Happy Aug. 15 day. Thanks Dick.

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Tycer's picture
Tycer
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Happy Aug. 15 day. Thanks Dick.

 I'll raise a toast to Dick at dinner tonight, I won't be polite. Talk about kicking the can down the road.

Cheers y'all. May we unwind this with grace.

August 15, 1971

Travlin's picture
Travlin
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Great

Great video Tycer.  In 1971 the US really was at our peak economically.  This was the first great milestone of our decline.  The second was the OPEC oil embargo in 1973.  How far we have fallen since!

Travlin 

jumblies's picture
jumblies
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Joined: Jun 13 2010
Posts: 244
The Long Road to Freegold

FOFOA has a good writeup here with videos of various speeches from 1896 to 2002 detailing the history of the gold standard.

 

Tycer's picture
Tycer
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Joined: Apr 26 2009
Posts: 617
 us gdp mesured in gold 1929-1980

 

Johnny Oxygen's picture
Johnny Oxygen
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Posts: 1443
Re: Happy Aug. 15 day. Thanks Dick.

Thats how you do it.

Say its temporary, make someone the boogeyman (speculators), talk about how great America is, then at the end slide in "Oh yeah we are going to have a 10% import tax" as if its a side note.

Evil

aggrivated's picture
aggrivated
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Joined: Sep 22 2010
Posts: 574
40 year anniversary

I remember watching Nixon live when I was a kid--I remember this announcement well because my dad said; 'There goes the dollar for sure.'  It's a

reality check watching it again.  It's hard to say this but I'm glad he's not here to see what's left today, it would break his heart. Thanks go out to Chris

and the rest of the gang for charting a path through this morass.

Kid-Canada's picture
Kid-Canada
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Posts: 5
40th Anniversary

Happy Birthday Everyone!!

To be fair to Nixon, during the negotiations in the 40s for the Bretton Woods Agreement, some attempt could have been made to limit the ability of the Federal Reserve to print paper dollars without an increase in their gold reserves (since there was nothing holding them back according to the crash course), though this would be quite difficult to enforce.

Makes sense in a way why the Administration did this though. With France specifically and other countries redeeming their money 35 USD per ounce of gold, if this kept happening there would likely be very little/no gold left in the treasury. And it is true that in the short term (the next few years) they did reduce their trade deficit quite a bit, I believe having a surplus in 74-75. Was a great short term political move, though quite obviously self-destructive in the long term.

I would think that a lot of us would agree Nixon would be considered one of the worst, if not the worst President of the United States ever. Even with FDRs administration looting private gold accounts at least he built a welfare state designed to help the least fortunate Americans, even if it is being dismantled in the past few decades.

Funny because Ive only just learned about the Nixon Measures in a university course recently and before that I would have definitely thought we were still on some kind of gold standard or at least something backing our money (other than debt). And of course the other day I just read that my Canadian bank is legally allowed to carry 0% of reserves on my deposits (though obviously they will still have a couple percent of reserves to cover what they expect people will withdraw in a day).

And Now gold is going past 1750 US per oz, 50 times what it was in 1971...........

jumblies's picture
jumblies
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Posts: 244
Kid-Canada wrote: I would
Kid-Canada wrote:

I would think that a lot of us would agree Nixon would be considered one of the worst, if not the worst President of the United States ever

Well, I think a lot might but a lotter might have considered Dubya Bush to be the winner. At least until Obama came along. The state of the economy is far worse, the options far more limited, the systemic corruption absolute and the constitution utterly sidelined. Nixon may have aspired to this but these guys actually did it.

Of course, over here in blighty we have, and have had, the mighty Cameron, Clegg, Brown, Blair and Thatcher. Actually, it's probably not fair to call out Cameron and Clegg because they are utterly ineffectual, bland, beige and useless.

 

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