Who Really Killed the Gold Standard?

[DontTreadOnMe]

All I remember from school was what Nixon took the USA off the Gold Standard.
I admit I never gave it much thought one way or another until recent years.  Or how it was important.

This article from 2015 delves into the changes made to the Gold Standard and that FDR and LBJ both that their presidential fingers into the future of the Gold Standard,

Give a read, you may be surprised.
https://nationalinterest.org/feature/who...dard-12435

While it is true that President Nixon, on August 15, 1971, suspended the convertibility of the U.S. Dollar into gold in international transactions, thereby ending the Bretton Woods regime and putting the “final nail in the coffin” of the gold standard, Nixon’s action was pre-ordained by what LBJ had done three and a half years earlier.

The post-1965 increase in Federal Reserve Note liability (i.e., dollars) paralleled the rapid increases in both the U.S. federal budget and the U.S. Federal budget deficit associated with President Johnson’s “guns and butter” policies, otherwise known as the “Great Society” and the Vietnam War. LBJ’s focus on “guns and butter”, and his removal of the gold cover, ushered in a new paradigm in how the U.S. economy would be run. Free market capitalism was “out”; government controlled “creditism” was in … and has ruled us, and the rest of the world, ever since.

Well, well!!!!!  Looks like LBJ did more to send the USA into a tailspin than just creating The Great Society,
 
As far as FDR and his contribution:
https://www.investopedia.com/news/when-f...-standard/

Exactly 84 years ago, on April 20, 1933, the United States abandoned the gold standard, delinking the value of the dollar to gold. The person responsible for that was President Franklin D. Roosevelt, who had urged Congress to take up reform of the currency system in January that year.
“For example, the free circulation of gold coins is unnecessary, leads to hoarding, and tends to a possible weakening of national financial structures in times of emergency,” he said.

Looks like we didn't get the whole picture in school.....

[sahgwa]

All I remember from school was what Nixon took the USA off the Gold Standard.
I admit I never gave it much thought one way or another until recent years.  Or how it was important.

This article from 2015 delves into the changes made to the Gold Standard and that FDR and LBJ both that their presidential fingers into the future of the Gold Standard,

Give a read, you may be surprised.
https://nationalinterest.org/feature/who...dard-12435
Well, well!!!!!  Looks like LBJ did more to send the USA into a tailspin than just creating The Great Society,
 
As far as FDR and his contribution:
https://www.investopedia.com/news/when-f...-standard/

Looks like we didn't get the whole picture in school.....

LBJ also indirectly if not willingly killed Kennedy, so i am not surprised he also killed the gold standard. 
Thank you for the read, I will give it a look see. Just had to post about Little B Johnson

[DontTreadOnMe]

LBJ also indirectly if not willingly killed Kennedy, so i am not surprised he also killed the gold standard. 
Thank you for the read, I will give it a look see. Just had to post about Little B Johnson

I know.  The more you learn about actual history, the more you realize they left a lot out even in the 70-90s.
Johnson had his fingers in a lot of pies that we didn't hear much, if anything, about.

[guyfriday]

We might want to have a second "Public Credit Act" (it's a PDF, and if I knew how I would do one of those cool link styled posts where a person can scoll through the PDF without having to go to the site).
An Act supplementary to an Act entitled "An Act to authorize the Extension, Construction, and Use of a lateral Branch of the Baltimore and Potomac Railroad into and within the District of Columbia," approved February 5, 1867.

Which is impossible to direct quote, so I'll just repost from a link from WIKI
Public Credit Act of 1869 - Wikipedia

The Public Credit Act of 1869 in the USA states that bondholders who purchased bonds to help finance the Civil War (1861 – 1865) would be paid back in gold. The act was signed on March 18, 1869, and was mainly supported by the Republican Party, notably Senator John Sherman.

This act basically re-established the gold standard for the US currency until the advent of the Federal Reserve. Let that sink in.

[sahgwa]

I know.  The more you learn about actual history, the more you realize they left a lot out even in the 70-90s.
Johnson had his fingers in a lot of pies that we didn't hear much, if anything, about.

He couldn't wait to swear in.  I see that little smug smile in the photo with Jackie standing by.

[DontTreadOnMe]

He couldn't wait to swear in.  I see that little smug smile in the photo with Jackie standing by.

You know it.
That little smirk of whatever, trying to look somber. But feeling the new power coursing through his veins.

[sahgwa]

You know it.
That little smirk of whatever, trying to look somber. But feeling the new power coursing through his veins.

Probably the best book ever written on the Kennedy assassination, collating all the books that have come before with new research:

https://www.amazon.com/LBJ-Conspiracy-Ki...1935487183

[Karl12]

Thought there was some great (and relevant) insight in this short vid - especially what was said back in 1928 when Hjalmar Schacht (president of the German Reichstag) went to the Federal Reserve New York gold vaults




Cheers.