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Sunday, March 16, 2014

MooPig 'Stuff No One Wants to Hear About' Department :: "Devaluation of our Dollar"

I Believe It, because I Lived It
Compiled articles by Pat Darnell  |  Mar 16, 2014  |  Bryan TX

[Picture LINK] Rockefeller is probably hoarding tons of gold, I bet he has a few rooms like this.

After 3000+ posts, MooPig Wisdom is finally putting the final pieces in to complete the jigsaw puzzle that is our current government, and business environment. Finding reasons for current events is a humbling task. We cannot say it is not without a bunch of zigging and zagging to go from the question "What in the name of God is our government doing?" ... to today's question ... "Oh, so that is why they are doing all this boondoggling?"

We have in essence been rehashing issues that bubbled up during the 60's - 70's. UCLA Berkeley says:

1971 Termination of Gold/Dollar Convertability - Timeline - Slaying the Dragon of Debt - Regional Oral History Office - University of California, Berkeley: "Under the Bretton Woods agreement of 1944 the U.S. dollar was the only national currency directly backed by gold. Other currencies were valued against the dollar, which could be exchanged through the U.S. government's "gold window" for a fixed amount of gold. Over the course of the 1960's, however, this system came under strain. Spending on the Vietnam War and Great Society as well as the revival of Western Europe and Japan led to a decline in the U.S. balance of payments. This, in turn, placed significant pressure on the dollar: U.S. gold holdings could not keep pace with the expanded money supply required by domestic and international economic growth. Fearful that other governments would rush to convert their dollars into gold and thereby precipitate a run on the dollar, on August 15, 1971 Richard Nixon unilaterally suspended dollar-gold convertibility."

'via Blog this'

It is as if Globalization, and International ambiguity hit the USA like a conflagration in the 1960's. Due to the spending on international pet projects like the Vietnam War and the Great Society, Nixon took away the gold standard of our currency. Our gold holdings could not keep up with our spending abroad. What would happen if Vietnamese suddenly turned all their dollars in for gold?

That act set in motion ripples in every phase of government, industry, business, and life withstanding. We are still riding this ripple today, like surfers with lots of fiat cash in our hip pockets.



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