50 years ago, on August 15, President Richard Nixon closed the « gold window”. It was a “temporary” measure according to what he said on TV this Sunday. With governments, temporary has a very different meaning…
Nixon was forced to do that: The US had printed too much dollars and had not enough gold to redeem all the foreign-held greenbacks.
Have a look at this hereafter chart and you’ll get it immediately.
We are in a pure fiat monetary system since then. Nothing backs the US dollar (or other currencies) except some “confidence”.
The US, supposedly, still have 8,135 tons of gold. The US government refused to audit the gold since 1953. Surprise, surprise…
And in the mean time China is claiming to have more than 14,000 tons : https://goldbroker.com/news/china-gold-reserves-scale-up-for-15-consecutive-years-by-2020-2451
both should be audited
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