Monday, August 22, 2016

From Our Archives
August 1971 - The Anniversary Of
President Nixon in 1971 says
We're Not Paying Our Debts
watch video below It’s well worth stopping whatever you’re doing for the next two minutes to check it out. You’ll see Nixon’s naked intent to remove the “golden fetters” from the wrist of U.S. budget makers so they could spend your money to their heart’s content
Daily Reckoning essay on the dollar, its relationship to gold, the Bretton Woods system .. On August 15 1971, President Nixon removed the final link between the U.S.$ & gold, changing the face of the U.S. economy & the purchasing power of the U.S.$ .. A former senior vice president of the Federal Reserve Bank of New York:
"From the very beginning, gold was the vulnerable point of the Bretton Woods system. Yet the open-ended gold commitment assumed by the United States government under the Bretton Woods legislation is readily understandable in view of the extraordinary circumstances of the time .. At the end of the war, our gold stock amounted to $20 billion, roughly 60 percent of the total of official gold reserves. As late as 1957, United States gold reserves exceeded by a ratio of three to one the total dollar reserves of all the foreign central banks. The dollar bestrode the exchange markets like a colossus."
As Lewis Lehrman, co-author of the Case for Gold with Dr. Ron Paul* says: President Nixon “issued an executive order on August 15, 1971 and said ‘I’m sorry, we’re not paying our debts.’”.. also read the essay.
LINK HERE to the essay

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