NIXON TAPES: Joke on Henry Kissinger, Economy (John Connally)

[ieatpilli]

I was watching videos about George Burns... How the hell did I get here???

[ddubrul]

Well without convertibility there is nothing to restrict the endless printing of the world's reserve currency. Thanks for gettin rid of the "gold thing" DICK.

[lrd9999]

@ddubrul The cat was out of the bag on the "gold thing" by that time; there was already too much money in circulation for the reserves we had and the EU was happily carting away what was left. But Tricky Dick allegedly made the worst of it by threatening to reign-in the independence of the FED unless Arthur Burns flooded the country with fresh green ink. Of course Phase I was supposed to make the fear of inflation obsolete. LOL