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vxbush
4/8/2025 5:43:04 AM
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In yesterday's #15, buzz wrote: There's a fellow I know---a fellow-congregant---who apparently "writes about financial matters." This is, it seems, his job. He asked me the other day "why Nixon took us off the gold standard." I explained to him that it was FDR who took us off the gold standard, and introduced "silver certificates," which were the currency until Lyndon Johnson took us off the silver standard in 1964, when we stopped using "silver certificates" and abandoned silver currency for the current base-metal "clad coins." I also pointed out that the movie musical "Golddiggers of 1933" opens with a well-known song, "We're in the Money," celebrating the switch from the gold to the silver standard. Of course, Ginger Rogers sings the song over again in "pig Latin," the backwards lyrics meaning that it is, of course, all BS, and in the middle of the number's rehearsal the sheriff's men arrive to seize the scenery and costumes because the bills are unpaid, closing the show.
You'd think someone who "writes on financial matters" would know stuff like this. You could tink that, but I've discovered just how little people know who are in certain fields and write. I can't help but wonder if this gentleman would qualify himself as a journalist. As we've seen, journalists have a high view of their abilities until someone shows them the depths of what they don't know.
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vxbush
4/8/2025 5:47:32 AM
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Some good news from the Supreme Court yesterday: In a 5-4 decision, the court agreed with Trump's appeal to vacate last month's orders from the federal court that halted the administration from removing noncitizens. Essentially, Trump can continue to use the 18th-century wartime law, but with a few guidelines — the administration must give the deportees notice of reasonable deportation and "in such a manner as will allow them to actually seek habeas relief in the proper venue before such removal occurs." That venue would be in Texas, where these people are currently detained, not in Washington, D.C. This seemed like a no-brainer, but what do I know. Amy Coney Barrett sided with the liberal justices, interestingly.
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vxbush
4/8/2025 5:49:36 AM
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Good news on elections: Judicial Watch announced late last week that "its analysis and use of voter registration lists has led to lawsuits and legal actions under the National Voter Registration Act (NVRA) that have resulted in the removal of five million names from voter rolls in nearly a dozen states and localities" since 2019.
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Occasional Reader
4/8/2025 7:22:08 AM
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And in other good news, the stock markets are rebounding. DJIA is up 1400 as of this writing.
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vxbush
4/8/2025 7:44:28 AM
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In #7 Occasional Reader said: And in other good news, the stock markets are rebounding. DJIA is up 1400 as of this writing. You know, this simply demonstrates again the way LLLeftists don't understand how other people have free agency and can choose to react to what is going on. They seemed to think that no one would attempt to renegotiate with Trump on the tariffs, and so far 50 countries are starting negotiations now. It seems like a very good start.
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Occasional Reader
4/8/2025 7:50:52 AM
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9
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Reply to vxbush in 8:
This opera is far from over, of course.
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Occasional Reader
4/8/2025 8:48:35 AM
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10
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The border crisis is over.
No complex “bipartisan Senate bill” was necessary to fix “a broken immigration system,” nor were the vast U.S. wealth transfers the Democrats insisted were necessary to alleviate the “root causes” of emigration in misgoverned foreign-sending countries. Ditto “comprehensive immigration reform.” No other theory survives as proven but this one: Biden’s policies quickly admitted almost all illegal border crossers and tossed the possibility of deportation. Trump’s punished all illegal border crossers by quickly detaining and deporting them. All that was necessary to take down Biden’s neon border welcome sign was Trump’s campaign promises—and his follow-through. The crisis was a choice. Ending it was always as easy as flicking the switch.
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vxbush
4/8/2025 9:58:43 AM
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11
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In #9 Occasional Reader said: This opera is far from over, of course. Agreed. I didn't mean to suggest otherwise, but the opening act is looking positive.
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vxbush
4/8/2025 9:59:06 AM
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In #10 Occasional Reader said: All that was necessary to take down Biden’s neon border welcome sign was Trump’s campaign promises—and his follow-through. The crisis was a choice. Ending it was always as easy as flicking the switch. Tom Homan has earned every penny of his salary and then some.
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Occasional Reader
4/8/2025 12:57:53 PM
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Reply to Occasional Reader in 9:
And, as thw markets close… ahh, yeah. No fat ladies singing yet.
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JCM
4/8/2025 1:34:07 PM
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14
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Reply to vxbush in 8: I’ve had conversations with several people all upset in vary degrees over the tariffs. Not one of them knew other countries put tariffs on goods from the US. They were under the impression that tariffs were unilateral.
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buzzsawmonkey
4/8/2025 2:06:13 PM
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15
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Reply to JCM in 14: See my comment #15 from yesterday, quoted by vxbush at the top of this thread, about the "financial writer" who asked me "why Nixon took us off the gold standard."
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Pairy
4/9/2025 12:26:50 AM
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It sounds like the fellow who writes about financial matters might not be as well-versed in history as one would expect, especially considering the critical role historical monetary policies play in understanding current financial systems.
To clarify, it was indeed Franklin D. Roosevelt (FDR) who took the United States off the gold standard in 1933, not Richard Nixon. This was part of Roosevelt's efforts during the Great Depression to stabilize the economy, and it led to the creation of the modern fiat currency system. Roosevelt’s policies included the infamous "gold confiscation" (requiring citizens to turn in gold coins, gold bullion, and gold certificates) and the abandonment of the gold standard for domestic transactions.
As for silver, it was during FDR’s presidency that the U.S. still used silver certificates, which were backed by silver reserves. These certificates were still in circulation for many years, until President Lyndon B. Johnson decided to move away from using silver coins entirely by 1965. This move was prompted by rising silver prices, which made it more expensive to mint coins. The switch to base-metal clad coins replaced the silver content with copper and nickel, which was a more cost-effective option.
Interestingly, the musical "Golddiggers of 1933" and its song "We’re in the Money" highlight the excitement and optimism of the time, albeit with a bit of irony, as Ginger Rogers performs the song in "pig Latin" to hint that the optimism might not be entirely justified. The context of the song adds a layer of cynicism, reminding audiences that financial shifts often have mixed results. And, much like the unpredictable nature of currency and investments, understanding key financial concepts like "k1gt" could be a game-changer for anyone navigating the complex world of money management.
In short, the writer who asked about Nixon and the gold standard might have mixed up a few key details of U.S. financial history. It's definitely worth revisiting the historical timeline to get a clearer picture of how the U.S. transitioned through different standards, from gold to silver and eventually to the current system of fiat currency. Just as understanding k1gt might open up new perspectives, revisiting financial history helps us better navigate present-day financial systems. |
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