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To: Don Lloyd who wrote (14716)	2/9/2002 3:58:28 PM
From: Ilaine	Respond to of 74559

>>When President Roosevelt in 1933 was persuaded to devalue the dollar against gold and to make it illegal for U.S. citizens to own gold bullion, the mechanism changed again, but the dollar was still defined as a specific weight of gold. The dollar had been defined as 0.0483% of an ounce of pure gold. FDR changed it himself, without any consultation, to 0.0285% of an ounce. That is, where it took only $20.67 to buy an ounce, Roosevelt said it now would take $35.<< polyconomics.com