The United States used gold and silver as monetary standards since its founding until the US Dollar was fixed on a gold standard in 1879. Paper money was always used for daily use and served as a promise to pay with gold. Various banks issued their own paper notes, in addition to the Treasury issuing paper money, all of which looked different. To ensure that paper notes issued by banks were honored, the government created a national bank system in 1863. The Federal Reserve system was later created in 1913 to ensure that checks were also honored, and the gold standard remained in effect for twenty more years.
During the Great Depression of the 1930s, numerous bank failures led to some depositors losing all their money which frightened the public into hoarding gold in their homes. This led to a scarcity in available gold domestically, which made the gold standard an unsustainable policy, as it depended on a readily available supply of gold. The US government was focused on increasing the amount of gold held by the Federal Reserve to increase its power to inflate the money supply to boost the faltering economy.
The United Kingdom dropped its gold standard in 1931, and the US soon followed in 1933 when Congress nullified the right of creditors to demand payment in gold. President Franklin D. Roosevelt ordered all US citizens to convert all gold coins and certificates valued over $100 to other money to boost the national gold reserves.
In 1934, the US government’s price of gold was increased to $35 per ounce, which automatically increased the value of gold on the Federal Reserve’s balance sheet by 69%. This gold price was held until 1971, when President Richard Nixon announced that the US would no longer convert dollars to gold at a fixed value. Americans weren’t permitted to even own gold bullion until 1974, when President Gerald Ford signed a bill into law that permitted it. Any remaining links to the gold standard were completely severed by 1976.
Since then, the US dollar has been a fiat currency backed by the full faith and credit of the federal government. While the Federal Reserve is subject to regular audits by the Government Accountability Office (GAO), these audits do not include complete access to all aspects and transactions as a business or individual during audits by the Internal Revenue Service (IRS).
The Federal Reserve is a partly private and public bank with varying degrees of oversight, though it generally operates with greater independence than other traditional branches of government. While this system generally works for most people, others have grown concerned about this entity controlling banking, manipulating monetary policy and its potential impacts on people’s privacy and daily lives. There has also been a renewed interest in gold as an investment in recent years.
Now in the era of the blockchain and smart contracts, which are incorruptible transnational technologies, no individual or entity can manipulate cryptocurrency transactions. This exchange now occurs peer to peer without organizations such as the Federal Reserve. Smart contracts eliminate the involvement of the banking system. This technological progress has resulted in a major benefit to Humanity.
META 1 Coin is a perfected, smart, and private digital currency. META 1 is not a fiat cryptocurrency. META 1 is fully secured by gold. This asset-backing is an important confidence boosting mechanism for the market. Gold is a physical representation of digital wealth and it’s an investment that has steadily increased over the past 100 years. Gold’s performance over the past two years has been stellar with over a 50% increase in price. With a digital currency secured by this asset on the blockchain, an incorruptible technology, the opportunity for growth is even greater with META 1 Coin.
META 1 Coin sales are used to purchase more gold to continually facilitate increases in coin value. META 1 Coin is a unique cryptocurrency designed to enable abundance and freedom for Humanity, so join us today.