Tuesday, January 1, 2019

Nixon made the decision to end convertibility of the dollar to gold in 1971, a series of negotiations including the "Smithsonian Agreement"

50) Although Nixon made the decision to end convertibility of the dollar to gold in 1971, a series of negotiations including the "Smithsonian Agreement" prolonged the gold standard until 1973. The definition of the dollar in terms of gold was changed by the legislature in 1976.
5:44 PM - 1 Jan 2019
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    1.  3 hours ago
      51) Our next questions is: Would it would be wise for the US to return to the gold standard? If the US returns to the gold standard, the entire world returns, since the dollar is the world's reserve currency and other currencies will follow suit.
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    2.  3 hours ago
      52) Returning to the gold standard does not necessarily mean the end of the Federal Reserve. The Fed oversaw nearly two decades of monetary policy from 1914-1933 when the US was on a true gold standard.
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    3.  3 hours ago
      53) We must evaluate the performance of the Fed, the current situation regarding our monetary supply, economic growth, inflation, debt and other factors before we can determine the best course of action. We also need to know how the President views the Fed and the gold standard
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    4.  2 hours ago
      54) Let's look next at monetary supply (the amount of money in circulation) and debt. Some nations have attempted to get out of debt by printing more money. The newly printed money is then used to settle the debt that is owed.
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    5.  2 hours ago
      55) From 1921-1923, the Weimar Republic of Germany incurred massive debt. The government printed money day and night in an attempt to repay it. The printing of money cause one the worst cases of hyperinflation in history and led to economic collapse.
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    6.  2 hours ago
      56) From 2006-2008 Zimbabwe suffered massive government debt. Their response was to print more money to repay it. The inflation rate for November of 2008 was 79,600,000,000%. Roughly every day, prices doubled.
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    7.  2 hours ago
      57) Argentina suffered a severe economic crisis from 1998-2002. Poor fiscal management, hyperinflation and loss of confidence in their currency were major contributing factors.
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    8.  2 hours ago
      58) Those who study the subject have found that hyperinflation (a dramatic increase in prices) is the culprit in nearly all cases of economic collapse.
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    9.  2 hours ago
      59) These same experts have also concluded that the best predictor of hyperinflation (and therefore economic collapse) is a high debt to GDP ratio.
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    10.  2 hours ago
      60) That is what one would expect since massive government debt is what compels a nation to print money. The money is used to repay the debt but in doing so, the nation's currency is devalued which causes hyperinflation and economic collapse.
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Posted by Robby Ball at 5:18 PM