On August 15, 1971, President Richard Nixon addressed the nation on the topic of a new economic policy. What followed is now known as the "Nixon Shock."
Love the way he blames the "International Monetary Speculators" for the dollar's weakness, instead of the truly culpable party, which would be the government. Further, he justifies the move off of gold as one necessary to defend the dollar. When it does the exact opposite. Never trust a government official talking about money.
what he did was terrible for global stability but was a fucking genious move for the people whose interest he is defending - americans. he is a horrible person but still a leader that succeded to give the max amount of profit to his people and so in a way he is what a true leader should be
Mike Clifford Shut Up!!!!!!! Communist Pig!!!!!!!!! NO!!!!! It Wasn't I'm Glad U.S President Richard Nixon Got Us Off The Gold Standard In 1971, If You Hate Our Country So Much And Our Republic So Much Then Why Don't You Move To Communist China Or Better Yet Move To North Korea Because Your Obviously A Traitor And A CCP Spy Your Spying For The Chinese Communist Government!!!!!!!
This address by Nixon is a milestone event in history. At 9:42 is the crux of the speech. Take out the words "suspend temporarily the convertibility of the dollar into gold", and it's just an ordinary, insignificant speech. It sure wasn't "temporary" Notice how Nixon put it at the back end of his speech, like dollar-gold convertibility was not that important.
TO UNDERSTAND THIS VIDEO: WORLD: "Hey USA, I would like to change my dollars to get my gold back, like we've agreed before." USA: "How dare you to suspect of us? Do you think I don't have gold enough to keep our promises? Do you think I want to stole you?" WORLD: "No, I just want my gold back." USA: " Traitors! You're trying to rob us! From now on I will not trade my gold for your dollars anymore! WORLD: "¬¬"
Basically!!! That's right today American is America because they made sure to take from everyone and control the growth of every nation in the world to ensure America and the west would forever be seen as the greatest places while other nations have poor economies mainly the places all the gold came from lol it's kind of amazing and yet a little evil how things worked out
You forgot the other part France: My boat is still sitting in the east coast loaded with dollars. I'm a European power, I can pull some strings in case you refuse. USA: ...Ok, here is part of your gold. European Alies: We should probably start dumping USD just like France did to get our own currencies going. USA: Ohh shit...
lol what about world: "oh crap we would have been fucked if no americans gave us war loans or sent their sons to die in a war across the atlantic and pacific oceans"
Interesting fact: skip ahead exactly two years later (to August 15, 1973), and Nixon gives a landmark speech announcing his response to Congress' request for White House tape recordings as part of the Watergate investigation.
"Transitory inflation" "2 weeks to flatten the curve." "You don't need 30 rounds in a magazine." "It's for your safety." "For the women and children" "We support our soldiers." "Helping other countries"
IF Nixon was truly serious in his intention "...to create a new prosperity WITHOUT WAR...", , this could be another reason why powerful groups in the USA would have been unhappy with the President's fundamental change in policy and, accordingly, these groups would have been willing to forward Nixon's political demise via leaking Watergate a year later. Granted, given Nixon's 'economy' with the truth, this is a big IF; BUT, the fact that this speech was accompanied by action, including price controls (anathema to the capitalists), and also concrete action to an end to the Cold War, and arms control, Detente with the USSR and PRC (anathema to the associates of the capitalists in the Pentagon) suggests that perhaps there was more than hot air to Nixon's speech. One wonders what would have happened if the USA had indeed been able to move away from a military command economy and global confrontation in 1971 and instead invested massively in peaceful, balanced internal economic development
Guerre1859 I'm Glad U.S President Richard Nixon Got Us Off The Gold Standard In 1971, Well Nixon Did Want Prosperity Without War Even Though He Continued To Bomb North Vietnam And South Vietnam When He Came Into Office In 1969 He Secretly Started Campaign Bombings Against Cambodia That Went On From 1969-1973 Similar To What LBJ Did In Laos From 1964-1973 Also Known As The Secret CIA War In Laos, I Wore Running For President Of The United States As A Republican And I Am A Republican And A Trump Supporter My Presidential Campaign Slogan Would Be Peace & Prosperity Meaning Not Starting Any New Wars I Would Confront Communist China Not On The Issue Of Taiwan Being A Province Or A Independent Nation But By Stopping China From Having A Monopoly Over The Global Trade.
