Quote from: ponzinomics reloaded on November 12, 2014, 04:20:06 AM

Quote from: sidhujag on November 12, 2014, 04:05:37 AM

Velocity of money (lack thereof) is the real reason why gold standard was abolished...

what is exactly the problem with velocity of money in 1971?

Sorry, no government/central bank makes any monetary decision on the basis of velocity of money.

Quote from: sidhujag on November 12, 2014, 04:05:37 AM

not funding the war which was the indirect reason in 1971 to overturn the law...

a rise in military spending caused by the Vietnam War gradually worsened the overvaluation of the dollar.

End of Bretton Woods system
The system dissolved between 1968 and 1973. In August 1971, U.S. President Richard Nixon announced the "temporary" suspension of the dollar's convertibility into gold.

https://www.imf.org/external/about/histend.htm

Huh

??

History is always similar surprisingly!