O.K. now chew on this, if the USA was still on the gold standard you would be lucky to have $20.00 in your pocket and that is because the money supply would be so tight that unemployment would probably be around 25% in the US and the normal conduct of business and trade would be nearly impossible, nevermind all the federal handouts that could not be paid for by your beloved Dimwitocrats. In 1971 the US population was approximately 204 million, gross domestic product was roughly 4 trillion dollars, each US dollar was supposed to be backed up by 1/25th of a troy ounce of gold,redeemable on demand. Of course, it turned out that the gold was not in Fort Knox so to speak and Nixon was forced to action to stave off runs on banks etc. and these actions (printing money and abandoning the gold standard) did produce inflation but short of continuing to lie about the amount of US gold reserves their was probably little other choice. Fast forward to 2008, US population roughly 304 million, gross domestic product 18 trillion dollars not counting cash squirreled away by you and I and millions of others across the country,not counting an estimated 2 trillion dollars of US currency in foreign banks and cash, not counting all the drug dealer stashes. There has not been enough gold mined in the recorded history of mankind to back all this supply of dollars at even 1/1000th of a troy ounce. This is why the US dollar and all major or ''hard'' currencies are called fiat currecies, meaning they are issued and guarunteed by fiat of the issuing goverment, full faith and credit of the United States Goverment is as good as it gets. P.S., President Reagan took office January 20th 1981 so I will agree with you that the eonomy was screwed in 1980, when PEANUT BRAIN was still at the helm.
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Today's Featured Article - 12-Volt Conversions for 4-Cylinder Ford 2000 & 4000 Tractors - by Tommy Duvall. After two summers of having to park my old 1964 model 4000 gas 4 cyl. on a hill just in case the 6 volt system, for whatever reason, would not crank her, I decided to try the 12 volt conversion. After some research of convert or not, I decided to go ahead, the main reason being that this tractor was a working tractor, not a show tractor (yet). I did keep everything I replaced for the day I do want to restore her to showroom condition.
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