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Thread: 46 years ago today

  1. #1

    Exclamation 46 years ago today

    August 15 – A Red Letter Day

    https://www.lewrockwell.com/lrc-blog...ed-letter-day/

    This is August 15. Perhaps you know the historical importance of this very date more than a generation ago.

    Well, it marks the beginning of Woodstock, “three days of peace, love, and music,” in 1969. The music festival drew 400,000 people – and many more who would later claim to have been there!

    But it is also a red letter day in our country’s economic history. On August 15, 1971 events were set in motion that are driving to an unhappy finish.

    It was on this date 46 year ago that President Nixon severed the last remaining link of the U.S. dollar to gold, the preferred money of the ages. Nixon introduced a number of other destructive measures at the same time, including his wage and price control program, a harebrained scheme that played such an important role in ushering in the stagflation – economic stagnation accompanied by double-digit inflation – of the 1970s.

    Since the dollar is no longer redeemable in anything and anchored to nothing, there is no discipline on the extent of dollar creation by the politicians and the monetary authorities.

    And create money, they have. By the governments own calculations, figures that woefully understate the real loss of the dollar’s purchasing power, it would take $6.00 today to buy what $1.00 would purchase when Nixon closed the gold window.

    For the last thirty-five years the monetary authorities have been using the privilege of a currency freed from the restraint of gold to buy down interest rates and transfer wealth from Main Street to Wall Street. But from its beginnings the Fed has been in the business of funding wars that the American people would never have willingly taxed themselves to pay for.

    The monetary madness reached a frenzy of ferocity with Ben Bernanke and his madcap “Quantitative Easing.”

    Except for the Christian doctrine of the forgiveness of sin, I know of no serious world view in which a monumental malfeasance like the creation of trillions of dollars out of nothing can have been allowed to proceed without eventually producing the most grave consequences.

    Off the stage and mostly unobserved is the quickening of monetary events that were set in motion 46 years ago today.
    Another mark of a tyrant is that he likes foreigners better than citizens, and lives with them and invites them to his table; for the one are enemies, but the Others enter into no rivalry with him. - Aristotle's Politics Book 5 Part 11



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  3. #2
    By the governments own calculations, figures that woefully understate the real loss of the dollar’s purchasing power, it would take $6.00 today to buy what $1.00 would purchase when Nixon closed the gold window.
    And does anyone seriously believe $120,000 a year jobs are as common today as $20,000 a year jobs were then? Gee, wonder where the middle class went?

    Mission Accomplished!
    Quote Originally Posted by Swordsmyth View Post
    We believe our lying eyes...

  4. #3
    Quote Originally Posted by acptulsa View Post
    And does anyone seriously believe $120,000 a year jobs are as common today as $20,000 a year jobs were then? Gee, wonder where the middle class went?

    Mission Accomplished!
    Murdered, when Kissinger handed the US manufacturing base to the communist Chinese on a silver platter.

    Mission accomplished indeed.

  5. #4
    Quote Originally Posted by Anti Federalist View Post
    Murdered, when Kissinger handed the US manufacturing base to the communist Chinese on a silver platter.

    Mission accomplished indeed.
    Murdered when the Fed devalued the dollar daily.

    Ever try to ask your boss for a raise daily? What did you get?
    Quote Originally Posted by Swordsmyth View Post
    We believe our lying eyes...

  6. #5
    I think it may be worse than 6 dollars to 1 on some things I am familiar with .

  7. #6
    Quote Originally Posted by Anti Federalist View Post
    August 15 – A Red Letter Day

    https://www.lewrockwell.com/lrc-blog...ed-letter-day/

    This is August 15. Perhaps you know the historical importance of this very date more than a generation ago.

    Well, it marks the beginning of Woodstock, “three days of peace, love, and music,” in 1969. The music festival drew 400,000 people – and many more who would later claim to have been there!

    But it is also a red letter day in our country’s economic history. On August 15, 1971 events were set in motion that are driving to an unhappy finish.

    It was on this date 46 year ago that President Nixon severed the last remaining link of the U.S. dollar to gold, the preferred money of the ages. Nixon introduced a number of other destructive measures at the same time, including his wage and price control program, a harebrained scheme that played such an important role in ushering in the stagflation – economic stagnation accompanied by double-digit inflation – of the 1970s.

    Since the dollar is no longer redeemable in anything and anchored to nothing, there is no discipline on the extent of dollar creation by the politicians and the monetary authorities.

    And create money, they have. By the governments own calculations, figures that woefully understate the real loss of the dollar’s purchasing power, it would take $6.00 today to buy what $1.00 would purchase when Nixon closed the gold window.

