2/4/2009 8:52:56 PM
Its clear but I think more details are needed.
Ok, what gold standard is was clear, why it was left and how that impacted the economy too, what not is clear and I think is important to know is why it was so easy to make? And how the rest of the world accepts this opposing little resistance? All right, U.S. is a powerful nation but, it looks extremely easy.
Before in Colombia all of us was reading in bills: 100 “pesos oro” (gold pesos) it means that the peso that a grab in my hand was supported in gold, someday the government changed that and lay that support in the US dollar, now I know that the peso that a have represent some value in US dollars, when Nixon made that change it represents that a US dollar means what? You say the promise by U.S. taxpayers to pay the bills of the United States, but it is absolutely subjective, what was the Nixon’s explanation to the world?
And I have other doubt: Why you say the FED is not federal and not even American?