A half century ago one of the most disastrous monetary decisions in U.S. history was committed by Richard Nixon. In a television address, the president declared that the nation would no longer redeem internationally dollars for gold. Since the dollar was the world’s reserve currency, Nixon’s closing of the “Gold Window” put the world on an irredeemable paper monetary standard.
The ramifications of the act continue to this very day.
America’s current financial mess, budget deficits, the reoccurring booms and busts, the decline of living standards (particularly the middle class), all have their genesis with Nixon’s infamous decision in August, 1971.
Abandoning the last vestiges of the gold standard was the culmination of a long-term goal of the banksters, politicians, financial elites, and deceitful economists. The first step was the establishment of the Federal Reserve in 1913 whose primary purpose was to allow its member banks to inflate the money supply without fearing the consequences – bank failures/panics, bank runs, recessions/depressions. The Fed could, and still does, through the control of the money supply enrich itself, the government, and its aligned financial elites at the expense of the public at large.
ONLY an idiot would claim that Nixon didn’t understand the long-term implications of removing the gold standard.
They KNEW EXACTLY WHAT THEY WERE DOING.
Why don’t we just put some pictures on a piece of paper and SAY it’s worth $100?
Oh.
Right.
THAT is what we do now.
The entire world knows that is what we are doing and they also know it can’t last forever.
When it ends, you’ll be buying bread and milk with suitcases of “money”.
In case you were busy on Facebook telling everyone about your latest food cravings and missed the real news, Russia and China have been busy as hell trying to RELACE THE DOLLAR.
God help us if they are successful.
Keep cheering.
And get off your knees.
Nixon was a Saint compared to the Dirty Leftist Democrats of Today !!!!
Currency has always virtual. Gold means little to people starving to death and no where to buy anything. It’s what has made the current Crypto Currency craze possible and profitable for those that don’t take it too seriously and take their profits accordingly. All investment is based on cultural value perceptions imposed by the State run ” Economy ” There will come a day when you can barter more with good Whiskey and ammo than you could with gold or the dollar.
4:09……Virtual??
Seriously?
The why did old money from the Treasury say “redeemable in sliver”?
One dollar bill could buy one dollars worth of silver ON DEMAND.
That is NOT “virtual”. One could not easily carry 50 ounces of silver, but those pieces of paper, BACKED by silver helped a lot with convenience.
And the rest of the world, knowing that every dollar in the world was backed by an equivalent amount of gold sure did help to make the dollar the currency of the world.
Virtual, my ass.
Now, we have pieces of paper with no value other than what a POLITICIAN says it’s worth.
THAT is “virtual”.
If you would get off your knees, you might be able to reach up a few shelves in the library and get into the adult section.
Gold and Silver is a virtual culturally observed Value like beads or Wampum hides or anything else. What makes it so valuable. It’s rarity ? The toil to acquire it ? If Debeers released all the diamonds they control they would be in Gumball machines. Value of anything is what’s virtual like your high opinion of yourself and your library education in the Adult Large Print Readers Digest section.
Nixon did not do a fraction of what Pelosi & her Demon-crats did in the 2020 COUP !!!!!
4:09 …You Are Way Off Base !!
Lock Up the Pelosi Regime 2021 !!!!