We lost our gold backing in the early 70's in favor of becoming the global petrodollar. We lost the global petrodollar standing within the last month because our sanctions backfired. The US dollar is in real trouble and I expect inflation to spiral out of control
I think Roosevelt took the dollar off Gold in '33. Nixon just ended foreigners redeeming dollars for Gold in '71.
Not really... Roosevelt outlawed the private ownership of gold. Required everyone to sell their gold to the government at $25 ounce. Then revalued it too $35 ounce, he stole their wealth. In 1971 Nixon completely decoupled gold and silver from being money. He did this because the government abused the Bretton Woods agreement. The result was the petro dollar. Now they have abused that and it's going away very soon. They haven't audited Ft. Knox in since 1953. Ron Paul recently tried to force an audit but failed
I just realized that I've always thought of Fort Knox the same way I think of Santa Claus' North Pole. This has nothing to do with midgets, but when I was a kid I thought the North Pole was a real place, I even sent letters there. Similarly, I imagined a big old log built fort that surrounded a bunker full of gold guarded by soldiers. Today, I find they've both been relegated to childhood fictions. I'm not aware of any active process by which this happed. It just did, while presumably Fort Knox is still real.
Originally Posted by 16penny
If you put Taco Bell sauce in your ramen noodles it tastes just like poverty
