Dutch Central Bank Sale Announcement Imminent? Message Board

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Politics : Dutch Central Bank Sale Announcement Imminent?

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To: The Wharf who wrote (22198)	12/16/2004 6:13:23 PM
From: sea_urchin	Read Replies (1) of 80975

Darleen > Gold to me is not a currency. It's value is that of last resort when currency fails. Historically, yes, today, no. economics.about.com >>The gold standard effectively came to an end in 1933 when President Franklin D. Roosevelt outlawed private gold ownership (except for the purposes of jewelery). The Bretton Woods System, enacted in 1946 created a system of fixed exchange rates that allowed governments to sell their gold to the United States treasury at the price of $35/ounce. "The Bretton Woods system ended on August 15, 1971, when President Richard Nixon ended trading of gold at the fixed price of $35/ounce. At that point for the first time in history, formal links between the major world currencies and real commodities were severed". The gold standard has not been used in any major economy since that time.<< Anyway, the dollar isn't going to fail in our lifetime. It may get weaker, but fail, no. And if the dollar does fail you don't want to be around, with or without a bit of gold.

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