III Percent Patriots: Rightful liberty is unobstructed action according to our will within limits drawn around us by the equal rights of others. ~ Thomas Jefferson


Click the Image

Sep 4, 2011

The Gold Crash of...

1869


September 24, 1869, the gold market crashed because financiers were trying to manipulate the gold market during the Reconstruction after the Civil War.  Just so happens at this time the dollar was backed by.....credit, not gold.  Just like the fiat currency we have today.

Kinda sound familiar with current day news of China trying to do the same.

The China Radio International sponsored newspaper World News Journal 
(Shijie Xinwenbao)(04/28): "According to China's National Foreign 
Exchanges Administration China 's gold reserves have recently 
increased. Currently, the majority of its gold reserves have been 
located in the U.S. and European countries. The U.S. and Europe have 
always suppressed the rising price of gold. They intend to weaken 
gold's function as an international reserve currency. They don't 
want to see other countries turning to gold reserves instead of the 
U.S. dollar or Euro. Therefore, suppressing the price of gold is 
very beneficial for the U.S. in maintaining the U.S. dollar's role 
as the international reserve currency. China's increased gold 
reserves will thus act as a model and lead other countries towards 
reserving more gold. Large gold reserves are also beneficial in 
promoting the internationalization of the RMB."
SOURCE

 
 

No comments:

Post a Comment