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To: Wyätt Gwyön who wrote (7771)	1/3/2003 12:15:17 PM
From: GraceZ	Read Replies (1) \| Respond to of 306849

Gold has fallen in value for the last three thousand years, it likely peaked during the age of the Pharaohs. -g-

To: Wyätt Gwyön who wrote (7771)	1/4/2003 2:18:08 AM
From: JF Quinnelly	Respond to of 306849

open up your monetary history to the chapter on Continentals and you'll see that the American Colonies did in fact have a currency that they effectively defaulted on. Continentals issued at par in the late 1770s were later paid off at the rate of ONE PENNY ON THE DOLLAR. Nice try, but no prize for you. When you dust off the history books you'll find that what you describe happened before 1789 and it's only part of the story. Like I said, the United States has never defaulted even once since 1789. 1789 is the first year of Washington's presidency, and it's when Treasury Secretary Alexander Hamilton saved the finances of the country from disaster by creating a funded public debt out of the old Continental obligations. His program just happened to return all those "worthless" Continental issues to full par value. This generated a great controversy because it was a windfall for the speculators who had purchased all those Continental issues for pennies on the dollar.