The View From 1776

A Prudent Federal Reserve System

President Nixon severed our last link with sound money in 1971, when he arbitrarily took the United States off the Bretton Woods version of a gold standard.

President Franklin Roosevelt began abandonment of prudence in 1933, when he arbitrarily reneged on contractual promises that Federal debts, including paper currency, had to be paid in gold at the holder’s option (see How FDR Destroyed the Dollar).  Until 1933, the U. S. dollar was the among the strongest and most stable currencies in the world.

Posted by .(JavaScript must be enabled to view this email address) on 10/29 at 06:03 PM
  1. I read a great line in a recent article that appeared in the "Future of Freedom" letter: The author observed that voters should not think of rising prices as a result of cost increases. That way they blame the producers, the oil companies, etc.

    Rising prices are not caused by actions of the producers--they are caused by the decline in the value of the dollar. And, the dollar's decline is the work of government planners, the Federal Reserve, printing money, and huge stimulus spending--In short, inflation is the fault of politicians and bureaucrats!
    Posted by bill greene  on  11/01  at  10:36 AM
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