In the 1500s Count Hieronymus Schlick of Bohemia started minting silver coins known as Joachimsthalers. The name came from Joachimstal, the valley where the silver was mined. In German, thal or tal refers to a valley or dale (St. Joachim's Valley, now Jáchymov; then part of the Holy Roman Empire, now part of the Czech Republic). His "Joachimsthaler" was later shortened in common usage to taler or thaler. This word evolved to daler in Denmark and Sweden, to daaler in the Netherlands and to daelder in Flemish. In Ethiopia it became talari, and in Italy tallero. Eventually it entered English as "dollar".
On April 2, 1792, U. S. Secretary of the Treasury Alexander Hamilton reported to Congress the amount of silver found in Spanish dollar coins then in common use in the new country. Using this information, the United States Dollar was defined by a precise weight of silver.
Various acts have subsequently been passed affecting the amount and type of metal in US coins, so that today there is no legal definition of the term "dollar" to be found in US statute.
Silver was mostly removed from US coins by 1965, when the dollar became a free-floating fiat currency.
Tuesday, April 26, 2011
The Fed speaks
On April 27th, the Fed makes history with Bernanke's press conference.
During the first 8 decades of its existence, the Fed operated in quiet. Starting in 1994, they issued a statements after they changed interest rates. They took another step 5 years later when they started issuing statements at the end of each meeting, even if no rate change occurred.
So when Bernanke appears before the reporters, the change has been quick.
During the first 8 decades of its existence, the Fed operated in quiet. Starting in 1994, they issued a statements after they changed interest rates. They took another step 5 years later when they started issuing statements at the end of each meeting, even if no rate change occurred.
So when Bernanke appears before the reporters, the change has been quick.
Sunday, April 24, 2011
Kahnawake
Where is Kahnawake?
If you read some on-line gambling website disclosures, you may have seen that name.
For example, the text from bodog.com says:
Kahnawake is in Canada, near Montreal. The tribe offers gambling licenses to websites. Several hundred websites are licensed by them, making Kahnawake the biggest licensing organization.
http://www.gamingcommission.ca/
If you read some on-line gambling website disclosures, you may have seen that name.
For example, the text from bodog.com says:
ANY TRANSACTIONS CONDUCTED WITH YOU THROUGH THE WEBSITE SHALL BE DEEMED TO TAKE PLACE IN THE TERRITORY OF KAHNAWAKE AND SHALL AT ALL TIMES BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND SHALL BE GOVERNED EXCLUSIVELY BY, THE LAWS APPLICABLE WITHIN THE TERRITORY OF KAHNAWAKE WITHOUT REGARD TO ANY CONFLICTS OF LAWS PROVISIONS.
Kahnawake is in Canada, near Montreal. The tribe offers gambling licenses to websites. Several hundred websites are licensed by them, making Kahnawake the biggest licensing organization.
http://www.gamingcommission.ca/
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