dollar devaluation


First South Vietnamese Dong (1953-1975) - First issued by the Institut d'Emission des Etats du Cambodge, du Laos et du Vietnam during the last days of the French colonial administration, the South Vietnamese dong was issued by the Ngân-Hàng Quốc-Gia Việt-Nam (National Bank of Vietnam) during the republic’s brief existence. 

Upon first issue, 1 dong was worth USD 0.2857 (or 35 dong = USD 1); however, the young republic saw the amount of cash in circulation grow from 6.78 billion dong in 1955 to 27.4 billion dong in 1964, resulting in the dollar exchange falling to 80 dong by 1966. 

The ongoing war further destabilized the currency with the black market price of the dollar rising as high as 400 dong in 1970 while the official exchange rate was adjusted at 275 dong. As the war intensified and economic conditions became dire, Saigon made a last ditch attempt to spur trade by further devaluing the dollar exchange rate to 550. While exports did increase, the country’s purchasing power collapsed and the dollar exchange rate fell to 700 prior to the republic’s capitulation to communist forces. 

The victorious communist forces abolished the first dong and issued the second dong (called “liberation” dong) between 1975 and 1978 before replacing it with the new Vietnamese dong, which was issued throughout the newly unified country.  

The First South Vietnamese dong was symbolized by Đ. Its subunit was the xu (1 dong = 100 xu)

Southerners Used Food Substitutions During The Civil War~

Before secession, a typical Southern family’s grocery bill was $6.65 per month. By 1864, it was $400 per month. In fact. Confederate dollars were so devalued that many families could not afford to buy food staples. As produce became more and more scarce or expensive, people had to find substitutes for common foods. Many residents were quite creative, and although most of the substitutes did not survive until modern times, satisfied southern appetites to some degree. Here are some examples:

Meat (at least $20 for one meal): 
Domestic animals, crows, frogs, locusts, snails, snakes and worms

Okra seeds that were browned, dried sweet potatoes or carrots, roasted acorns, wheat berries

Herbs, sumac berries, sassafras roots, raspberry, blackberry, huckleberry and holly leaves

Water and corn and molasses, fermented in an old barrel

Milk or cream:
Beat an egg white to a froth and add a small lump of butter, mix well.

Molasses, sorghum, dried, ground figs, honey, watermelon syrup
Vinegar (apple): molasses, honey, beets, figs, persimmon, may-apples and sorghum

Rice, rice flour, cornmeal, and rye flour.

Boiled sea water, or taking dirt from the smokehouse, adding water and boiling it. Skim off the scum on the top and drop in cold water, and the salt sinks to the bottom. The impurities could be boiled off. Wood ashes or gunpowder could substitute for salt as a seasoning.

Source: Varhole, Michael J. Everyday Life During the Civil War.

joe hockey smiles to himself, he gave good advice today. he eats his daily banana spilt and turns on the tv. he prepares the vintage scotch made in 1843 combining fermentation and foie gras, he will do a shot every time his name is mentioned. he is the first news item. people followed his advice. they all got better jobs but the demand on New Good Jobs forced the jobs to get better and better. the dollar has been devalued, millions hold the role of shadow shadow treasure, over 62 people are now liasons to the moon and get paid over three million to do it. houses cost 8 billion. joe jockey takes a sip of his vintage scotch. 

anonymous asked:

Thoughts straight forward on the Federal Reserve?

The institution has economically crippled the United States and over the last 100 years has created a culture of indebtedness at every conceivable level of society. For almost any reason, you are encouraged to take on as much debt as possible to [literally] buy into the system.

No financial institution should have a monopoly on interest rates, especially not a central banking authority which keeps those rates artificially low for the sake of expanding the aforementioned debt. The Federal Reserve System is literally robbing U.S. citizens of their wealth through inflation, but it continues to print more USD, buy more treasuries, and devalue the dollar.

If the Fed isn’t ended, we will be.