Christ -
Quote:
Originally Posted by Christ
LOL - The dollar is dead, according to several large investment firms. Our dear-old government has over spent the federal reserve, and the gold-backer that has been held so dear for so long.
Granted, trade prices of gold keep going up, and each US-dollar is supposed to be backed by a dollar's worth of gold in US currency... when gold hits it's high in 2030, if we stop overspending ourselves (as a country) now, we MIGHT start working the deficit the other direction.
It's been widely stated that: "It's not what you own that determines who you are... it's what you have access to."
Or, in the words of my dad: "It's not who you know in this world... it's whose wife you keep happy." (as related to money... or maybe not.)
|
Is this true? I thought the USA-dollar gold standard ended in 1971 :
Nixon Shock - Wikipedia, the free encyclopedia
Quote:
In 1971 Nixon unilaterally canceled the Bretton Woods system and stopped the direct convertibility of the United States dollar to gold. The second shock was the 1972 Nixon visit to China that brought a surprising new twist to Cold War diplomacy.
...
Because of the excessive printing of paper dollars, and the negative balance of U.S. trade, other nations were increasingly demanding fulfillment of America's "promise to pay". That is, they were demanding gold from the U.S. in exchange for paper dollars. France, in particular, made heavy and repeated demands and acquired large amounts of gold in that manner.
In response, on August 15, 1971, Nixon unilaterally imposed 90-day wage and price controls, a 10% import surcharge, and most importantly "closed the gold window," making the dollar inconvertible to gold directly, except on the open market. Unusually, this decision was made without consulting members of the international monetary system or even with his own State Department, and was soon dubbed the Nixon shock.
|
I'm betting your Dad would love my unwritten PHD thesis :
1 - Title :
It's not what you know, it's who you know
2 - Content : One blank page
3 - Proof: If the professor's sign it, you have proved the thesis.
CarloSW2