February 8, 2010
Tricky Dick & Closing the Gold Window
They didn't call him "Tricky Dick" for nothing. In 1971, Nixon said, "For folks buying American cars, your dollar is worth just as much as it ever was."
(For folks buying foreign cars or buying oil to run their cars, not so much.)
He said Gold-dollar convertibility was "temporarily" suspended.
(39 years of temporariness so far, and counting…)
He called for a New Bretton Woods agreement.
(Attendees must still be looking for a place to meet?)
And he said, "The dollar is never to be held hostage."
(Congress just raised the debt limit to $14 trillion, and will put the dollar out of its hostage misery by killing it.)
I lost count of the other misstatements in this little temporary "closing the gold window" message.
Filed under Gold and Monetary Metals, Money by Financial Foghorn
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