Nixon Shock: 50 Years Ago Today

[countryBoy641]

Yes these days, vote buying for both the right and the left.
But in this case (late 1960s) the VietNam War was LBJ's darling pet project.
By 1968, it was obvious that LBJ was championing an un-win-able war.
The best of America's future (18-26 year old men) were being selected as "canon fodder".
Unlike the wars of the future (Iraq, Afganistan, etc), many/most of the men who were maimed or killed in VietNam did not volunteer to go.
They were drafted, forced to serve, by law.
And VietNam was such an unpopular conflict that LBJ could not even consider running for re-election in 1968.

 

[SunTrader]

Topic is about Nixon closing Gold window but somehow we wound up on LBJ and war.

 

[countryBoy641]

Point is, most of the schemes that politicians come up with are bad ideas in the longer term.
But in the short term, they get re-elected, as did Richard Nixon in 1972.
LBJ, (in 1968) not so much.

 

[bone]

Getting away from the Gold Standard in 1971 turned out to be a boss move for the United States.

 

[Mercor]

Point is, most of the schemes that politicians come up with are bad ideas in the longer term.

And yet in spite of bad government people in USA are living a rich, diverse and safe life compared to all of history
This is why its important to keep Government small and contained

 

[Mercor]

Getting away from the Gold Standard in 1971 turned out to be a boss move for the United States.

A true statement
It allowed society to leverage itself to create immense wealth that has brought a few billion people out of absolute poverty

 

[SunTrader]

Until ........... the bill (not dollar bill) comes due.

 

[Mercor]

Until ........... the bill (not dollar bill) comes due.

Some day in the future it all goes down
Next step is to bundle debt in 50 year, 100 year and 200 year bonds
This system can be strung out another 100 years at least

 

[countryBoy641]

And yet in spite of bad government people in USA are living a rich, diverse and safe life compared to all of history
This is why its important to keep Government small and contained

A true statement
It allowed society to leverage itself to create immense wealth that has brought a few billion people out of absolute poverty

Wow, definitely some "high stakes gamblers" here.

 

[SunTrader]

Some day in the future it all goes down
Next step is to bundle debt in 50 year, 100 year and 200 year bonds
This system can be strung out another 100 years at least

You and a lot of others hope.

While the powers that be are making other plans that don't involve hope.