![They got away with it, we will never get it back [500x533 - 54KB]](https://pic8.co/sh/MJYaWR.jpg){kind=link}
The disaster with gold began in 1913. Went into final effect on 1944
Wothout nixons act USA economy was dead. Too many promissory notes as world currency. No way near enough capital gold to back up those cheques
The disaster with gold began in 1913. Went into final effect on 1944
Wothout nixons act USA economy was dead.
Too many promissory notes as world currency. No way near enough capital gold to back up those cheques
Dont forget FDR in 1933 taking everyone's gold to prevent "hoarding".
Dont forget FDR in 1933 taking everyone's gold to prevent "hoarding".
that was precisely the point and why the economy was unbreakable
you couldn't spend more than you had or inflate the money supply to pay for it.
that was precisely the point and why the economy was unbreakable
you couldn't spend more than you had or inflate the money supply to pay for it.
Except from 1944 the money supply was backing the works bank and imf and huge amounts of was loaned and being called in for which USA had not the gold for
Except from 1944 the money supply was backing the works bank and imf and huge amounts of was loaned and being called in for which USA had not the gold for
not possible on a gold standard
if the money was being called in
and it was backed by gold
then
by definition, they had the gold for it
not possible on a gold standard
if the money was being called in
and it was backed by gold
then
by definition, they had the gold for it
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