Posted on 08/14/2021 3:01:42 PM PDT by srmanuel
Tomorrow Sunday August 15, 1971 is the 50th anniversary of Richard Nixon closing the Gold Exchange Window that allowed foreign holders of US Dollars to exchange their US Dollars for gold priced at $35/ounce......an agreement that had been in place since the end of WW II.... When this decision was announced it's hard to imagine the impact after 50 years...think of Bill Clinton getting NAFTA passed, repealing the Glass/Stegall Act, think of GWB invading Iraq and Afghanistan, etc....actions by President's have monumental impact over time, when at the time it seemed to be insignificant... Not advocating one position over the other than it's interesting to look back and at the actions of a President 50 years ago that ended up having monumental impact today... Here's another article... http://triplecrisis.com/a-first-default-closing-the-gold-window/#:~:text=%E2%80%9CFirst%20Ever%20Default%3F%E2%80%9D%20Think%20again.%20Forty%20years%20ago,fixed%20relative%20to%20gold%20for%20almost%20thirty%20years.
(Excerpt) Read more at nasdaq.com ...
A couple of articles I read today.;
https://lawliberty.org/fifty-years-without-gold/
https://lawliberty.org/the-bottom-up-gold-standard/
Thanks and interesting.
It was also the Nixsonian era that gave us baseline budgeting in via the Congressional Budget Act of 1974.
https://en.wikipedia.org/wiki/Baseline_(budgeting)
This has built into the budget provision to double the national budget about every 8 to 10 years automatically. Until this time there was no “spend it or lose it” in giverment agencies.
We have been governed by fools and crooks for a long time.
Indeed. That's why gold is considered a storage of wealth. The government can't tell you that the one ounce gold coin in your hand now only weighs one-half ounce.
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