Guest Post by Etienne de la Boetie2
Nixon Takes Us off The Gold Standard and Dollar Debasement and Economic Collapse Begins
Nixon addressed the nation when he suspended the convertibility of the US Dollar to gold (while carving out exceptions for cronies), which effectively declared the US to be bankrupt and unable to pay its debts in gold as promised. While he didn’t use those terms in this address, that is the correct term for when you can’t pay what you have promised. He also simultaneously raised taxes on things Americans were importing as he simultaneously cut their purchasing power by devaluing the currency while dressing it up as a “good thing” for the working man in the typical lies of a politician.
Commentary by Etienne de la Boetie2, Founder of the Art of Liberty Foundation and author of “Government” – The Biggest Scam in History… Exposed!
Charts and Graphs by wtfhappenedin1971.com
The charts and graphs below from WTF Happened in 1971 are some of the most fascinating I have ever seen. What is most interesting is that the site owner failed to “Lead with the Punchline” and didn’t explain What the F%#$ Happened in 1971.
The short answer is that President Nixon took the country off the final vestiges of the gold standard, creating the widespread economic and societal decline that you see represented in the charts and graphs.
The beginning of debasement started with communist Presidents Woodrow Wilson, who passed the Federal Reserve Act in 1913 and Franklin Delano Roosevelt when he confiscated the people’s gold under “executive order” in 1933, but foreign governments could still purchase and redeem US Government Bonds in physical gold up until 1971.
Why would either President take such steps knowing them to be so harmful?
Our thesis is that after organized crime bankers lobbied and bribed the “government” to pass the Federal Reserve Act, they began using the ability of fractional reserve banking to begin “legally”/illegally counterfeiting U.S. Dollars. By 1933, they could no longer cover the potential redemptions for gold coin, so they had their puppet Roosevelt confiscate everyone’s gold.
Foreign countries and central banks could still convert USD-denominated bonds to gold under the Bretton Woods Agreement of 1944, but ridiculous criminal counterfeiting and debasement continued until foreign countries began to scramble for real gold in a high-stakes game of musical chairs. The charade was over by 1971, when France reportedly sent a warship to swap out its rapidly depreciating fiat paper tickets for real gold.
Here is a summary from Quora:
- It was a Sunday, August 16, 1971, and President Richard Nixon suspended convertibility of the US dollar into gold, effectively ending the 25-year Bretton Woods era of fixed currency exchange rates against the US dollar. US gold reserves were facing enormous pressure due to balance of payment concerns, the Vietnam War debt and Great Society programs, and the ensuing monetary inflation. A growing number of countries began to redeem their dollar holdings for gold.
- In addition, the German withdrawal from the Bretton Woods agreement sparked panic and a currency crisis. By the end of June 1971, $22 billion in assets had left the US. In July 1971, Switzerland redeemed $50 million for gold and one month later in August, pulled its Swiss Franc from the Bretton Woods agreement. At the same time, France redeemed $191 million for gold by sending a French battleship to New York to take delivery of the gold from the Federal Reserve and to bring back to France.
France sent a warship (some reported it as a battleship, but France had none. It was a destroyer) to New York (other reports indicated it was New Jersey) harbor in early August 1971 with instructions to bring back its gold from the New York Federal Reserve Bank. Etienne Note: The same Quora article reports it was actually a French ASW Instruction Ship called: Ocean. It was reported to be a Battleship by this 2016 Paper on the Incident: A “Barbarous Relic”: The French, Gold, and the Demise of Bretton Woods
In August 1971, French president Pompidou sent a battleship to New York harbor to remove France’s gold from the vault of the New York Federal Reserve Bank and to transport it to the Banque de France in Paris. Soon thereafter, gold accounted for 92 percent of French reserves. On August 11, the British requested that the Treasury remove the $3 billion of gold from the U.S. depository of Fort Knox to the New York Federal Reserve vault, where the gold of foreign governments was stored. As Paul Volcker, who was then treasury undersecretary for monetary affairs, put it: “If the British, who had founded the system with us, and who had fought so hard to defend their own currency, were going to take gold for their dollars, it was clear the game was indeed over.”70 When Nixon spoke on August 15, 1971, the U.S. held less than 10,000 tons of gold, less than half of what it once had.
Once the final gold backing was removed, the debasement, collapse and economic warfare against the people that we are witnessing today began in full, as evidenced by the charts and graphs from WTF Happened in 1971 below:
WTF Happened In 1971?
“I don’t believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can’t take it violently out of the hands of government, all we can do is by some sly roundabout way introduce something that they can’t stop.” – F.A. Hayek 1984
Etienne Note: Hat Tip to Epic Cash’s Max Freeman for bringing this website to my attention
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Most recently from https://wtf1971.com/:
How did you go bankrupt? Slowly at first and then all of a sudden.
A lot of people think a warship automatically means battleship. I think this article needs more graphs. Thats a joke by the way. When you spend more money than you bring in, like the US government, you cannot have or be on a gold standard. The only reason it lasted until 1971 is US financed the rebuilding of Europe. Once that was done, France decided they wanted gold instead of worthless paper. Kudos to France they could see where US dollar was headed back in the 70s!
If every American just invested all our thousands of billions of dollars in the infinite supply of gold coins, the market would soar, poverty would disappear, IQs would increase by 20 points, criminal Congress would become honest , the Great Replacement would cease , Bolsheviks would swing Right, feral foo foos would become civilized, San Francisco would become habitable again and all the EvangiBoomerThirdTemple,TwoGospelRaptureTard would stop gobbling chozenite cock….yayyyyyy..buy that gold and all your dreams will come true.
This message is approved by lolbertz for national buttsex protection.
There ain’t that much gold.
