30. March 2011 by admin.

From: http://www.thegoldstandardnow.org/key-blogs/110-the-moment-for-gold

This is what happened in the early 1980s, which we’d thought was a marvelous moment for monetary reform. After the great inflation unleashed by the failure of the Johnson and Nixon administrations to make hard fiscal choices during the Vietnam War — Johnson insisted on both guns and butter — the dollar collapsed to less than an 800^th of an ounce of gold from the 35^th of an ounce that it had been at, by law, during the years of Bretton Woods. So in 1981 Congress set up the United States Gold Commission, also known as the Reagan Commission, to look into what role gold might play in a monetary reform in America.

Eventually the commission rejected the idea of a return to gold, though it issued a famous minority report by two of its members, Lewis Lehrman and Ron Paul. But a the dollar was rescued, at least for a while, by the rise of Paul Volcker to the chairmanship of the Federal Reserve. His was a long reign of tight money that conquered inflation and started moving the value of the dollar back up. Mr. Volcker was able to do this because his tight money regime was operated in tandem with the tax cuts and other supply-side measures being put through by President Reagan.

The combination of policies touched off the Reagan boom, which ran through what the editor of the Wall Street Journal called “seven fat years,” and eventually it was extended into the 1990s and, after some retreats, into the 21^st Century under George Bush. It is astonishing, at least to us, to think that at the start of George W. Bush’s administration, in January 2001, a dollar was worth a 265^th of an ounce of gold.

Read More: http://www.thegoldstandardnow.org/key-blogs/110-the-moment-for-gold

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30. March 2011 by admin.

From: http://www.thegoldstandardnow.org/component/search/?searchword=fiscal+and+monetary&ordering=newest&searchphrase=all&limit=20

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30. March 2011 by admin.

From: http://www.thegoldstandardnow.org/featured-articles/183-fiat-money-fiat-inflation-fiat-dollar

Why we need a dollar as good as gold.

Since the beginning of 2009, oil prices have almost tripled, gasoline prices are up about 50 percent, and basic food prices, such as corn, soybeans, and wheat, have almost doubled around the world. Cotton and copper prices have reached all time highs; major rises in sugar, spice, and wheat prices have been creating food riots in poor countries, where basic goods inflation is rampant. That inflation is in part financed by the flood abroad of excess dollars created over the last couple of years by the Federal Reserve.

Those dollars also made possible the emerging market equity boom of 2009-2010. But foreign authorities are now raising interest rates as growth shifts to the United States and Europe. The years 2011-2012 will witness a Fed-fueled expansion in the United States. Unless there is a major oil spike from here, growth for 2011 in the United States will be above the new consensus of 3.5 percent—perhaps as high as 5 percent this year, with about 8 percent unemployment at year-end.

Read more: http://www.thegoldstandardnow.org/featured-articles/183-fiat-money-fiat-inflation-fiat-dollar

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