The Case Against A Gold Backed Currency
The 100% gold dollar concept refers to a monetary system where a currency's value is backed by gold, as opposed to being a fiat currency. Murray Rothbard argued that the abandonment of the gold standard in 1931-1933 was not sudden but part of a lengthy process. Before WWI, a dollar was defined as approximately 1/20th of an ounce of gold. However, gold ownership was banned until Executive Order 6102 was lifted in the 1970s. France sent a battleship to the United States to repatriate its gold, and Nixon took the dollar "temporarily" off the gold standard in 1971. The US government debased gold and made it 41% after issuing Executive Order 6102. Nixon took the dollar completely off the gold standard in 1971. Despite its historical use, modern monetary systems have shifted away from the gold standard due to various factors such as debasement and ease of transactions. --Summary written by Mixtral 8x7B
