Nixon was just the last nail
Reader comment on: Lewis Lehrman on Gold
Submitted by John Gillis (United States), Apr 26, 2011 18:48
While it's fine to knock Nixon for his bad act in 1971 to remove the last element of any gold relationship to the dollar, the booby prize still goes to FDR. He stole massive amounts of money from the American populace by first expropriating ALL physical gold from everyone at gun point, then turning around and, by classic fiat, asserting the gold was now worth (roughly) 50% more. He singlehandedly destroyed the gold standard. Nixon's dropping of the Bretton Woods convertibility fig leaf was not very substantive, even though the last nail in the coffin of the gold standard.
Note: Comments are moderated by the editor and are subject to editing.
Other reader comments on this item
Comment on this item