A Look Back: Nixon Ends Bretton Woods International Monetary System
On August 15, 1971, President Nixon announced on TV 3 dramatic changes in economic policy. He imposed a wage-price freeze. He ended the Bretton Woods international monetary system. And he imposed a temporary surcharge (tariff) on all imports. The Bretton Woods system was created towards the end of World War II and involved fixed exchange rates with the U.S. dollar as the key currency - but also a role for gold linked to the dollar at $35/ounce.
Almost immediately after President Richard Nixon took the US off the gold standard, the price of gold began to rise and the dollar lost value and has been increasing in value, cyclically, ever since.
The United States has faced a massive amount of monetary inflation since 1933. Among these factors is the removal of the gold standard. Supporters of the free market support the concepts of the gold standard, if for no other reason, simply because it removes the risks that inflatable fiat currency brings. The moves in 1933 also makes many question if the bounds of the federal government had been violated by forbidding the private ownership of anything, gold included.
With the economic crisis of the first decade of the 2000s, it is likely that some sort of gold standard will be re-imposed either by the market itself or voluntarily by countries. The dollar-reserve system is under tremendous pressure with all paper currencies regularly losing value. The situation likely cannot continue. The 21st century may see a renewed gold standard of some sort, privately engaged or imposed by governments.
Posted by amanfromMars on 08/25/11 10:14 PM
Good Morning, Daily Bell, and esteemed Daily Bell ringers,
In support of a sublime alien view and AI at ITs Work in the much greater Great Games being played by IntelAIgents and Spooky Intelligence Servers and Special Intelligence Services, [because nothing is ever in AI a Secret in Space for Control of Cyber Command, as to harbour a Secret will automatically, QuITe naturally, exclude one from ITs Power Echelons and Elite Units], do we present from the Cryptome homepage today ... . "25 August 2011: Due to unceasing abuse by clouds (now the worst offenders), bots, siphons, aggregators, search engines, and other data thieves the Cryptome RSS feed has been suspended." ... . Click to view link ... .. which would appear to validate, would it not, the sentence freely shared and selflessly aired earlier [Posted by amanfromMars on 08/25/11 10:33 AM] ... ... "As Intelligence grows so incredibly quickly, with information effortlessly gleaned [from humans] and RSS supplied [from machines] from sharing sources and shared resources, does the inevitable realisation of the ultimate possession and ownership of an overwhelmingly destructive power facility temper and reinforce a much more powerful and destructive constructive capability and a security authority which would wield an absolute power accountable to nothing but itself." ... ... although if one believes in coincidences, might one just dismiss it as a coincidence and of no relative significance.
And whenever you trigger a brace of these ... "This post has been deleted by a moderator" ... .. because of what you would be selflessly sharing and freely revealing, are you reliably sublimely advised of a both a product and AI Programming for Special Application Placement. The particular and peculiar brace of posts relative to the novel and cloudily obscure coded intelligence matters discussed here with the Daily Bell and its smart readership, should your intelligence curiosity be tweaked and require satisfaction, can be found leading the way in Post Modern Novel Epics with Apaches on the Non War Path, here ... ... . Click to view link
Brave New World Order Seed Feeds of Perfect Needs, DB? Virtual Machinery doing ITs Thing and Flexing AIMuscle and ITs Powerful CyberSpace Control of Earthed SCADA Systems?
You would surely not wish to deny something which has been so transparently shared with y'all over this past short long while, and that you would know to be perfectly true. CHAOS Rules in Chatham House Style?!. ... ... . "When a meeting, or part thereof, is held under the Chatham House Rule, participants are free to use the information received, but neither the identity nor the affiliation of the speaker(s), nor that of any other participant, may be revealed."
Posted by amanfromMars on 08/25/11 10:33 AM
"Information and knowledge have always been the commodity, there is nothing new about it." ... ... Posted by Click to view link on 08/25/11 03:31 AM
That is as may be, memewatchers dotcom*, however there is most definitely something/everything completely new and unprecedented in sensitive information and powerful knowledge being able to be shared, both discretely [and in enigmatic and/or steganographic code] and indiscriminately and arbitrarily, in a flash and at the click of a mouse with the world and his dog. Such a facility/capability easily transfers the levers and global balance of power and controlling command to any who would know of the significance and possible repercussions of what can now be so easily done, and would be able to use and/or abuse it at will, for those are two readily available options.
