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The secret return to a ‘gold standard’

Posted on 07 November 2012

Although it happened more than 40 years ago, many Americans still rue the day back in 1971 when US President Richard M. Nixon effectively took this country off the so-called “gold standard.” Under a true gold standard, paper notes are “convertible” into pre-determined, fixed quantities of the “yellow metal.”
What actually happened back in 1971 was that President Nixon – facing huge budget and trade deficits, and a plunging dollar – enacted a series of economic moves, including the unilateral cancellation of the direct convertibility of the US dollar into gold………………………………………..Full Article: Source


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VRS - who has written 38515 posts on Opalesque Commodities Briefing.


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