Nixon Killed America

[KenH]

Solution: Re-establish the gold standard.


Nixon Killed America

Posted by Lew Rockwell on October 24, 2009 06:23 AM

Hans Hoppe makes the point in Salamanca that historians will look back on August 15, 1971, as the beginning of the end for the US empire. That was the day when Dick Nixon—by dictatorial fiat—severed the final tie between the dollar and gold. Nixon thus inaugurated a world monetary system that was unprecedented in the annals of mankind: pure fiat money, with central banks unconstrained in their money printing. It has lasted 38 years, but is clearly in its death throes, just like the US empire.

- www.lewrockwell.com/blog/lewrw/archives/40761.html

 

[NaasPreacher (C4K)]

Interesting, even though I had just turned 16 at the time I remember trying to figure out the logic of using Monopoly money as a currency.

I agree that was the beginning of the end.

 

[KenH]

A 5:20 video that explains this very clearly:

www.youtube.com/watch?v=z6NfXk7Bvc8&feature=player_embedded

 

[Winman]

Well, there's more to it than that. Abraham Lincoln suspended the gold standard during the Civil War. Many countries after WW1 suspended it, Roosevelt took us off the gold standard for a while. But you are correct, we have been completely off the gold standard since 1971.

The gold standard is not infallible, it has problems of it's own. Here is a good article on the subject.

http://www.econlib.org/library/Enc/GoldStandard.html

 

[alatide]

Brings to mind William Jennings Bryan's famous "Cross of Gold" speech. Actually, he had something very relevant to say to us today:

http://www.youtube.com/watch?v=HeTkT5-w5RA


There are two ideas of government. There are those who believe that if you just legislate to make the well-to-do prosperous, that their prosperity will leak through on those below. The Democratic idea has been that if you legislate to make the masses prosperous their prosperity will find its way up and through every class that rests upon it.

You come to us and tell us that the great cities are in favor of the gold standard. I tell you that the great cities rest upon these broad and fertile prairies. Burn down your cities and leave our farms, and your cities will spring up again as if by magic. But destroy our farms and the grass will grow in the streets of every city in the country.

My friends, we shall declare that this nation is able to legislate for its own people on every question without waiting for the aid or consent of any other nation on earth, and upon that issue we expect to carry every single state in the Union.

I shall not slander the fair state of Massachusetts nor the state of New York by saying that when citizens are confronted with the proposition, “Is this nation able to attend to its own business?”—I will not slander either one by saying that the people of those states will declare our helpless impotency as a nation to attend to our own business. It is the issue of 1776 over again. Our ancestors, when but 3 million, had the courage to declare their political independence of every other nation upon earth. Shall we, their descendants, when we have grown to 70 million, declare that we are less independent than our forefathers? No, my friends, it will never be the judgment of this people. Therefore, we care not upon what lines the battle is fought. If they say bimetallism is good but we cannot have it till some nation helps us, we reply that, instead of having a gold standard because England has, we shall restore bimetallism, and then let England have bimetallism because the United States have.

If they dare to come out in the open field and defend the gold standard as a good thing, we shall fight them to the uttermost, having behind us the producing masses of the nation and the world. Having behind us the commercial interests and the laboring interests and all the toiling masses, we shall answer their demands for a gold standard by saying to them, you shall not press down upon the brow of labor this crown of thorns. You shall not crucify mankind upon a cross of gold.

 

[OldRegular]

Solution: Re-establish the gold standard.


Nixon Killed America

Posted by Lew Rockwell on October 24, 2009 06:23 AM

Hans Hoppe makes the point in Salamanca that historians will look back on August 15, 1971, as the beginning of the end for the US empire. That was the day when Dick Nixon—by dictatorial fiat—severed the final tie between the dollar and gold. Nixon thus inaugurated a world monetary system that was unprecedented in the annals of mankind: pure fiat money, with central banks unconstrained in their money printing. It has lasted 38 years, but is clearly in its death throes, just like the US empire.

- www.lewrockwell.com/blog/lewrw/archives/40761.html

Ken

Am I supposed to bow and knock my head against the floor seven times because you quote someone named Lew Rockwell?:BangHead::BangHead::BangHead::BangHead: Four [4] was all could do.

You are wrong almost as often as that guy whose name I promised not to mention anymore.

 

[Bro. Curtis]

Excellent article. Devastating results of this move by Nixon.

 

[KenH]

Am I supposed to bow and knock my head against the floor seven times because you quote someone named Lew Rockwell?

Don't know why I am the issue in this thread. Or even Lew Rockwell. How about watching the video and either agreeing or disagreeing with it?

