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Re:The Value of Money
>
>>> [email protected] asked:
>>>
>>>>Didn't Nixon take the U.S. off of the gold standard?
>>>>
>
>>
>>The US$ was devalued from $35 to $38 /oz gold and the Treasury stopped
>>redeeming dollars from anyone other than central banks in '69.
>>This created a two tier market. The US devalued again in '70 (0r '71)
>>to $45 /oz, and then threw in the towel and stopped backing the
>>currency with anything other than "the full faith and credit of the
>>US government" [:)].
>>US citizens were permitted to own gold bullion again as of Jan '75,
>>under Ford.
>>
>> Jeff
>> [email protected]
>
Roosevelt eliminated domestic convertibility 1n 1933.
Nixon eliminated international convertibility ("closed the gold window"
as it's often stated) in August, 1971.
The dollar was devalued from 1/35 oz of gold to 1/38 oz in December,
1971.
The dollar was devalued from 1/38 oz to 1/42.22 oz in Feb, 1973.
Of course, the devaluations didn't really matter since even the
international convertibility ha been eliminated.
Reynolds