Price of Crude Oil Measured in Gold Vs. Dollars - Graph view!

[Ichingcarpenter]

[RC]

1. My, my,my. Isn't this interesting.

I wonder who met with who and decided what in 1973.

[ret5hd]

2. it was about then we dropped the gold standard.

[HereSince1628]

4. Yes, Nixon and his capitalist idiotlogues

Wow look at the success!

[Ichingcarpenter]

3. My, oh my, weren't you observant

The Anniversary of a Crime

http://www.lewrockwell.com/blumert/blumert35.html

[originalpckelly]

6. Bretton Woods ended in '71, so maybe that's what it is:

http://en.wikipedia.org/wiki/Bretton_Woods_system

[Ichingcarpenter]

5. Anyone else want to comment?

or can't you read graphs?

[originalpckelly]

7. I think it's pretty clear that the dollar has been hit hard by irresponsible monetary policy.

It's unnecessary to have a gold standard, but a gold standard makes it more difficult for inflation to occur. You cannot make gold out of thin air as one can with the fiat currency now stored in a computer's memory.

But if we had a more responsible monetary policy and treated fiat as if it were gold, in other words limit its creation, then we'd be fine, and we wouldn't have the problems that are associated with gold backed currency. (In that you can't zap gold from one reserve bank to another instantly like electronic money can be.)