This article is very easy to follow and states the facts about the future value of our fiat money printing.
In 1913 the US took a big step away from gold when it
authorized the Federal Reserve to issue paper notes that were
only 40% backed by gold while claiming they were fully convertible.
This fell apart when people
tried to exchange their paper money for gold in 1933.
Instead of admitting the central bank was bankrupt,
the government confiscated everyone's gold, made it illegal
for them to hold gold, and devalued the paper to $35 per oz of gold.
At Bretton Woods the US agreed that central banks around the world
could redeem $35 US for 1 oz of gold.
As countries tried to exchange their dollars for gold
it became clear US did not even have enough
gold to back the dollars returning from overseas.
Instead of admitting the central bank was bankrupt,
the US said it was "closing the gold window".
In reality this was stealing from billions of people.
By the time the dollar:gold ratio went from 35:1 to 800:1
the government was able to stabilize the dollar by buying
up dollars using gold and raising interest rates to 20%.
"I'm not upset that you lied to me, I'm upset that from now
on I can't believe you" - Friedrich Nietzsche.
Read more ...
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