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@Alex Valdor re It all worked fine until OPEC , and the oil crunch – then all hell broke loose

Posted by Mr.Copper @ 21:51 on July 23, 2021  

Thanks for the comeback info.  Re what comes first, chicken or egg, Oil crunch or removal of Gold standard.

There was a news blackout on that. The Dollar agreement was 1 bb Oil = 1 oz Silver, and 15 bbls Oil equal 1 oz Gold. So when the Gold backing was reneged, for too much printing 1934 to 1971,  everything priced is dollar went up.

So they were forced to raise interest rates, ’71 ’81, 6% to 21% nice lip stick on a Pig, to save the Dollar, to put a head wind on a dawning runaway inflation.

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Post by the Golden Rule. Oasis not responsible for content/accuracy of posts. DYODD.