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Old 03-01-2009, 04:40 PM
 
Location: Santa Monica
4,708 posts, read 7,922,803 times
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I would like to see whether there is any coherent statement of this point of view to be found on this board.
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Old 03-01-2009, 05:05 PM
Status: "Write me in for POTUS" (set 27 days ago)
 
Location: Near Manito
20,098 posts, read 22,007,337 times
Reputation: 15162
Quote:
Originally Posted by ParkTwain View Post
I would like to see whether there is any coherent statement of this point of view to be found on this board.
Didn't he do it so that there wouldn't be a run on gold and a subsequent draining of the US treasury? I recall that virtually every country in the world had floating currency within five years of Nixon's decision.
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Old 03-01-2009, 05:07 PM
 
Location: Raleigh, NC
9,043 posts, read 11,963,131 times
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Seems to be more than just a coincidence that in less than 40 years since the inception of worthless paper things masquerading as money for most of the economies to collapse .
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Old 03-01-2009, 05:20 PM
 
Location: Prepperland
14,936 posts, read 10,800,508 times
Reputation: 11534
It's a common myth promulgated by the propaganda ministry that the "dollar bill" (Federal Reserve Note) was "backed" by gold.

The law says something entirely different.
TITLE 12,UNITED STATES CODE, CHAPTER 3,SUBCHAPTER XII,sec. 411. Issuance to reserve banks; nature of obligation; redemption
" Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized. The said notes shall be OBLIGATIONS of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in LAWFUL MONEY on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank."
FRNs are obligations of the U.S. government to pay lawful money on demand.
LAWFUL MONEY - "The terms 'lawful money' and 'lawful money of the United States' shall be construed to mean gold or silver coin of the United States..."
Title 12 United States Code, Sec. 152.
Federal Reserve Notes are issued under the authority of Art 1 Sec 8 power to borrow on the credit of the United States.
Article 1, Section 8. U.S. Constitution.
The Congress shall have Power
...To borrow Money on the credit of the United States;
But the notes were repudiated in House Joint Resolution 192, (June 1933). Congress will no longer guarantee the 'exchange rate' of the dollar (for each FRN). But the law still defines the national debt (in excess of 10 trillion dollars) in terms of gold. That computes to a sum of 500 billion ounces gold. Which is 100 times as much gold as is estimated to exist, above ground, in the world. Fort Knox depository has roughly 147.3 million ounces of gold bullion.

And Congress cannot question the public debt because of the 14th amendment, even when it is insane.

Amendment 14, Section 4. The validity of the public debt of the United States, authorized by law, ..., shall not be questioned.

Since 1933, the U.S.A. has been under a perpetual "temporary" State of Emergency, first declared by FDR, and renewed by each sitting president, partisanship notwithstanding. The cause was bankruptcy to usurers (Federal Reserve Corporation). Since usury is mathematically impossible to pay in a finite money token system, one would hope that Congress would get up on its hind legs and repeal the Federal Reserve Act of 1913, amend / repeal the 14th amendment, and eradicate the public debt based on the fraud. Maybe even the president would end the State of Emergency, too!

Don't hold your breath waiting for it to happen.
The real power behind the president was and is the Secretary of Treasury, who is the paid employee of the World Bank and IMF. No president will ever oppose the wishes of the Bank, because we all know who protects the president - the Secret Service. And what branch do they work for?
The Treasury, whose secretary shall not be paid by the U.S. government, Title 22 USC Sec. 286a.
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Old 03-01-2009, 05:29 PM
 
Location: NE Ohio
30,416 posts, read 17,878,426 times
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Quote:
Originally Posted by ParkTwain View Post
I would like to see whether there is any coherent statement of this point of view to be found on this board.
Honestly, I did not know it was Nixon. But then, I didn't vote for Nixon. Would you believe I voted for McGovern? LOL Boy, did I change! It's called getting a job, buying a home, and finding out what the real world was all about!

All our friends on the beach thought we were nuts, had "gone off the deep end" and joined the "establishment"! LOL
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Old 03-01-2009, 05:32 PM
Status: "Write me in for POTUS" (set 27 days ago)
 
Location: Near Manito
20,098 posts, read 22,007,337 times
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Quote:
Originally Posted by nononsenseguy View Post
Honestly, I did not know it was Nixon. But then, I didn't vote for Nixon. Would you believe I voted for McGovern? LOL Boy, did I change! It's called getting a job, buying a home, and finding out what the real world was all about!

All our friends on the beach thought we were nuts, had "gone off the deep end" and joined the "establishment"! LOL
Wow. McGovern. I remember that. Didn't he carry like one state?

Sigh. The good old days. When DEMOCRATS were irrelevant.
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Old 03-01-2009, 05:38 PM
 
Location: toronto, Canada
772 posts, read 1,125,726 times
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The short answer to the posted question.

Foreign central banks and leaders like France's Charles de Gaulle were trying to redeem their dollars for gold.
Since the fed had printed so many dollars, it would have been a considerable amount of gold to pay out. I'm not sure if it was more than we had, but it was more than the U.S. was willing to pay out, so Nixon closed the gold window.

A better detailed answer can be found here.
The Anniversary of a Crime

The result; it was a stupid move only rivaled by FDR's demonetization of gold and his illegal confiscation of private property gold in the hands of citizens.
April 5, 1933, the day of infamy and the day FDR should have been dumped in the Boston Harbor, concrete feet and all.
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Old 03-01-2009, 05:40 PM
 
6,938 posts, read 9,658,604 times
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I'am not clear what this has to do with Nixon.


YouTube - FDR Ends Gold Standard in 1933
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Old 03-01-2009, 05:41 PM
Status: "Write me in for POTUS" (set 27 days ago)
 
Location: Near Manito
20,098 posts, read 22,007,337 times
Reputation: 15162
Quote:
Originally Posted by mcmastersteve View Post
The short answer to the posted question.

Foreign central banks and leaders like France's Charles de Gaulle were trying to redeem their dollars for gold.
Since the fed had printed so many dollars, it would have been a considerable amount of gold to pay out. I'm not sure if it was more than we had, but it was more than the U.S. was willing to pay out, so Nixon closed the gold window.
Right. Like I said.
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Old 03-01-2009, 05:45 PM
 
Location: New York, New York
4,861 posts, read 6,296,727 times
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Quote:
Originally Posted by ParkTwain View Post
I would like to see whether there is any coherent statement of this point of view to be found on this board.
To hide his interference in the "free market". Like all conservative politicians what they do and what they say are two different things.
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