The Dollar Descent Summit: Exploring the Evolution of the Dollar
Delve into the historical aspects and evolution of the dollar, from its origins in large silver coins to the modern monetary system. Discover key events like the Mint Act of 1792, the transition off the gold standard, and the significance of figures like Thomas Jefferson. Unravel the complexities that shaped the dollar's trajectory, leading to its current state as a symbol of economic power.
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The Dollar Descent Supporters Summit The End of the Dollar Era Auburn, Alabama, October 12-14th, 2023
Oxford Languages: descent noun 1. an action of moving downward, dropping, or falling. "the plane had gone into a steep descent" Similar: going down, drop, fall, sinking, depreciation 2. the origin or background of a person in terms of family or nationality. "American families of Hungarian descent"
Genealogy of Dollar Thaler: Large silver coins in Germany, the Holy Roman Empire and the Habsburg monarchy. t -l r Approximately 1 ounce of silver Maria Theresa Thaler became a bullion coin used in many places. Money of the Early Modern Period (1500-1800) a sophisticated modern society emerged and spread, including the growth of the rich lower classes. Spanish/Mexican Peso = 8 reales (people would cut the coins themselves) 2 bits => dollar
Jefferson and the Dawn of the Dollar Continental Currency based on the Spanish Peso U.S. Constitution was ratified, Congress passed the "Mint Act" of April 2, 1792, which established the coinage system of the United States and the dollar. Jefferson long advocated coin based on Spanish Peso The modern inventor advocated for a decimal system, 1/100, penny Wanted to use new French technology for coin making 1792. The U.S. Mint was placed under the jurisdiction of the Secretary of State Jefferson at the time.
Life of the Dollar Remained largely the same from pre-1792 to 1964 Monetary problems were the result of government intervention Gold Eagle /= ten dollars largest transactions Silver was the medium of exchange/argent/Ag/silver/money FDR takes United States off gold standard | June 5, 1933 Stopped minting silver coins in 1964. US taken off the Bretton Woods standard on August 15, 1971 (steps) Thornton goes on the war path. Gold Standard remains a fixture. Jefferson Nickel is the only commodity money remaining.
The End The End Thank you for your support! Dr. Mark Thornton Peterson-Luddy Chair of Austrian Economics mthornton@mises.org @DrMarkThornton on X Minor Issues podcast on Mises.org
