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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Robin Plunder who wrote (99549)11/9/2008 7:42:56 PM
From: carranza2  Read Replies (1) of 110194
 
Not exactly.

The French were taking advantage of the convertibility of the buck into gold at a time when the price of gold was fixed. We were using the printing press too enthusiastically, thus the convertibility of currency into gold was a tremendous bargain for them and others who were converting. We would probably have run out of gold if the process had gone far enough.

That episode showed how difficult it is to back a currency with gold.
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