Andy Snyder posted...
History tells a tantalizing tale.....
The first time the United States officially went off the gold standard
was during the Civil War. With a nation divided and much of its money
behind enemy (Confederate) lines, Washington needed a fresh way to fund
its fight. There wasn't enough gold to get the job done, so it made its
own money. Dubbed "greenbacks" (yes, that's where the modern term comes
from), Congress gave the nod to print more than $450 million worth of
cash - more than 20 times the amount of gold in circulation at the time.
We find it ironic that the early ancestor of Big Gov pulled money out
of thin air to fight a war that hinged on the role of Big Gov. History
shows that anytime a nation has two competing forms of money... the
markets will turn perverse and corrupt. Unless the two are tied together
... somebody is going to take advantage of the situation.
Golden Friendships...
In the days following the Civil War, that person was Jay Gould, a
railroad pioneer and ruthless financier. Gould rightly figured with
so much fake money falling off Washington's printers and with so
little gold to go around that he and his pals could corner the gold
market. He came up with a plan that would make any modern (Jew)
Swamp Dweller bristle with pride. It involved lovers... bureaucrats
... war generals... and even the president himself. Folks were
bribed. They were lied to. And others were just plain bamboozled.
But the scheme worked. ......
At one point, Gould and his partner owned a combined $60 million in
gold - three times the public supply. They were rich... until they
weren't. When President Grant learned he was duped, he ordered his
government to flood the market with gold and send prices plummeting.
What's now dubbed "Black Friday" was one of the most painful days
in the nation's economic history. Gold fell by more than 15%...
stocks plunged by 20%... and farmers saw the value of their harvests
instantly slashed in half. "Possibly no avalanche ever swept with
more terrible violence," wrote one New York newspaper. It's all
because of a couple greedy men taking advantage of a greedy government
and its paper money.
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But the story doesn't end there....