U.S. Federal Reserve Notes: “Money” Backed By Nothing
At one time, the U.S. monetary system was backed by gold. Now it’s not backed by anything. But most Americans don’t realize this. In fact, nearly a third of respondents to a recent survey believe the U.S. dollar is still backed by gold.ย Only 7 percent of...
The Founders Warned Us About the Fed
The Federal Reserve just lowered interest rates for the second time this year and announced more quantitative easing by injecting even more U.S. dollars into the market. The days of cheap money will soon come to an end, and I fear that many people won’t realize...
Today in History: Nixon Slams Shut the “Gold Window”
Today in history, on August 15, 1971, President Richard Nixon slammed shut the “gold window” and eliminated the last vestige of the gold standard. Nixon ordered Treasury Secretary John Connally to uncouple gold from its fixed $35 price and suspended the...