on it?

    If so I'll take several hundred for $5.00 per coin.