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What was our country like back before the Gold standard was ended in August 1971?
Posted on 12/30/25 at 4:02 pm
Posted on 12/30/25 at 4:02 pm
11
Posted on 12/30/25 at 4:04 pm to Ailsa
Whatever happened with the Fort Knox audit?
Posted on 12/30/25 at 4:04 pm to Ailsa
Thinner
Posted on 12/30/25 at 4:05 pm to TrueTiger
quote:
Whatever happened with the Fort Knox audit?
Memory Holed.
Posted on 12/30/25 at 4:15 pm to Ailsa
Nixon was a terrible president.
Wage and price controls, Nixon "Shock," creating the EPA...
Wage and price controls, Nixon "Shock," creating the EPA...
Posted on 12/30/25 at 4:21 pm to Ailsa
Yep.
Posted on 12/30/25 at 4:24 pm to Ailsa
#ronpaulwasright
Posted on 12/30/25 at 4:25 pm to Ailsa
What was it like culturally or fiscally?
Culturally there was a semblance of a shared American culture, today that shared culture is eroding at an increasing rate.
Fiscally? From google AI.......
In 1971the US had less than $400 billion in debt. In 1971 Nixon used a presidential EO to decouple the US from a gold back monetary policy, placing the US on the course for financial collapse.....now it appears the US is in an irreversible debt spiral with over $38 trillion of debt, with over a $1 trillion/year debt service.
Culturally there was a semblance of a shared American culture, today that shared culture is eroding at an increasing rate.
Fiscally? From google AI.......
quote:
For reference, the national debt by the end of World War II in 1945 had reached $285 billion, and was $381 billion in 1970.
Since going off the gold standard, government spending and deficits have increased, with the debt-to-GDP ratio rising significantly. The ability to print money not backed by a hard asset has allowed for greater fiscal flexibility, but has also coincided with a massive increase in the national debt, which has now grown into the trillions.
In 1971the US had less than $400 billion in debt. In 1971 Nixon used a presidential EO to decouple the US from a gold back monetary policy, placing the US on the course for financial collapse.....now it appears the US is in an irreversible debt spiral with over $38 trillion of debt, with over a $1 trillion/year debt service.
Posted on 12/30/25 at 4:26 pm to TrueTiger
quote:
Whatever happened with the Fort Knox audit?
I think Trump and Elon had a brief meeting and decided it's best to not know.
Posted on 12/30/25 at 4:26 pm to LChama
Had a buddy in HS that had a conversion van, and did have a bed in the back..lol
Posted on 12/30/25 at 4:29 pm to LChama
Conversion vans like this were generally well after 1971...
Posted on 12/30/25 at 4:31 pm to Ailsa
The massive inflation starting at the drop of the Gold Standard speaks volumes about its effects. Look at the prices of everything from housing to cars from 1920 to 1971, and then the rate of price rises from that point onward. The rate takes off like a fighter jet.
Posted on 12/30/25 at 4:32 pm to Ailsa
quote:The U.S. effectively abandoned the domestic gold standard by removing gold coins and certificates from circulation under FDR. He subsequently devalued the dollar, raising the official USD-gold price from $20.67 to $35 per ounce in 1934. That transitioned the US from a gold specie to a gold bullion system where the dollar was not directly convertible to gold for citizens.
What was our country like back before the Gold standard was ended in August 1971?
The true pre-FDR gold standard economy was VERY different. Concerns then were price and wage deflation, not inflation.
Posted on 12/30/25 at 4:34 pm to Ailsa
Two Republican candidates in my lifetime have even mentioned the gold standard. They were Pat Buchanan and Ron Paul. Both of them were exiled from the Republican Party, just like posters here want to exile those who don't toe the line when it comes to fiscal insanity and foreign policy interventionism.
Posted on 12/30/25 at 4:35 pm to LChama
Awesome boogie van appearing in the latest issue of Rolling Heavy. It was painted by Scott Newstead at Cold War Motors in Alberta. Best panel beater (outside of Carter Auto Restylying) and paint man on YouTube
Posted on 12/30/25 at 4:37 pm to BRich
quote:i linked the paint video on YT. Was 5 years ago I think. Cold war motors is must see YT for gearheads
Conversion vans like this were generally well after 1971...
Posted on 12/30/25 at 4:42 pm to Ailsa
The cars were cool and the women didn’t have metal through their noses
Posted on 12/30/25 at 4:43 pm to LChama
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