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The Real Story of America Abandoning the Gold Standard
It's widely held that all of our financial woes are the result of abandoning the discipline of the gold standard in 1971. The premise here is that if the U.S. had maintained the gold standard, the excesses of the fiat currencies regime could not have arisen. The real story is the U.S. was hemorrhaging gold in the 1960s at such a rate that America's entire gold reserves would have disappeared by 1976 - 1978. Other nations converted their dollars into gold as a furious pace, draining America's gold reserves. Once your gold is gone, you can't have a gold standard. (see chart below.) The point here is the U.S. was only a ... (full story)