Loading ...Things got a lot cheaper, a scramble for cash. Gold was $19 but the black market a lot higher, then Gov’t raised gold 79% to $34 but out lawed private ownership. Later on trading at $140/oz in black markets, foreigners redeemed dollars for gold at $34 when it was worth $140.
We had to demonstrate and complain to “their/our” allegedly “gov’t” to stop giving it away. In 1971. So after that instead of losing our gold we lost our high living standards by off shoring our industries.
This is all in history books. “They” grabby foreign countries don’t want to lose. “They” did “product and people dumping” on our shores. Kept us alive on life support, until the final crash in 2008 and kept us alive on life support again. We were supposed to crash in 2015 but Trump came on the scene along with the Fed and jawboned another 4 years.
This whole system is so screwed up, pretty much anything can happen during a transition.