Do you realize this is why we went off gold standard? When you make currency convertible to a commodity. The supply cant keep up w demand. It leads to liquidity crisis
No that was to provide camouflage cover. The real reason we went off the gold standard was to accommodate big government. The US population in 1971 was about 200M and about 300M in 2008 or a 50% increase in 40 years. Take a look at the chart below. Over that same time period 1971-2008 the US monetary base increased about
700% in 40 years. Even worse from 2008-2012 or just 4 years it increased 300%! Liquidity crisis my rear. We're absolutely swimming in dollars. You should really listen to the following Peter Schiff episode. He really nails it talking about average people living on about $50 per week in the 50's yet having a full family, feeding & clothing the kids, without the wife working, and typically without a high school diploma, but it's because in today's dollars a comparable person would need to earn $140K per year.
https://www.youtube.com/watch?v=kHDcl5aiGus&list=UUIjuLiLHdFxYtFmWlbTGQRQhttp://i.imgur.com/dQmjktz.pngactually that is also camouflage...
we got off gold (silver and gold certificates) to Federal Reserve Notes because we got tired of handling gold for the world and to secure the future of a global currency backed by oil. ie the petrodollar
