by Jon Forrest Little
Silver Seek
Once Nixon closed the ‘gold window ‘, a term referring to the ability of foreign governments to exchange their US dollars for gold, these four calamities unfurled were unleashed
1/ The US no longer had to honor the gold deposits from countries that purchased our finished goods and oil. This egregious act of fraud, rarely reported in US history, left a deep sense of betrayal. Simply put, European nations deposited their Gold during World War 2; then the US defaulted on all the other nation’s deposits (with w/the exception of France, who was able to redeem or repatriate their Gold)
2/ The transition to a fiat currency system void of gold backing had far-reaching effects. The Federal Reserve and US Treasury effectively initiated a continuous money printing process, steadily eroding the US dollar’s value.