By: rick samuel
Submitted: 2010-04-30 01:20:15 | Word Count: 382
The fundamental reason that Nixon did for shifting gold to dollar as the standard was that it will increase the currency value and it will help to stabilize the economy and the dollar. Provided there will be less imports and more local produced consumption.
Over the number of years since August 15, 1971, in order to achieve better efficiency and through the better exchange rates, the import was tremendously increased but the Gold standard was never revived. This led to a steady decline in the currency’s power to purchase. Nixon had levied an import tax of ten percent while the import had been the only mode of consumption till now. Who was responsible or had to supervise the shift that had to be done simultaneously.
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Nobody stressed on shifting back to gold as it was against the policy of President Nixon, nothing was produced locally anymore and all was consumed through a very fair exchange rate with China. The Soviet block had also vanished, the international so called money speculators had stopped hoarding the dollar but the change never took place.
The current inflation and the melt down is the peak of the crisis exploding the bubble that started building in 71. Shift of policy went unsupervised correspondingly.
Today Gold is still maintaining its worth despite all odds, it is not news because it had been retaining the same value in many centuries before and after currency invention. Like always it can still save the economy.
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