He did what was needed and necessary to preserve the USD and the American way of living. Trump is in a similar situation as we type. The fate of the USD and current monetary system comes down to his next series of moves. He needs to adjust the currency to be beneficial for everyone. A monetary policy change is LONG OVERDUE for global trade and economic growth. Price of goods are vastly overpriced and wages are severely inefficient
@@WhoIsDanteFresh He did what was needed and necessary to KICK THE CAN DOWN THE ROAD AND DESTROY THE DOLLAR AND AMERICAN WAY OF LIFE. That's what he did. He also got China involved in trade, and look at them now, about to replace America as premiere world superpower. The guy (Nixon) was a failure of a president and a horrible statesman. May he burn in hell.
Still better than LBJ’s Great Society SCAM that put us there, as icing on the Vietnam War cake. Leave to the libs and progressives to butn through $10 billion in gold in 13 years. Then…blame Nixon.
@@shabushabu1453The agreement was falling apart fast, France and Europe wanted their gold back. if Nixon didn’t take action, America would be poor today. Should’ve pay more attention in Econ’s class, The petro dollar saved America. You can thank the leaders after him for ruining the middle class though, like Reagan.
Such wise intelligent man, one of the last GREATEST AMERICANS! so sad it didn't happen for him to finish his job as the president for the nation. let's pray for Trump which is able to MAGA.Couhtry first should be the slogan for every president all over the world! ❤
I'm really glad all the other countries in the world were stupid enough to believe all this dollar/gold stuff. I'm really glad all the other countries in the world are still stupid enough to believe all this dollar/gold stuff. Dear other countries, please keep sending us things in exchange for green paper. I mean, anyone can see that this is a fair trade and you are storing your wealth in that green stuff. Then lend it back to us so we can owe you even more green paper later. We want to spend it while we still honor it and it can buy things. One day when we decide we want it to be worthless and we refuse to accept it in exchange for stuff like you did, we will give you as much as you want. Imagine how rich you will be with all that green paper.
@@lunarmoony3278 They accept dollars and have used those dollars to buy over a trillion in treasury bonds which are just future promises that we will give them even more dollars later. China STILL accepts dollars even though the latest inflation spike wiped out tens of billions of value from them last year. My comment from a year ago is even more true today.
@@lunarmoony3278 When China decides to buy the ‘American soul’ you refer to, America won’t sell it to them. That’s the point. We bought the back breaking labor of Chinese factories for years and when they finally decide to spend their savings it will be too late. They will be worthless and we will switch back to the gold standard. That way we will be able to remain the richest country in the world because we still have all the gold. The paper switcharoo worked for 60 years.
I've directed the secretary of treasury to TEMPERORY suspend the convertibility of the dollar to gold......so when the Gov says temporary it means permanently. LOL
I’d LOVE Peter Schiff to break this whole speech down in a podcast or two: there is so much going on here, like a rollercoaster of stupidity in spectacular fashion!
In defense of Nixon, when is the last time you heard ANY politician take such DECISIVE action?? While I have moved to the Democratic party since those decades, the Republican party was not nearly as insane then as it is now. But it was Reagan who destroyed the rest of our nation's future. Nixon did propose a guaranteed minimum income, because back then, the R party had a different idea about how to fix problems, but they didn't live in a fantasy of another reality.
Well, Trump could take a lesson from Nixon both as to how to revitalize the American economy, how to talk and how to manage government. Hell, as bad and paranoid as Tricky Dick was, I yearn for him now when viewing Trump's words, actions and histrionics.
Of course not !! Nixon was wrong here, but very articulate. My point was that Trump was and is more corrupt than Nixon, less intelligent, less articulate and even more dangerous. My goal here was not to praise Nixon but to criticize Trump. Read it again, that's what you should take away from it.
funny how everyone cries and says biden reads from a teleprompter, yet nixon has the actual papers in his hands lol (2020 when everyone cries and moans about everything)
