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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: mishedlo who wrote (73783)	11/7/2006 10:21:00 AM
From: Tommaso	Read Replies (1) of 110194

Sorry, Mish, I had to stop reading your blog when I got to this sentence: >>>For starters we did not really have a "gold standard" <<< Until Roosevelt acted on the authority given him by Congress, devalured the dollar, and made it illegal to hold gold, we certainly did have a gold standard. Anyone could exchange paper money for gold money at any time. It does not lend credibility to anything else that you say or believe if you try to change economic history. The "gold exchange standard" that you mention began with Roosevelt's actions and because the U. S. received so much gold from Europe, mainly, in the next twelve years, it remained more or less in effect until Nixon finally repudiated even that. Since then, we have had a totally fiat currency and the dollar has lost 75% of its purchasing power. I earned $1.50 an hour working for the Forest Service in 1956 and considered that not bad pay. I think the same work probably pays $8.50 an hour now. Bernanke is 95% correct in everything he says, and you are more than 50% wrong. That is why he is Chairman of the Federal Reserve, among other things.

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