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Bits of News - The dollar and the Prisoner's dilemma

News Type: Opinion — Seeded on Sun Jul 27, 2008 12:26 PM EDT
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In 1971 America had a currency crisis. Other nations had stopped accepting our paper dollars as payment for our debts and were demanding gold instead. The problem was that America didn't have enough gold to cover the massive debts being run up because of the war in Vietnam.

What did we do? We simply defaulted on our debt by repudiating the promise to back our currency with gold. The situation was epitomized by Nixon's Treasury Secretary John Connally, when he responded to the complaints of 29 trading and banking allies:
"It may be our currency, but it's your problem."

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{"commentId":2293735,"authorDomain":"JoulesBeef"}
JoulesBeef

well written stoy about the dollars collapse that went full speed with this administartion.
Interestingly the author contends it was nixon, needing to pay for his war of choice, the Vietnam war, that started the dollars decline.
and here we are, full circle with nixon mach II and the dolalr looking worse than ever.. and the only thing keeping it from destruction is that china would lose more money if they sold the dollar than they are losing by keeping it.

Eventually it may become better to take the bigger loss, than to hold onto an ever failing dollar.
and then we will have to go back to work.. and we will have to start to make crap again.
and stup treating our debt like a commoditiy

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    Reply#1 - Sun Jul 27, 2008 1:58 PM EDT
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