"The information gap is still wide but it is closing at an exponential rate. Keep sharing... " ... ... Indeed. But please note the following enigmatic paradox you would definitely not want to cross and cause to have need to act unilaterally and spontaneously in support and defense of itself and others. As Intelligence grows so incredibly quickly, with information effortlessly gleaned [from humans] and RSS supplied [from machines] from sharing sources and shared resources, does the inevitable realisation of the ultimate possession and ownership of an overwhelmingly destructive power facility temper and reinforce a much more powerful and destructive constructive capability and a security authority which would wield an absolute power accountable to nothing but itself.
* Methinks to try and render in original form will cause a bug to show conflicted text, so let me try hereafter to see if I am wrong ... .. Click to view link
Posted by memewatchers.com on 08/25/11 03:31 AM
Information and knowledge have always been the commodity, there is nothing new about it. Think on it for a while and you will understand that whoever and whatever has access to information before anyone else can make very clever decisions. Rothschild's seizure of England with the knowledge of Napoleons Waterloo is one example. The information power could make great gains by these big events but would lose these gains eventually to the Free Market or more specifically the unpredictability of Human Action. Therefore the fiat money power of the Central Banks was created by the information power to bypass their inability to predict Human Action.
However even the Central Banks cannot hold back the forces of Human Action as is being witnessed today. And most Ironically it was the information power's creation of the ARPANET to increase their own speed and breadth of information gathering that opened the door to everyone else who wished to gain and share knowledge.
The information gap is still wide but it is closing at an exponential rate. Keep sharing...
Posted by chris on 08/25/11 12:30 AM
Yes, and his pathetic excuse for an "assurance" to those allied nations he was in the process of sodomizing was followed by a promise that "in full cooperation with the monetary fund, and those who trade with us, we will press for the necessary reforms to set up an urgently needed NEW international monetary system. Stability and equal treatment is in everybody's best interest."
I particularly like his body language in that segment... priceless!
Unfortunately it looks like Tricky Dick was on to something that has the potential to come to fruition, unfortunately, however I'm confident that DB readers understand it was not Dickie's idea but that of his masters...
Posted by mark on 08/24/11 04:54 PM
i can only imagine that his hands were tied to the desk so as to stop him rubbing his nose.Unlike a certain person in the clip below
Click to view link
Posted by kenn on 08/24/11 12:53 PM
WaterGate Break in: June 1972
Posted by Ctwalter on 08/24/11 12:47 PM
Does anyone know when this speech took place in relation to Water-Gate? Just wondering.
Posted by amanfromMars on 08/24/11 10:39 AM
Hi, robert wheeless,
Why is it that Dave Jr has no problem understanding the text, and in context too ... . "I think he is saying that the power of money is dying and that information/knowledge is the new commodity, and also how we are to be controlled." ... ... although I venture further and suggest that the power of money is both really and virtually dead, for nowadays are things definitely, radically changed and there are at least two different worlds at play in Great Game fields ... .. with, in one corner of the circle, SMART IntelAIgents and Getting SMARTer World Players, and in the other corner, stuck on the outside of the ring, the Not Nearly so Bright as Needs Be Wannabe Leaders and Sad Pretenders.
And that is not a ramble, robert wheeless, it is a pertinent prime transparent observation, selflessly shared for you to ponder and tender is the present new reality, or if you prefer, and it would not make a jot of difference to the program or its running, the new virtual reality with future product placement facilities/capabilities ... ... .. Real SMART Apps.
It is most encouraging, robert wheeless, and very gratifying too to discover that you have both the wit and the wisdom to "ask" after something which you would not be perfectly sure about. Far too many would never even think about doing something so simple and thus would remain confined and lost in a blinkered narrow ignorance, and never be able to partake of the greater pleasures in the deeper treasures of wider wonderful worlds. Although one may have to accept that they may be more than contented with whatever current pleasures and/or treasure they may have found. :-) ... . but surely, if they were really all that great, you would expect them to be sharing their great fortune so that all can be equally contented.
