[brityank]

Monetary events started to spin out of control in 1965, culminating in the default on the international gold obligations of the United States of America six years later in August,1971.

The central problem is the actual maintenance of the parity. The U.S. Treasury is under obligation, in effect, to assure that on the world’s markets 35 dollar means the same value as one ounce of gold. Thereby the value of the dollar is anchored to the solid rock of a fixed quantity of gold.

That was the main problem that could have been readily fixed. Instead of 1oz. Gold = $35.00, forcing the Treasury to redeem $$$ to maintain the price-point -- they should have set the ratio in reverse $1.00 = ¹/₃₅^th of 1oz. Gold, and let the market price fluctuate. The price of Gold would still have risen but taken the Dollar along with it, and thereby retained its value as a monetized currency.

Too many thieves in high places.

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I agree with your post.

Too many thieves in high places.

Rich thieves.