Happy 40th ann.- Nixon closes the Gold window

[Trajan]

yea!!!!!paper money!!! "Fiat" is not just car folks, but the US ( global) monetary system may follow the old saw; Fix It Again Tony....

Nothing like placing the full faith and credit of our monetary system in the hands of politicians..... the relative values of the dollar vs. gold? 1971 1/35th, today? 1/750th.
The supply of money has grown 12 times, previous to Bretton Woods II? Twice.


[ame=http://www.youtube.com/watch?v=iRzr1QU6K1o]Nixon Ends Bretton Woods International Monetary System - YouTube[/ame]


all, in all? ........just another brick in the Wall.

 

[Trajan]

wow, no opinions? no tricky dicky etc etc .....

 

[Kevin_Kennedy]

Of course the gold-exchange standard that was Bretton Woods was an inflationary monetary system as well, though certainly not to the extent that our 100% fiat system is. It was inevitable that it would end, just as its inevitable that our current system will end.

 

[Trajan]

Of course the gold-exchange standard that was Bretton Woods was an inflationary monetary system as well, though certainly not to the extent that our 100% fiat system is. It was inevitable that it would end, just as its inevitable that our current system will end.

thx. yes the system was remade,we ran out of gas?

we put a man on the moon, 500K men in southeast Asia for several years, bankrolled Nato, the great society and the cost apparently broke us(?).

 

[Kevin_Kennedy]

Of course the gold-exchange standard that was Bretton Woods was an inflationary monetary system as well, though certainly not to the extent that our 100% fiat system is. It was inevitable that it would end, just as its inevitable that our current system will end.

thx. yes the system was remade,we ran out of gas?

we put a man on the moon, 500K men in southeast Asia for several years, bankrolled Nato, the great society and the cost apparently broke us(?).

Well we inflated the dollar to do a lot of that, and other countries decided that it was safer to hold gold than a rapidly deteriorating dollar. So there was essentially a run on the U.S. government's gold reserves by foreign governments, and that's why Nixon closed the gold window. Of course this was defaulting, contrary to the nonsense we heard about the U.S. government never defaulting during the debt ceiling talks.

 

[ShackledNation]

At least Nixon went down as a criminal and not a hero. He was just another statist president bent on destroying the free market.