1994-05-06 - Re:The Value of Money

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From: f_griffith@ccsvax.sfasu.edu
To: cypherpunks@toad.com
Message Hash: 658b8f689ce539f91ecd06df557f589a059b177b6afbfb7510439437f7bab2ba
Message ID: <9405061820.AA10225@toad.com>
Reply To: N/A
UTC Datetime: 1994-05-06 18:20:53 UTC
Raw Date: Fri, 6 May 94 11:20:53 PDT

Raw message

From: f_griffith@ccsvax.sfasu.edu
Date: Fri, 6 May 94 11:20:53 PDT
To: cypherpunks@toad.com
Subject: Re:The Value of Money
Message-ID: <9405061820.AA10225@toad.com>
MIME-Version: 1.0
Content-Type: text/plain

>>>  GRABOW_GEOFFREY@tandem.com 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
>>          trestrab@gvsu.edu
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,
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.