The Nixon Shock
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Uploaded by fistfullproduction on Jan 22, 2012
On August 15, 1971, President Nixon announced on TV 3 dramatic changes in economic policy.
He ends the Bretton Woods international monetary system.
He imposes a temporary tax on all imports.
This was one of the most important decisions in modern financial, economic and monetary history.
Key Economic Facts:
Under the gold standard, a government is limited -- both legally and practically -- as to how much paper money it can print. As recently as the Lyndon Johnson administration, the U.S. could print paper dollars equal only to four times the value of the nation's gold reserves.
Closing the gold window -- is a euphemism for the U.S. defaulting on its promise to other countries to redeem dollars for gold.
In effect, it's a one hundred percent devaluation, a -- de facto -- default on the promise to redeem.
The current world monetary system assigns no special role to gold; indeed, the Federal Reserve is not obliged to tie the dollar to anything. It can print as much or as little money as it deems appropriate.
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Nixon Shock
The Bretton Woods system
Gold Standard
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NIXON= NAZI PRODIGY
finefilth 12 minutes ago
"i am determined that the american dollar must never again be a hostage in the hands of international speculators"
...yeah, save that for the national speculators in DC and wallstreet and let the international speculators have whats left over in the form of nations, banks and corporations.
one gargantuan ponzi-scheme...
RequiemForChange 1 week ago
Goodbye, Yellow Brick Road
The Bretton Woods system created an international gold standard with the U.S. dollar as the ultimate beneficiary. But in an ironic twist of fate, the system that was designed to bring stability to a war-torn global economy was threatening to plunge the world back into financial chaos. The gold standard created by Bretton Woods simply could not bear the financial excesses, coupled with the imperialistic pursuits, of the American economic empire.
JanRichardus 2 weeks ago
damn this great....this is where govt totally went off track and the death of the dollar began....great post....long live gold and silver....if you dont have any better get some....dollar = toilet paper
billyjoebobway 1 month ago