When the Truth is Found to be Lies,
Confidence in Currency
Dies
WHAT LIES? Really? There have been so many. Here are a few examples specific to the United States (the lies in other countries are probably similar):
Lyndon Johnson: In 1965, after decades of excessive government expenditures which caused rising consumer price inflation and rising gold and silver prices, Johnson removed silver from U.S. coins. He stated,
“If anybody has any idea of hoarding our silver coins, let me say this. Treasury has a lot of silver on hand, and it can be, and it will be used to keep the price of silver in line with its value in our present silver coin. There will be no profit in holding them out of circulation for the value of their silver content.”
He lied. One hundred dollars purchased 77 ounces of silver in 1965. A decade later $100 purchased 24 ounces of silver. Four decades later $100 purchased 13 ounces of silver. In 2025 $100 will probably purchase less than one ounce of silver.
Richard Nixon, the gold window, and Watergate: In 1971 President Nixon“temporarily” rescinded the agreement to convert US dollars submitted by foreign governments for gold. He stated,
