Re: Nixon, Johnson, and the Dollar

[Sandy Sandfort <sandfort@crl.com>]

C'punks,

On Sun, 17 Jul 1994, Jeff Gostin wrote, first quoting me:

> > . . .  What did Johnson say just before silver was removed 
> > from US coinage?  For bonus points, what did Nixon say two weeks before 
> > he closed the gold window to foreigners and devalued the dollar?  

>      I'll show my ignorance of history once again... I've not clue, but
> you've tickled my curiosity. Care to inform us? :-)

Johnson said words to the effect that, "The United States has no plans to
remove silver from its coinage, now or in the future."

Nixon promised something along the lines, "The United States would never 
end the free covertability of the dollar to gold."

Both of these statements were made no more than two months before the US 
stopped making silver coins, and closed the gold window.  When asked why 
the denials were made and then violated, both administrations said it was 
to maintain order.  They didn't want "speculators" to start runs on 
silver or gold.  See?  The government lied to us for our own good.

WHAT AM THE MORAL OF THE STORY, UNCLE REMUS?

When the government makes any announcement (ESPECIALLY a denial), you
should figure out what the government is trying to get you to do--and do
the opposite.  Contrarianism with a vengance.  Of all the advice I've 
offered on the Cypherpunks Channel, this is absolutely the most certain.


 S a n d y