Remembering When Nixon Took the U.S. Off the Gold Standard

Jul.06 -- Yale School of Management Dean Emeritus Jeffrey Garten, author of "Three Days at Camp David," discusses the lessons learned from President Richard Nixon taking the U.S. off the gold standard. He speaks with Bloomberg's David Westin on "Balance of Power."

[reinhard]

Nixon said "suspend temporarily the convertibility" of the dollar to gold. LoL

[julianyo]

That devaluation was the biggest robbery in human history after Roosevelt's seize of gold. The enemy was inside, not outside. And you didn't fight him.

[peacefulscrimp]

They should have never let anyone take any of the gold out of the country. They should have printed the serial numbers of each dollar on the gold brick that they represented, and if you collected all the dollars that are attached to an individual bick you could visit the brick and maybe touch it. Letting anyone take the gold out of fort Knox was crazy.

[Harold_Callahan]

We can blame Nixon for taking us off the gold standard, but every president who has served since is equally as guilty for not putting us back onto the gold standard.

[MGarandMan]

One of the worst Presidents ever. Watergate was an uninvited late-night slumber party in comparison to this!!!

[vinicy]

Always a positive and negative although the negative really overshadows any positive

[GordonGekk]

I was respectfully watching him until he classified Nationalism as a problem. Many young men sacrificed their lives for this great country. Nationalism is the ideology created this country and protected it’s capability through the darkest of the times. Nationalism is not a problem it’s the strong relationship between the people and the country. And we need it now more than ever.

[joeharris]

That meant the US empire would fail. It was, as it is today, just a matter of time.

[robinj.]

For one point;
HE HAD NO RIGHT TO DO IT.
Just like FDR had no legal right to ORDER any US Citizen to "return all the gold coins" to the government!
READ THE CONSTITUTION.

[MyDrumsticks]

How does this conversation happen without mentioning Article 10 of the Constitution.

[MilitaryMilitary-tkif]

"nationalism" has new connotations in 2023. Keep it 💯

[sammyvh]

They looked into the future and saw not enough gold to cover the green back. We're all Keynesian now. The caveat is we never pay it back.

[scriptsmith]

Nowhere is the concept that money should be a store of value emphasized. John Maynard Keynes, whose thoughts greatly influenced the implementation of policy by FDR (whose 1932 Democratic Party campaign included a plank promising maintenance of the gold standard, but who promptly issued an Executive Order confiscating Americans' gold(!) immediately upon being elected) wrote that the benefits of printing unbacked fiat would be immediately seen (as in the creation of an alphabet soup assortment of new job-creating federal programs like the CCC, the TVA, the WPA, etc.) whereas the attendant inflation would only be recognized later. The national debt then was in the billions- i.e., a tiny fraction of the $35 trillion these policies have made possible. It was with a sickly grin that Nixon, on "closing the gold window, " said, "We're all Keynesians now."

[raultoro]

We don't think. Not in our wheel house.sadly. - neal a

[pledgeallegiance]

If we send a spacecraft to the psyche meteor and install a solar sail we can bring it close enough to mine. It would devalue all the gold as there's only 4 Olympic size swimming pools worth of gold on earth. However it in itself has value electronics, aircraft, space flight. The visor on a space helmet has gold in it to protect astronauts from the suns light. My dollar isn't that valuable. It's worth far more than our 34 trillion national debt.
Real Value is more than money 🚀🥇🧑‍🚀

[yakkyuu]

The GOLD standard WAS NOT a good thing AT ALL, a digital dollar that is ONLY run and controlled by the Federal Govt. IS BY FAR, the best solution!

I am amazed and VERY disappointed at so MANY history documentaries that TOTALLY LEAVE out THEE REAL main cause for the USA going off the gold standard;
1) the Fractional gold standard was a VERY minor issue
2) the want of ANY other country or entity wanting to get ALL their gold back at one time was also a VERY MINOR ISSUE.
3) the financing of the Vietnam war --was the LEAST of the issues, but it is the LIE that is told, over and over!

The REAL issues;
1) the USA was trying VERY hard to keep the peace between Israel and ALL the Arab countries, the UAB was very upset they lost the "6 day war" and their idea of recouping their many financial losses AND the IMPORTANT fact -- the UAB LEARNED -- they did NOT have enough up to date MILITARY ARMS to fight the war! Thus, the UAB was PUNISHING the USA for SUPPLYING Israel with so MANY BETTER weapons --- this is JUST PART -- of the GAS prices skyrocketing as the UAB oil cartel jacked up oil prices through the roof-- the UAB AND other Arab nations were going to make up ALL financial losses and try to figure out HOW to get BETTER military weapons!

Thus--- this is where HENRY KISSINGER steps in: he offered the UAB --MANY and continuous Military supplies - IN RETURN for 2 things-- 1) the UAB and the WHOLE oil cartel -- trade OIL -- for ONLY USA DOLLARS -- the Oil Cartel -accepted this offer 2) the Continual military supplying of arms to the UAB also MEANT the cartel would drastically LOWER the price of a barrel of OIL - and KEEP it in a RANGE --the Cartel accepted this also!

This deal had a historical name ; Kissingers deal of "oil for weapons"!


Now for the HIDDEN deal---
The UAB AND OTHER Arab nations (after the loss of the "6 day war") were doing something ELSE-- they were supplying SO MANY POOR COUNTRIES -- with much CHEAPER OIL-- but RAISING prices for almost ALL of Europe, England and the would they do this?

The UAB was CAUGHT by the CIA -making DEALS with the then SOVIET UNION--- to CORNER THE MARKET ON
The ARAB countries were OFFERING -- DIRT CHEAP OIL to POOR This next part is SO IMPORTANT---- offering extreme LOW priced OIL--- in EXCHANGE for LARGE amounts of these POOR countries

The Soviet Union was doing THEE SAME THING: the idea behind this; Get control of as MUCH GOLD as possible -- poor countries were in VERY DESPERATE NEED of this "dirt cheap oil", the UAB AND SOVIET UNION -- were taking so MUCH GOLD from these poor countries ---WHY? The poor countries were exchanging as much gold as possible - all for the extreme need of dirt cheap oil!

The UAB/ Soviet alliance KNEW if they could get ENOUGH GOLD --- they would be able to CONTROL -- THE CURRENCY exchange RATES-- especially -- the DOLLAR-- as it IS the preferred currency!
This alliance also KNEW -- they DID NOT NEED to have the MAJORITY of gold in the world-- but ENOUGH to have a LOT of control over the currency markets( remember-- this video STATED-- there is NOT enough gold to COVER ALL paper dollars that might WANT gold)

Kissinger put a STOP to this --- when he demanded using ONLY DOLLARS for military weapons on a continual need! This STOPPED the alliance as the UAB AND other Arab countries WANT the military technology!!

It is ALWAYS GOOD TO REMEMBER: "The man who OWNS the GOLD ALWAYS makes THE RULES"! This UAB/Soviet alliance was trying to control enough GOLD to control to have MASSIVE effect on the Currency markets --- this would have created SO MUCH FINANCIAL -- instability - and could THROW many countries into SEVERE recessions, or even Depressions!

[EpiclyReckless]

Fake news. It was Roosevelt in the thirties.

[herculeslianos]

Sounds to me like China is doing better at doing business.