Loading ...The third indispensable element in building the new prosperity is closely related to creating new jobs and halting inflation. (Yeah right) We must protect the position of the American dollar as a pillar of monetary stability (US wealth redistribution) around the world. (for who? them)
In the past 7 years, there has been an average of one international monetary crisis every year…(huh?)
I have directed Secretary Connally to suspend temporarily (huh?) the convertibility of the dollar into gold or other reserve assets, except in amounts and conditions determined to be in the interest of monetary stability and in the best interests of the United States. (huh?)
Now, what is this action—which is very technical—what does it mean for you?
Let me lay to rest the bugaboo of what is called devaluation. (right, gained value for imports, LOST value for domestic products, bad, sad)
If you want to buy a foreign car or take a trip abroad, market conditions may cause your dollar to buy slightly less. (lie lie lie ) But if you are among the overwhelming majority of Americans who buy American-made products in America, your dollar will be worth just as much tomorrow as it is today. (More Bull/S)
The effect of this action, in other words, will be to stabilize (subsidize other nations with industries instead of our gold) the dollar.