{"id":1676,"date":"2014-10-06T01:05:14","date_gmt":"2014-10-06T05:05:14","guid":{"rendered":"http:\/\/dansdigitaldive.com\/web\/?p=1676"},"modified":"2014-10-06T13:02:17","modified_gmt":"2014-10-06T17:02:17","slug":"the-sky-is-falling-the-sky-is-falling","status":"publish","type":"post","link":"https:\/\/dansdigitaldive.com\/web\/archives\/1676","title":{"rendered":"The sky is falling, the sky is falling!!!"},"content":{"rendered":"

\"Source:<\/a>If one is to ask pretty much anyone (except of course my feline companion) – most folks see doom and gloom. \u00a0While I am an optimist, almost to a fault, they may have a point. I am not an economist; and I don’t pretend to be – so I’ll summarize a lot of the legal stuff that resulted in the following:<\/p>\n

Nixon receives a lot of flack for taking the US off the gold standard<\/a>. But did he really do it? \u00a0 In 1933, when Nixon was just a wee lad, FDR took us off the gold standard (gold was still used to back international trade) to shore up the economy, and prevent a run on the banks by consumers who lacked confidence in the economy. \u00a0All persons who owned gold (and silver under Silver Purchase Act of 1934) were ordered to turn it in to the Fed, and in return they received $20.67 per ounce. \u00a0In 1934 the Fed raised the price of gold to $35.00 an ounce, where it stayed until 1971. \u00a0The citizenry of this great land were not permitted to own gold until President Ford signed legislation permitting Americans to own gold. \u00a0The goal of the two acts (Gold Reserve Act and Silver Purchase Act) were to nationalize the nation’s supply of gold and silver.<\/p>\n

Did Nixon take us off the gold standard, yes….and no. \u00a0He did irreversibly sever the ties to gold that, until this time were in place. \u00a0But FDR started the separation<\/a>. \u00a0There is a pretty good article written in 2011<\/a> on the 40th anniversary of that (dare I say it, tragic) decision. While the article is interesting, I found more value in the comments; and I encourage you to read them also.<\/p>\n

What does this little history lesson prove: nothing. \u00a0Our great land has been off the gold standard for 80+ years (officially or not). \u00a0The buying power of the dollar<\/a> has steadily decreased. \u00a0Ron Paul talks about paper based currency<\/a>, and if you have the time, it is very interesting. \u00a0The bottom line – if you can afford it; it is probably a good idea to have some precious metals in your portfolio.<\/p>\n

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By now I’m sure you’re asking; why, what is the purpose of this article? \u00a0Well, it\u00a0got started after one of those telemarketer gold people called. \u00a0While they quickly decided that my measly $5.29 wasn’t worth their time; it got me to thinking. \u00a0I looked up their competition, and I talked to them on the phone; and they also didn’t want my measly $5.29. but I did learn some things from them that I’d like to pass along.<\/p>\n