I don't know how much actual gold the US holds right now but it could never be enough to match the dollars in circulation at the present time. The 1971 standard was 1 /35 th of a troy ounce per dollar which was probably a fairy tale for several years or decades before it was finally admitted to. Inflation was both a cause and effect of the mind boggling amout of money that has been printed since 1971, the money supply was first increased to pay for the Vietnam war and offset rising oil prices (sound Familar). later, more money was needed to fund business expansion that was made more expensive by the first round of inflationary printing and so on. The USA needs a strong domestic energy policy that provides tax breaks for continued exploration and development domestically and overseas, for US companies, to keeps rigs and men working and energy reasonbly cheap. No administration or Congress has ever gotten this done. Most people turn purple when told that Exxon needs a tax break, but better an American company using that money to do more business inside the USA and employ more people than to continue enriching Middle eastern dynasties.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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