    For the last thirty-five years the monetary authorities have been using the privilege of a currency freed from the restraint of gold to buy down interest rates and transfer wealth from Main Street to Wall Street. But from its beginnings the Fed has been in the business of funding wars that the American people would never have willingly taxed themselves to pay for.

    The monetary madness reached a frenzy of ferocity with Ben Bernanke and his madcap “Quantitative Easing.”

    Except for the Christian doctrine of the forgiveness of sin, I know of no serious world view in which a monumental malfeasance like the creation of trillions of dollars out of nothing can have been allowed to proceed without eventually producing the most grave consequences.

    Off the stage and mostly unobserved is the quickening of monetary events that were set in motion 46 years ago today.
    Hmmm...Makes me wonder what the penance for that is.
    Quote Originally Posted by Torchbearer
    what works can never be discussed online. there is only one language the government understands, and until the people start speaking it by the magazine full... things will remain the same.
    Hear/buy my music here "government is the enemy of liberty"-RP Support me on Patreon here Ephesians 6:12

  8. #7
    Quote Originally Posted by acptulsa View Post
    Murdered when the Fed devalued the dollar daily.

    Ever try to ask your boss for a raise daily? What did you get?
    Laughed out of the room...

  9. #8
    they don't give a $#@! about their country or people.



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  11. #9
    Proverbs 11:1
    The LORD detests dishonest scales, but accurate weights find favor with him.


    Rrrradicalized.
    Fear of man will prove to be a snare, but whoever trusts in the LORD is kept safe. Proverbs 29:25
    "I think the propaganda machine is the biggest problem that we face today in trying to get the truth out to people."
    Ron Paul

    Please watch, subscribe, like, & share, Ron Paul Liberty Report
    BITCHUTE IS A LIBERTY MINDED ALTERNATIVE TO GOOGLE SUBSIDIARY YOUTUBE

  12. #10
    The Triffin Dilemma, Nixon Shock, and IMF SDR's.

    https://en.wikipedia.org/wiki/Triffin_dilemma

    The Triffin dilemma or Triffin paradox is the conflict of economic interests that arises between short-term domestic and long-term international objectives for countries whose currencies serve as global reserve currencies. This dilemma was first identified in a 1929 book, Gold and Central Banks, by Polish economist Feliks Młynarski,[1] who identified a fundamental instability in a gold-based international monetary system, that the reserve currency countries would tend to accumulate foreign reserves, but as the volume of these grew relative to the country's gold reserves, international investors would begin to fear suspension of convertibility; later in the 1960s, it was rediscovered in the context of the Bretton Woods system by Belgian-American economist Robert Triffin, who pointed out that the country whose currency, being the global reserve currency, foreign nations wish to hold, must be willing to supply the world with an extra supply of its currency to fulfill world demand for these foreign exchange reserves, thus leading to a trade deficit. Due to Młynarski's precedence in articulating the problem, Barry Eichengreen has suggested renaming the problem to "the Młynarski dilemma".[1]

    The use of a national currency, such as the U.S. dollar, as global reserve currency leads to tension between its national and global monetary policy. This is reflected in fundamental imbalances in the balance of payments, specifically the current account, as some goals require an outflow of dollars from the United States, while others require an overall inflow.

    Specifically, the Triffin dilemma is usually cited to articulate the problems with the role of the U.S. dollar as the reserve currency under the Bretton Woods system. John Maynard Keynes had anticipated this difficulty and had advocated the use of a global reserve currency called "Bancor". Currently the IMF's SDRs are the closest thing to the proposed Bancor but they have not been adopted widely enough to replace the dollar as the global reserve currency.

    In the wake of the financial crisis of 2007–2008, the governor of the People's Bank of China explicitly named the reserve currency status of the US dollar as a contributing factor to global savings and investment imbalances that led to the crisis. As such the Triffin dilemma is related to the Global Savings Glut hypothesis because the dollar's reserve currency role exacerbates the U.S. current account deficit due to heightened demand for dollars.

    In the wake of the financial crisis of 2007–2008, the governor of the People's Bank of China explicitly named the Triffin Dilemma as the root cause of the economic disorder, in a speech titled Reform the International Monetary System. Zhou Xiaochuan's speech of 29 March 2009 proposed strengthening existing global currency controls, through the IMF.[2][3]

    This would involve a gradual move away from the U.S. dollar as a reserve currency and towards the use of IMF special drawing rights (SDRs) as a global reserve currency.

    We're being governed ruled by a geriatric Alzheimer patient/puppet whose strings are being pulled by an elitist oligarchy who believe they can manage the world... imagine the utter maniacal, sociopathic hubris!

  13. #11
    Quote Originally Posted by Anti Federalist View Post
    Laughed out of the room...
    ...or fired.
    Quote Originally Posted by Swordsmyth View Post
    We believe our lying eyes...



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