[Kaslin]

Ping

[tommyboy]

Just ask Congressman Weiner.

[jazusamo]

Another great piece by Dr. Sowell.

Thanks for the ping, Kaslin.

*PING*
Thomas Sowell

Recent columns
America in Decline
Penny-Wise on Crime
In D.C.’s Vote, It‘s Patronage Over Progress

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[dennisw]

Gold tells the truth about the insane sending and borrowing schemes of politicians (both parties) and entire societies. It may be hard for freepers to believe but prior to 1971 we settled our trade deficits in gold bullion. That is why we ran no trade deficits

Due to having to inflate due to the Vietnam war too many foreigners were cashing in their US dollars for gold. So Nixon closed the gold window in 1971. So they were stuck with US Dollars. We kept the USD strong so foreigners didn’t mind so much. You can see the evidence by all the $100 bills and other US currency that circulate world wide

USD strength depends on a strong America with a strong military and strong economy. An idiot president like Oboma hurts all this

[Pelham]

” One of Franklin D. Roosevelt’s first acts as president was to take the United States off the gold standard in 1933.”

I don’t know if that is accurate. Gold was revoked as legal tender and revalued from just over $20/oz to $35, but a gold standard remained for foreign exchange purposes. That eroded during the Kennedy and Johnson years and it was Nixon who ended the last vestiges of the gold standard in 1971.

But the author is right that politicians resented being handcuffed by a gold standard. In its place they stuck the American people with a depreciating dollar.

[FightThePower!]

Great article!