To: Oatka
An interesting sidebar is that foreign governments could still redeem in gold until the LBJ days when they started a run on Fort Knox. LBJ and Co. talked them into redeeming the equivalent in Silver Certificates and then ran a campaign lambasting the public for hoarding the rapidly disappearing silver coins.Nixon ended the practice of exchanging dollars for gold for central banks. That's when we went to a pure fiat currency. 1973.
To: Jack Black
Nixon ended the practice of exchanging dollars for gold for central banks. That's when we went to a pure fiat currency. 1973.OK - but I remember some kind of related swindle going on in the LBJ days. Gotta do some research.
12 posted on
08/13/2008 11:49:15 AM PDT by
Oatka
(A society of sheep must in time beget a government of wolves." –Bertrand de Jouvenel)
To: Jack Black
Nixon ended the practice of exchanging dollars for gold for central banks. That's when we went to a pure fiat currency. 1973.OK - but I remember some kind of related swindle going on in the LBJ days. Gotta do some research.
13 posted on
08/13/2008 11:49:24 AM PDT by
Oatka
(A society of sheep must in time beget a government of wolves." –Bertrand de Jouvenel)
To: Jack Black
15 posted on
08/13/2008 1:02:42 PM PDT by
Publius
(Another Republican for Obama -- NOT!!)
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