Posted on 05/02/2008 5:56:35 AM PDT by kellynla
We were small then. It was abandoned because it held back the growth and was unworkable.
No we were not small when Nixon changed it. We were already a Super Power.
The total amount of gold that has ever been mined has been estimated at around 142,000 tons.[6] Assuming a gold price of US$1,000 per ounce, or $32,500 per kilogram, the total value of all the gold ever mined would be around $4 trillion. This is less than the value of circulating money in the U.S. alone, where more than $7.6 trillion is in circulation or in deposit (although international banking currently practices fractional reserves).[7] Therefore, a return to the gold standard would result in a significant increase in the current value of gold, which may limit its use in current applications.[8]
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