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Buygold Re your “but I didn’t think we were in a banking crisis back then.” 8:11

Posted by Mr.Copper @ 9:42 on May 3, 2023  

I think you’re right. It was more like a falling US Dollar and loss of our Gold reserves, crisis. The USA was printing money like crazy after 1934, and with Gold officially at $34/oz, foreign nations were cashing in US Dollars for gold at $34 when it was worth about $140/oz. Public protests stopped the outflow of Gold in 1971, so Nixon stopped backing the dollar with Gold. So the Dollar dropped, and prices went up, so they raised rates to bring the dollar back up. We did not have a “too low rate” problem. After 1970 the foreign nations absorbed our industries, instead of our gold.

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