This forum needs to deal a lot more with issues and whole lot less with individual posters. That one of the reason why our government has run amuck - in general the America people place personalities as more important than issues.

 

[OldRegular]

Don't know why I am the issue in this thread. Or even Lew Rockwell. How about watching the video and either agreeing or disagreeing with it?

This forum needs to deal a lot more with issues and whole lot less with individual posters. That one of the reason why our government has run amuck - in general the America people place personalities as more important than issues.

What has been done was done. I can't change history, neither am I ready to quit, using Nixon as an excuse.

 

[OldRegular]

Don't know why I am the issue in this thread. Or even Lew Rockwell. How about watching the video and either agreeing or disagreeing with it?

This forum needs to deal a lot more with issues and whole lot less with individual posters. That one of the reason why our government has run amuck - in general the America people place personalities as more important than issues.

What do you suggest? Tell the people who have paid $1000 per ounce for gold that it is now worth $32 per ounce. I believe that was the value when FDR forbid the ownership of gold coins.

 

[KenH]

Never mind, OR. Just never mind.

 

[Robert Snow]

Never mind, OR. Just never mind.

Maybe if the article had blamed Roosevelt, a democrat, and not Nixon, a republican, OR would not be so upset, who knows.

Thank you for this article, I find it very interesting. There is no doubt the removal of the gold standard has been a disaster for the U.S.

 

[OldRegular]

Maybe if the article had blamed Roosevelt, a democrat, and not Nixon, a republican, OR would not be so upset, who knows.

Thank you for this article, I find it very interesting. There is no doubt the removal of the gold standard has been a disaster for the U.S.

I thought that Gore warming had melted you away. Well perhaps the next time.

I am not the one who is upset. KenH apparently is. He should be upset over what der Fuhrer Barak Hussein Obama is doing, not something that happened 40 years ago and cannot be changed readily.

Incidentally, overspending by the Federal Government is the cause of the disaster.

 

[KenH]

1) He should be upset over what der Fuhrer Barak Hussein Obama is doing

2) Incidentally, overspending by the Federal Government is the cause of the disaster.

1) I am. I just don't engage in unproductive name calling toward the president. I prefer to deal with issues, not personalities.

2) With a gold standard it would be a whole lot more difficult for the federal government to deficit spend.

 

[Nonsequitur]

1) I am. I just don't engage in unproductive name calling toward the president. I prefer to deal with issues, not personalities.

Oh my gosh! Me too! So I'll let you name the great things that the present president has done for our people in this country, (you first):
#1?

 

[OldRegular]

1) I prefer to deal with issues, not personalities.

You can't deal with the issues unless you understand that we now have der Fuhrer.

 

[OldRegular]

Oh my gosh! Me too! So I'll let you name the great things that the present president has done for our people in this country, (you first):
#1?

Ken goes first. If you go second I will go third,,,,,,,, weelll, maybe I better wait before I make any rash promises. Ken may want to go 3rd, 4th and so on!

 

[Nonsequitur]

Ken goes first. If you go second I will go third,,,,,,,, weelll, maybe I better wait before I make any rash promises. Ken may want to go 3rd, 4th and so on!

Nah, more like in a couple of days.
I've noticed that when I'm on-line, none of my posts are answered until I'm out on my hunting lease, or fishing, etc.. In other words, the cod brains wait until I'm not on-line for awhile, then they answer. (Wimps) (Oops, I mean, cod-brained jelly-fish.) So in that respect, good-night all.
I'll read their feeble, unimaginative replies when I get back.

 

[KenH]

Oh my gosh! Me too! So I'll let you name the great things that the present president has done for our people in this country, (you first):
#1?

I can really only name two:

1) A calmer policy toward Iran.

2) Pulling back just a bit in Iraq.

Other than those, nothing.

 

[saturneptune]

Solution: Re-establish the gold standard.


Nixon Killed America

Posted by Lew Rockwell on October 24, 2009 06:23 AM

Hans Hoppe makes the point in Salamanca that historians will look back on August 15, 1971, as the beginning of the end for the US empire. That was the day when Dick Nixon—by dictatorial fiat—severed the final tie between the dollar and gold. Nixon thus inaugurated a world monetary system that was unprecedented in the annals of mankind: pure fiat money, with central banks unconstrained in their money printing. It has lasted 38 years, but is clearly in its death throes, just like the US empire.

- www.lewrockwell.com/blog/lewrw/archives/40761.html

As much as we disagree on politics, I have to agree with you on this particular incident. I did think at the time Nixon did a decent job in other areas especially foreign policy. I even got to shake his hand once. Over the years, after listening to some of the recorded tapes, I do not think as highly of him as I did, but still, overall, he beats the last four Presidents we have had.