August 15, 2011 at 10:39 AM EDT
Benko: Broken Promises-The Unhappy 40th Anniversary of the Nixon Shock
Today is the 40th anniversary of the announcement by President Nixon of a New Economic Policy, the so-called "Nixon Shock." President Nixon, faced with rising inflation and the threat of a recession, imposed wage-price controls, built a tariff barrier around the USA, and "temporarily" suspended the convertibility of the dollar into gold... But now is the time to restore gold convertibility, and with it, jobs, prosperity, and a balanced budget.
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