World News: The Atlantic
Why Does Virginia Want a Back-Up Gold Currency? Print Email
Written by Matthew O'Brien  - The Atlantic
Tuesday, February 26, 2013

It's not everyday that a U.S. state starts planning for the demise of the dollar. Today is apparently that day for Virginia.

Despite sub-2 percent inflation right now, state lawmakers are worried the Federal Reserve's expanding balance sheet could eventually stoke Weimar-style hyperinflation and want to prepare for the day after such Mad Max monetary mayhem. As Ylan Mui of the Washington Post reports, Virginia's House of Delegates recently passed a bill calling on the state to spend $17,440 studying the feasibility Read more
 
A Short History of American Money, From Fur to Fiat Print Email
Written by David Wolman  - The Atlantic
Tuesday, February 28, 2012

What do animal pelts, tobacco, fake wampum, gold, and cotton-paper bank notes have in common? At one point or another, they've all stood for the same thing: U.S. currency.

Before independence, America's disparate colonial economies struggled with a very material financial hang-up: there just wasn't enough money to go around. Colonial governments attempted to solve this problem by using tobacco, nails, and animal pelts for currency, assigning them a set amount of shillings or pennies so that they could intermix with Read more
 
Newt Gingrich Turns Against the Federal Reserve Print Email
Written by Conor Friedersdorf  - The Atlantic
Tuesday, June 21, 2011

When Newt Gingrich addresses the Atlanta Press Club Wednesday, here is what he's going to say: that the Federal Reserve should be audited, and that it should be stripped of its banking powers so that it is focused entirely on protecting the value of the dollar. It won't be the first time that he's spoken out on an issue associated with Ron Paul, one of his rivals for the 2012 nomination. To cite one example, he mentioned the Fed last week in his remarks to the Republican Leadership Conference.

But a whole speech Read more
 
Ron Paul Asks Ben Bernanke: How Do You Define a Dollar? Print Email
Written by Daniel Indiviglio  - The Atlantic
Thursday, March 03, 2011

What is money? This question might sound a little deep for Congress, but the topic was discussed today in a hearing on monetary policy. Its only witness was Federal Reserve Chairman Ben Bernanke. He endured a second day of questioning after testifying before the Senate on the same topic on Tuesday. But House members often pose more interesting questions, and due to his distaste for the Fed, Rep. Ron Paul (R-TX) tends to ask some of the best with Bernanke is in the hot seat. He wanted to know how Bernanke would define Read more
 
The First Paper Money in America Was Issued on This Day in 1690 Print Email
Written by Rebecca Greenfield  - The Atlantic
Thursday, February 03, 2011

Over three centuries ago on this day, Massachusetts printed America's first paper money. Before creating bills, Americans used Pine Tree Shillings and other coins as their currency. After the British shutdown a Massachusetts mint, these coins were in short supply.

So, in 1689, when the British wanted Americans to fight the French in Canada, there was no money available to pay the troops. Since the soldiers wouldn't fight for free, the government thought it best to issue certificates to the troops in lieu of paying Read more