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Entry: Live-blogging the GOP Debate Link: http://www.takimag.com/blogs/article/live_blogging_the_gop_debate#15903 Post contents: I tell my friends when I was growing up, during the 60's, gas prices were anywhere from sixteen cents to thirty cents per gallon. Our Constitutional money was backed by silver at that time until 1964, and paper currency by gold until 1971. Most of my friends look at me as if I am nuts, when I tell them that gas, today, is still around a quarter a gallon. To prove it, my brothers and I, used to mow yards. We were paid at that time, at one yard, 2 dollars. Now, after buying one gallon of gas, for a quarter, for the next days work, we had 1.75 left. Now lets say I had thrown the Constitutional change of a silver dollar, a silver half dollar, and a silver quarter totaling, 1.75, into a drawer and while at the same time placing 2 paper dollars in the same drawer, forgetting about both for the 44 years from 1964 to 2008. Here are todays, 01-30-08, closing prices of silver U.S. coinage, not collectible coins, just silver change that was used in everyday circulation. This if from the website www.coinflation.com/ The 2 paper dollars would only buy 2/3 of a gallon of gas, with today's price of regular unleaded at 3.00 a gallon. This is where the wisdom of the Founding Fathers come in. The quarter is worth 3.02 today, the half dollar 6.04, and the silver dollar, 12.91. The combined total of the silver backed Constitutional money is worth 21.97 today, and this is only for the silver content. This is not due to any type of rarity or condition of coin. Only due to silver content of 90 per cent silver. Now at 3 dollars a gallon, you could purchase over 7 gallons of gas. That is why money must be a store of wealth, to be able to retain its buying power power, even after 44 years, so that it does not lose its value to inflation. Now, lets say in 1964 you saved 1,000.00 dollars and for the following 9 years you also saved one thousand dollars each year. So between 1964 and 1973 you had saved a total of 10,000.00 dollars. If you saved those 10,000 paper dollar bills, at the end of 34 years, those 10,000.00 paper notes will only purchase 10,000.00 dollars worth of good in 2008. But if you had 10,000 silver dollars in 1973, those same 10,000 silver dollars in 2008 would be able to purchase 129,100.00 dollars worth of 2008 goods. That is how your wealth is stolen from you by the printing of un-backed, un-Constitutional paper Federal Reserve Notes and that is for only 10 yrs of work. That also does not even go into the concept of silver being severely under valued at this time, versus its historical ratio to gold. That is how a regular quarter, backed by silver, would still buy a gallon of gas today, and then some. When Dr. Paul speaks of a sound currency, this is what it means. Sent at: 2008 07 06