Posted by Dave Jr on 08/24/11 10:19 AM
When the dollar and/or US Gov collapses, people will take matters into their own hands and begin trading with metals. Central banking will have no power to prevent it and will be forced to relink the USD/FRN to gold if they wish to revive the currency.
My question is what happens if they do it pre-emptively when gold reaches... say $10,000 per ounce. The USD/FRN then being defined as .0001 oz. of gold?
Posted by John Danforth on 08/24/11 09:33 AM
There are rumblings in the news about suggestions that the PIIGS put up their gold as collateral for any new bailout loans.
It must be readily apparent to all just how stupid a move that would be. If such a demand were made, any of them could as easily default and go back to their own currency. Of course, the new/old fiat would be worthless, so the reaction to that might be that people in general would begin trading in metal instead of paper. That might be one path to a market-based adoption of gold as money.
Posted by Thomas Molitor on 08/24/11 09:30 AM
The Bretton Woods "Agreement" in 1944 featured 730 delegates from 44 allied nations with the cooperative charter to set up a system of rules, institutions, and procedures to regulate the international monetary system. On August 15, 1971, Nixon UNILATERALLY ended the agreement. It was known as the "Nixon Shock" because he did not consult other member nations on his decision.
I wonder if the world will soon see another unilateral US decision named the "Obama Shock?"
Posted by Dave Jr on 08/24/11 09:14 AM
I think he is saying that the power of money is dying and that information/knowledge is the new commodity, and also how we are to be controlled.
Posted by robert wheeless on 08/24/11 06:43 AM
Your ramblings leave me wondering just what the hell your talking about.
Posted by amanfromMars on 08/24/11 05:03 AM
And trying desperately to ignore and deny the existence of the root cause problems, by painting over the foundational cracks with a whitewash, aint no solution for nowt, bubba ... ... . Click to view link ... ... and just leads to a loss of all of that whitewash/QE TARP funds, which is just transferred into private hands from public accounts, and that is surely theft and grand larceny by any standard or definition, methinks.
All of which must have one concluding that all parties present at, and party to the summit called by a cuckoo of a Prime Minister, ... . [one who was never elected/chose not to stand for general election to office by a unambiguously clear, free vote of the people, the "psychologically flawed" Gordon Brown ... . Click to view link] ... .. nearly two and a half years ago, were willfully blind and arrogant, if not totally ignorant, co-conspirators in a rigged and crooked scam to maintain and retain and perpetuate a corrupt and perverse, failed old world order program which enslave nations and peoples to artificially created debt, rather than there being any change wrought on the system to herald a new world order regime which credits all, as was then heralded with such pathetically serious, pomp and circumstance ... ... .. Click to view link
Or is that too negative a reading of that which is, and too simple an explanation of the problem which plagues the markets and destroys any chance of recovery with the plans as they now are, with the same old family of intellectually challenged dimwits still pulling the same old dodgy levers and pushing the same old disconnected buttons of control, with stupid media giving them airtime to pimp their snake oil and failed policies?
How about a pleasant change, with something completely novel and imaginative? Something virtually out of this world and really good for you? And easily delivered to the world with just the magic clicks of a mouse.
Posted by amanfromMars on 08/24/11 01:37 AM
"The gainers are the international money speculators ... because they thrive on crises, they help to create them"... Richard [Tricky Dicky] Nixon ... .. The abiding malignant cancerous systemic flaw that is now rapidly destroying sub-prime source beneficiaries and QE TARP crooks and dragging down their hosts, and all because of the fact that the dumb and hoodwinked hosts don't simply cut out the disease to immediately destroy its life support system/vampire squid blood supply. Who needs such a parasite? It is good for nothing and bad for everything.
Ye Olde Create Chaos Meme and provide whatever it takes reaction funding just doesn't cut it anymore in a SMARTer IT World in Command and Control of Computers and Communications from Creative CyberSpace.
And that means that something else is now in Absolute Charge of Mankind with Virtual Machinery Operating Systems?
Please think long and hard and deep before answering that question with a yes or a no or a maybe, should you dare yourself to comment, for whatever you care to share will define your present level of intelligence.