BINGO…we have winner.
It was taking us off the gold standard that turned our nation and government into a corrupt, crime ridden, godless, third world shithole of filth and debauchery….reeeee
No, it simply released all the scum that were being kept in check by the “gold standard.” And that corruption attracted even more from abroad.
lol… the gold standard kept the corrupt money-changers in check….we must print more gold certificates….reeeeeee
Actually, the REAL reason Nixon took us off the “gold standard” was because, once again, the Bank of England and its surrogates and toadies in NYC and Paris were using arbitrage against the gold reserves of the United States by manipulating the price of gold in Europe. By manipulating the international price of gold, these parasitic banks were causing a huge outflow of gold reserves from the US Treasury (which is why there were so many articles written in the 1980s asking if there actually was any gold left in Fort Knox). Nixon realized that there was nothing he could do against these parasitic banks and the parasites running them other than to demonetize gold by taking the US off the gold standard.
Contrary, Flash, thanks to the Bank of England and their surrogates in NYC, our Country has always been a turdworld shithole full of filth, debauchery, and pedophilia. Because of the NYC banks being toadies of the Bank of England, our currency and economy has been manipulated by these parasites since before the US became a Country. This is especially the case since Hamilton convinced Washington to start the First National Bank. This is the bank Andrew Jackson managed to destroy. Arron Burr actually did this Country a SOLID by offing Hamilton. Unfortunately, he didn’t do it sooner. This First National Bank actively worked AGAINST the United States in the War of 1812 and for the Bank of England.
All of this information can be found in two obscure books printed in 1899 which we are NOT supposed to know about because they expose the total corruption of the NYC banks, the Senate and House of Representatives, as well as many of the Presidents of our Country that actively worked to destroy the silver currency of the US. The Congress of this Country (House and Senate) has been actively working AGAINST the people and the businesses of America so the NYC banks can make fortunes by manipulating the economy (check the number of “Panics” in this Country since 1811… ALL manipulated by the NYC banks and their toadies in Congress). You will also realize that all of those “bad” bankrobbers such as Jessie James, the Younger Gang, and the Hole-in-the-Wall Gang were completely justified in knocking over these “national” banks.
These obscure books are: “The Coming Battle”, M.W. Walbert, 1899, republished by Walter Publishing in Merlin, Oregon, and, “The History of Currency 1252 – 1894”, W.A. Shaw, M.A. 1895, G.P. Putnam’s Sons.
So, anytime you hear some bozo ranting and raving to “get back on the gold standard” you will know that that person is either ignorant of the facts, or, a shill for the Bank of England. England has NEVER given up on it’s goal for returning the US to their absolute control. Happy reading.
Thumbs up, but I don’t know how this is contrary to anything I’ve ever written about the rotten toothed, money-changer controlled thieves of England?
Yep – I believed the same thing about Burr once I learned about a central bank of the US being bad for America.
Unfortunately, Broadway made a woke play Hamilton that’s a gross distortion of history in several ways, and the sad thing is, people who went to see those fags, believe that’s how history went.
Yep. But I’m sure that Bitcoin can fix all of this. LOL
Well it worked for 53 years, and most even today haven’t caught on…
…and they won’t. 2% of the population can see, 8% can see once they’ve experienced pain and 90% would rather die than see.
It is a Wide Gate…
What the fuck?
Why all the charts/graphs?
Unnecessary. Open your eyes.
Trust the economic science.
“The only function of economic forecasting is to make astrology look respectable.” ― John Kenneth Galbraith
I think this article needs more charts! Stat!
Anyway, France called the FUSA’s bluff, and demanded their gold back. Nice call.
I guess FUSA kind of defaulted going off the gold standard? Now the world is moving off the “petrodollar”, should be an interesting ride?
1913 was pretty bad, too:
(From https://wallstreetonparade.com/)
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It’s a plantation, and these are the lords of the manor:
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The Paper Of Altered Record; All The News That Fits The Narrative – has been botching the news:
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Trump is hiring, not draining, the swamp again, just like last time:
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Enjoy the time we have left:
https://www.youtube.com/watch?v=TFcl6Td5dgk
Hedge fund titan John Paulson.
“It also meshes with Donald Trump’s view of American capitalism, where the skill and cunning to commit crimes and avoid prosecution renders you fit for the highest political offices. (What should deeply concern every American, however, is why the national security agencies in the U.S. are tolerating this view.)”
Mortgages back in 1971 were 20% down & 20 years. Bought my 1st house in ’77. 10% down, so 1% was added to the 8% rate to compensate. 20 yr. amortization. S&Ls had a hard rule that the payment & taxes could not be more than 25% of your income.
https://china.usc.edu/getting-beijing-henry-kissingers-secret-1971-tripOctober 1967
Candidate Richard Nixon wrote in Foreign Affairs, “we simply cannot afford to leave China forever outside the family of nations, there to nurture its fantasies, cherish its hates, and threaten its neighbors. There is no place on this small planet for a billion of its potentially most able people to live in angry isolation.”
January 20-21, 1969
During one of his many meetings during his first two days as president, Richard Nixon wrote this note: “Chinese Communists: Short range—no change. Long range—we do not want 800,000,000 living in angry isolation. We want contact … [want] China—cooperative member of international community and member of Pacific community.”
Sold out before I was even old enough to vote! As if THAT would have made any difference.
I tell you…in the war between competence and circumstance, circumstance wins 100% of the time. Competence exhausts itself while circumstance just rolls merrily along forever.
Welcome to the machine, Copper Tops!
Same year the war on Drugs was illegally started. and the same year Nixon began CANCER research at FT. Detrick . Would like to know more?? Go to Yandex dot come and search the COVID KILL Switch
There is no covid.