Funny Political Memes
- Thread starter Bowers3
- Start date
Official narrative.
1971: International Convertibility Ends:
. The Bretton Woods system, established after World War II, linked other currencies to the U.S. dollar, which was in turn convertible to gold at a fixed rate. However, by the late 1960s, the U.S. was facing increasing balance-of-payments deficits and declining gold reserves, making it difficult to maintain the fixed exchange rate. On August 15, 1971, President Nixon announced that the U.S. would no longer redeem dollars for gold, effectively ending the Bretton Woods system and the international gold standard.
Simple explanation in both 1933 and 1972 we needed more currency than we had gold to cover. So we printed it. Making it impossible to keep the standard.
After WWII, the US Dollar became the reserve currency of the world backed by gold (this is called the Bretton Woods system) with fixed exchange rates. This worked well and led to a strong dollar initially. The issue is that over time, other countries started asking to exchange dollars for gold. This started to significantly drain our gold reserves and would have led to a monetary crisis. So in 1976 after the jamaca accords, a new system was created, which is the one we are now on, where the currency is backed by fiat instead of gold.
This has led to issues with currency printing/inflation and is much worse than for the middle and working classes, but the old system was not tenable any more and was going to break.
Like many things, the long term solution is not so simple.
In 1933 they had to break from domestic gold exchange because of the industrial revolution. There were literally more products to buy than there was gold to buy them. Mass production broke the gold standard in that case.
The exchange rates was the problem. They could trade pounds for dollars then convert dollars to gold and use the gold to buy more pounds than they started with. Can't be on the gold standard and deficit spend. It jacks up exchange rates.
The government prints its own money, its sound financial policy. I print my own money, its a felony.
Sound? Most would not call it a sound monetary policy or sound money.The government prints its own money, its sound financial policy. I print my own money, its a felony.
You can start your own crypto now or mine or own coin if you want.
And it will end the same way as it did in the 1830's when banks could issue their own currencies.
Nah, I'll cash it out for a commodity that will keep up with inflation. Either Gold or Land. If there is a huge gold strike I'm buying land.
A messed up one where our galaxy is getting sucked into a black hole.
The one where we didn't get robbed in 2011 and kicked the crap out of LSU to get the first of three natties under Gundy. Hes governor now.
Polds4OSU
Marshall
268.785 Aufrufe · 25.918 Reaktionen | Do we laugh? Do we cry? When put like this, it’s startling how far MAGA Christianity is from the teachings of Jesus. | The New Evangelicals
Do we laugh? Do we cry? When put like this, it’s startling how far MAGA Christianity is from the teachings of Jesus..
www.facebook.com
Similar threads
