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A Look Back at Nixon’s Infamous Monetary Policy Decision
A Look Back at Nixon’s Infamous Monetary Policy Decision Putting the World on a Paper Standard Half a century ago one of the most disastrous monetary policy decisions in US 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 […]
A Look Back at Nixon’s Infamous Monetary Decision
A Look Back at Nixon’s Infamous Monetary Decision 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 […]
Nothing to Fear But Fear Itself
NOTHING TO FEAR BUT FEAR ITSELF “So, first of all, let me assert my firm belief that the only thing we have to fear is…fear itself — nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance. In every dark hour of our national life a leadership of frankness and of vigor […]
“We Have Never Seen This Before”: The Last Time The Market Did This, FDR Confiscated All The Gold
“We Have Never Seen This Before”: The Last Time The Market Did This, FDR Confiscated All The Gold To say that moves in the US stock market have been erratic in the past two weeks would be a prodigious understatement: with the Dow Jones swinging by over 1,000 points on nearly 5 occasions in the […]
The Forgotten Media Purges of the Great Depression
The Forgotten Media Purges of the Great Depression Republican Hoover built the federal broadcasting shield in 1927. Roosevelt fashioned it into a weapon in 1934 and Democrats have never put it down since. One might consider the elaborate FCC speech barriers: A Poll Tax on Public Debate One of the more enduring myths accepted as reality […]
Trump, FDR, and War
Trump, FDR, and War President Trump’s campaign of “maximum pressure” against Iran reminds me of President Franklin Roosevelt’s similar campaign against Japan prior to the Japanese attack on Pearl Harbor. After England declared war on Germany, owing to the latter’s invasion of Poland, the American people were overwhelmingly opposed to entry into the war. That […]
Fourth Turning Economics
Fourth Turning Economics “In retrospect, the spark might seem as ominous as a financial crash, as ordinary as a national election, or as trivial as a Tea Party. The catalyst will unfold according to a basic Crisis dynamic that underlies all of these scenarios: An initial spark will trigger a chain reaction of unyielding responses […]
The First New Deal Ruined Energy Innovation
The First New Deal Ruined Energy Innovation About the only disappointing aspect of Burton Folsom’s New Deal or Raw Deal is that it doesn’t go far enough in its critique of FDR’s rural electrification program. The Roosevelt Institute claims, in all seriousness, that “while 90% of urban dwellers had electricity by the 1930s, only 10% of rural dwellers did […]
How Executive Order 6102 Doomed America
How Executive Order 6102 Doomed America BUENOS AIRES – Today, we woke up in Buenos Aires with a disagreeable headache… and a depressing hypothesis: First, it doesn’t matter whether Brett Kavanaugh is on the Supreme Court or not; one more Deep State toad won’t make any difference. Second, the Supreme Court has been derelict in […]
Three New Deals: Why the Nazis and Fascists Loved FDR
Three New Deals: Why the Nazis and Fascists Loved FDR [Three New Deals: Reflections on Roosevelt’s America, Mussolini’s Italy, and Hitler’s Germany, 1933-1939. By Wolfgang Schivelbusch. Metropolitan Books, 2006. 242 pgs.] Critics of Roosevelt’s New Deal often liken it to fascism. Roosevelt’s numerous defenders dismiss this charge as reactionary propaganda; but as Wolfgang Schivelbusch makes […]
President Franklin D. Roosevelt: Architect of Monetary Madness and a U.S. Debt Default
President Franklin D. Roosevelt: Architect of Monetary Madness and a U.S. Debt Default Every schoolchild is dutifully taught that President Franklin D. Roosevelt (FDR) was America’s savior. They are repeatedly told that FDR and his New Deal policies pulled the U.S. out of the Great Depression. What nonsense. In fact, FDR was the architect of […]
Learning from America’s Forgotten Default
Bettmann/Getty Images Learning from America’s Forgotten Default One of the most pervasive myths about the United States is that the federal government has never defaulted on its debts. There’s just one problem: it’s not true, and while few people remember the “gold clause cases” of the 1930s, that episode holds valuable lessons for leaders today. […]
The US Two-Tier Monetary System that Ended in 1971
The US Two-Tier Monetary System that Ended in 1971 QUESTION: You said the US had a two-tier monetary system under Bretton Woods. Can you explain that one, please? DHJ ANSWER: When Roosevelt confiscated gold, he created, in reality, a two-tier monetary system quite frankly as the medieval city of Florence. The Great Financial Panic of 1344 […]
State Property
State Property Franklin D. Roosevelt’s New Deal wrung from the trauma of the 1930s a lasting legacy of economic and social reform, including the Social Security Act, new banking and financial laws, regulatory legislation, and new opportunities for organized labor. Taken together, these reforms gave a measure of security to millions of Americans who had […]
Gold is the spectre haunting our monetary system
Gold is the spectre haunting our monetary system A scramble for gold has begun as central banks bet against US dollar inflation CREDIT:ALAMY For a century, elites have worked to eliminate monetary gold, both physically and ideologically. This began in 1914, with the UK’s entry into the First World War. The Bank of England wanted […]
