As I prepared to pull out my Goldbacks for my sandwich at Robie’s country store and diner Wednesday, the co-owner informed me that the dollar had fallen below a fifth of a goldback. I remember when the exchange rate was around 3.20 dollars for each goldback just before the scamdemic. It’s been around four for the past few years. I had never seen it above five.
As we’ve explained in many prior articles, Goldbacks are an innovative form of money that uses real 24k gold, placing it within a flexible and durable bill. They are denominated in 1/1,000th of an ounce of gold, and the bills range from one to fifty. Gold has not increased in value per se, it’s the US Dollar (Federal Reserve Note) that has plummeted in value over the past few years. Now, you need more dollars than ever before in history to purchase the same items, from homes to milk to one Goldback.
Back to Robie’s Country Store in Hooksett, New Hampshire. The owners decided to accept Goldbacks because they would prefer not to have too much of their wealth stored in rapidly depreciating assets such as Dollars. When I and other customers pay them for their great food using Goldbacks, they know that the money they receive in exchange for their goods will retain its value no matter how much the government inflates the US Dollar.
As the market absorbs the impact of the unprecedented infusion of Dollars into the economy over the past few years, we can expect its value to continue to plummet. An increasing number of people continue to offload their dollars in exchange for better money or more valuable assets.
This article does not necessarily reflect the opinions of The Liberty Block or any of its members. We welcome all forms of serious feedback and debate.
