{"id":58979,"date":"2021-08-12T07:57:07","date_gmt":"2021-08-12T12:57:07","guid":{"rendered":"https:\/\/olduvai.ca\/?p=58979"},"modified":"2021-08-12T08:04:57","modified_gmt":"2021-08-12T13:04:57","slug":"a-look-back-at-nixons-infamous-monetary-decision","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=58979","title":{"rendered":"A Look Back at Nixon\u2019s Infamous Monetary\u00a0Decision"},"content":{"rendered":"
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A Look Back at Nixon\u2019s Infamous Monetary\u00a0Decision<\/a><\/h3>\n<\/header>\n
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A half century ago one of the most disastrous monetary decisions in U.S. history was committed by Richard Nixon.\u00a0 In a television address, the president declared that the nation would no longer redeem internationally dollars for gold.\u00a0 Since the dollar was the world\u2019s reserve currency, Nixon\u2019s closing of the \u201cGold Window\u201d put the world on an irredeemable paper monetary standard.<\/p>\n

The ramifications of the act continue to this very day.\u00a0 America\u2019s 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\u2019s infamous decision in August, 1971.<\/p>\n

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.\u00a0 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 \u2013 bank failures\/panics, bank runs, recessions\/depressions.\u00a0 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.<\/p>\n

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The next step on the road to monetary debasement was Franklin Roosevelt\u2019s \u00a0draconian measure of outlawing the private ownership of gold.\u00a0 This was not only an unprecedented and outrageous attack on private property, but it also eliminated gold redemption of dollars domestically, which gave the Fed unlimited power to print money without fear of its notes being redeemed.<\/p>\n

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The specious justification for the law, enacted shortly after the start of FDR\u2019s first tyrannical term in office, was to fight the Great Depression.\u00a0 Of course, the measure did nothing to mitigate the Depression which, in fact, was not caused by Americans\u2019 ownership of gold, but rather the Fed itself and its wild inflationary policies throughout the \u201cRoaring 20s.\u201d<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A Look Back at Nixon\u2019s Infamous Monetary\u00a0Decision A half century ago one of the most disastrous monetary decisions in U.S. history was committed by Richard Nixon.\u00a0 In a television address, the president declared that the nation would no longer redeem internationally dollars for gold.\u00a0 Since the dollar was the world\u2019s reserve currency, Nixon\u2019s closing of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[18793,9172,8069,303,27259,374,10998,383,534,4219,3650],"class_list":["post-58979","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-antonio-aquinas","tag-bretton-woods-agreement","tag-fdr","tag-fed","tag-franklin-d-roosevelt-2","tag-gold","tag-gold-window","tag-great-depression","tag-monetary-policy","tag-richard-nixon","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/58979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=58979"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/58979\/revisions"}],"predecessor-version":[{"id":58980,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/58979\/revisions\/58980"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=58979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=58979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=58979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}