[deMolay]

Is this a possibility? What else was discussed over wine at the G-20. http://www.moneyandmarkets.com/the-g-20 ... tion-27996

[Specop_007]

Well based on paragraph 3 I would say the entire article is opinion.

I’ve been studying this issue in great depth, all my life. And given the speed at which the financial crisis is unfolding, I would be very surprised if what I’m about to tell you now is not on the G-20 table this weekend.

[deMolay]

Just to cherry pick a little here. As mentioned in the article, is this not what FDR basically did?

[Specop_007]

Just to cherry pick a little here. As mentioned in the article, is this not what FDR basically did?

Well, FDR also confiscated gold.

[vision-master]

10 US dollars = 1 Amero OR worse.......

[deMolay]

Yes Spec he did but he also fixed the price of gold. It was about $20.00 US and he set it at $35.00. It basically stayed at $35.00, I think until Nixon cut the dollar loose in the 70's oil embargo, when the OPEC nations starting demanding gold for us dollars. Yes/No?

[Nickel]

Yes Spec he did but he also fixed the price of gold. It was about $20.00 US and he set it at $35.00. It basically stayed at $35.00, I think until Nixon cut the dollar loose in the 70's oil embargo, when the OPEC nations starting demanding gold for us dollars. Yes/No?

No, that predated the OPEC crisis. Nixon started printing fiat currency in huge amounts that was making the value of a US dollar ridiculous; France called the US on it by demanding gold for dollars and would have depleted the US gold reserves, so Nixon decoupled the dollar from gold. In 1973, Kissinger secured a deal with Saudi Arabia to accept only US dollars for oil, and Saudi Arabia got OPEC to toe the line. The US dollar's been backed by the demand for oil ever since.

[deMolay]

Gold was 20.67 from about 1880 until 1934 when it was set at 35.00. This stood until 1968-1975 approx. In 1975 it was cut loose. Kind of repeats what I was saying. So did FDR use gold to re-value the dollar? http://www.wisegeek.com/what-is-the-his ... f-gold.htm

[RdSnt]

No new system, just the same thieves who created this situation taking advantage to consolidate their grip on what's left.

[mefistofeles]

I would disagree I think a new system is definitely on the Horizon. In my mind this financial crisis has proven that without a doubt we need international regulators that do not stop at any national border per see.

The flow of funds and the activities of markets takes place over many nations. If we want to prevent financial anarachy and chaos our financial regulators must also be able to operate in such a manner.

[pogoliamo]

10 US dollars = 1 Amero OR worse.......

If you buy gold for 75 ameros and petrol for 5.5 how does that matter? USA would still have to pay the debt of 1 trillion ameros and the salaries would be 1/10 of what they are now in dollars.

But I will not annoy you anymore, you have a vision and you are a master.

[heroineworshipper]

The debts would have to be paid off with the new currency at 10x the price they were in the old currency. That didn't solve anything. In the end, the inflation idea fell over & he had to invent a new entitlement for debtors to finish his stupid web page.

[mos6507]

Just to cherry pick a little here. As mentioned in the article, is this not what FDR basically did?

Well, FDR also confiscated gold.

That sounded a lot worse than how it actually played out.

[idiom]

holy crap
So I get in this taxi right
and this taxi driver starts tellling me how america caused this current crisis with bretton woods 2 in '71

[lowem]

holy crap
So I get in this taxi right
and this taxi driver starts tellling me how america caused this current crisis with bretton woods 2 in '71

Pretty well-informed taxi driver.
A reformed Lehman banker in a former life?

[deMolay]

Not sure anyone answered my question, I'll try another tack. From 1776 until 1975 the USA was on a Gold Standard. In 1934, FDR confiscated all gold he could get his hands on and raised the price of the Gold from 20.67 to 35.00 per oz. and locked it in at that price. It stayed at 35.00 per oz. until 1968. Then in 1975 the US left the Gold standard. Did he in effect structurally revalue the dollar? By the way Lowem, bankers driving cabs? Looks like they are doing better than the 1930's when they had to polish apples and sell them on street corners.

[Nickel]

Gold was 20.67 from about 1880 until 1934 when it was set at 35.00. This stood until 1968-1975 approx. In 1975 it was cut loose.

Aug. 15, 1971, Nixon ended the direct convertibility of the US dollar to gold.

[Nickel]

holy crap
So I get in this taxi right
and this taxi driver starts tellling me how america caused this current crisis with bretton woods 2 in '71

Pretty well-informed taxi driver.
A reformed Lehman banker in a former life?

Or a former Nixon Administration figure.

[Nickel]

Not sure anyone answered my question, I'll try another tack. From 1776 until 1975 the USA was on a Gold Standard. In 1934, FDR confiscated all gold he could get his hands on and raised the price of the Gold from 20.67 to 35.00 per oz. and locked it in at that price. It stayed at 35.00 per oz. until 1968. Then in 1975 the US left the Gold standard. Did he in effect structurally revalue the dollar? By the way Lowem, bankers driving cabs? Looks like they are doing better than the 1930's when they had to polish apples and sell them on street corners.

The US adopted the gold standard in 1873 and abandoned it in 1933. The US dollar was still convertible for gold -- to other countries, not private individuals -- until 1971, not 1975.

[deMolay]

Since none of us answered the question. I looked it up and got this answer at http://en.wikipedia.org/wiki/History_of ... tes_dollar