Could this be the reason the dollar was taken off the gold standard?
Could this be the reason the dollar was taken off the gold standard?
—————
Possible but not likely. History records Nixon got us off a fully backed gold currency because France ( DeGaulle) was trading in their USD’s for gold by tons. They were depleting our gold supply. It was purely a defensive move.
Remember Nixon’s reasoning? ( I do, I was a teenager) he stated our currency is now to be backed by the US’s huge GDP, military and Trust( Promise to Pay)…do also remember our coinage was switched from silver to base metals in 1965.
That event sparked huge outrage, I remember many people pulling out the pre 65 silver coinage from the newly issued “slugs”….of historic note: Kennedy strongly opposed devaluing our coinage as every defunct nation in history ( beginning with Rome, Spain, Mexico, etc) started debasing their money….100 percent silver coins began being made from 90 percent, then 40 percent purity , then being silver( gold ) washed.