Gold Standard
Gold Standard
Can you tace all our current troubles to Nixon taking the dollar off the gold standard?
After that our economy was really just a pyramid scam waiting for the inevitable (Bush and Cheney)
By the way, the reason Nixon took us off the gold standard was all the illegal dollars he printed in the Vietnam "guns and butter" fiasco
guns and butter = recession 6-7 years later when all that worthless paper comes back to us. It always does.
The reason we got taken off the gold standard is because a larger economy requires more currency in circulation. If the price and quantity of gold is relatively fixed (like the gold standard under bretton-woods), eventually there will be more currency than there is gold to back it up (because of inflation). Ultimately what happened was other countries caught on and started trading their dollars for gold. Nixon took us off the gold standard to prevent the US reserves from being depleted completely, which would have caused a worldwide economic collapse.
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