Also note that 1971 point, what happened there. That sure seems like the 2000 dot com tech bust. What was going on there. What did it say were the motives of this shit in the previous post.
Also note that 1971 point, what happened there.
Nixon permanently abandoned the gold standard.
What is remarkable is that, even "adjusted for inflation", the US-Dollar keeps losing value compared to a relatively steady value, such as gold, indicating massive hidden inflation.
The dollar was literally tied by law to the price of gold until 1971, so this is a weird graph to see. Notice how much the price of gold fluctuated even while being fixed to the dollar. Hence why it became illegal to privately hold gold reserves in the early 20th century.
Also, the price of gold should be the global indicator of inflation. So if we had an honest government that was honest about the rate of inflation, this graph would be a straight line.
Also note that 1971 point, what happened there. That sure seems like the 2000 dot com tech bust. What was going on there. What did it say were the motives of this shit in the previous post.
What is remarkable is that, even "adjusted for inflation", the US-Dollar keeps losing value compared to a relatively steady value, such as gold, indicating massive hidden inflation.
He said it was a "temporary" closing of the gold window.
This is a reflection of what the dollar has done.
An ounce of gold has always been worth an ounce of gold.
The value a the dollar has been all over the place --- it is a terrible measuring stick.
The dollar was literally tied by law to the price of gold until 1971, so this is a weird graph to see. Notice how much the price of gold fluctuated even while being fixed to the dollar. Hence why it became illegal to privately hold gold reserves in the early 20th century.
Also, the price of gold should be the global indicator of inflation. So if we had an honest government that was honest about the rate of inflation, this graph would be a straight line.