Posts Tagged ‘Fiat Money’

The Gold Standard

June 5, 2012

Neal O’Hara Says: —

Official Washington concedes that the United States is actually off the gold standard. So all that those soldiers out at Fort Knox, Ky., are guarding is the source of our wedding rings and fillings for our teeth.

Portsmouth Herald (Portsmouth, New Hampshire) Jun 30, 1942

Paging New England By ERB

At present, the treasury, by order of the president — formerly by Federal Reserve system — can expand or limit money endlessly. Quoting a government manual, “Under present law it need only, at the beck of the president, wave a magic wand and money will gush forth. It need only speak and the value of gold, so long the yardstick of all monetary measurement, is altered in the twinkling of any eye.”

For in March 1933 we left the strict gold for gold bullion standard. As it is offense for the private citizen to possess gold coin, none in now minted. Thus, though today, the U.S. government possesses more gold than any other nation ever did, it is not for circulation.

Arbitrary prices were fixed on both gold and silver by the president, and this exchange affects the world. It is a blazing Midas power Americans possess, and a sober Midas responsibility.

Portsmouth Herald (Portsmouth, New Hampshire) Jul 29, 1942