Holly Sunday Update:
Today is the 50th anniversary when Nixon took us off the gold standard.
To help combat the Great Depression. The U.S. continued to allow foreign governments to exchange dollars for gold until 1971, when President Richard Nixon abruptly ended the practice to stop dollar-flush foreigners from sapping U.S. gold reserves.
Nixon directed Treasury Secretary Connally to suspend, with certain exceptions, the convertibility of the dollar into gold or other reserve assets, ordering the gold window to be closed such that foreign governments could no longer exchange their dollars for gold.
This breakdown is known as the end of Bretton Woods, marked by President Nixon’s 1971 announcement that the US Treasury would be “closing the gold window”—ceasing the exchange of dollars for gold, immediately overturning the system of fixed exchange rates that had prevailed since 1945.
We know we have been living on the fiat system for 50 years which is money backed by nothing.
We are going back to a gold system and asset backed currency.
Stay strong and keep the faith. Holly