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by Tyler Durden By Eric Peters, CIO of One River Asset Management For nearly a century, gold had been pegged at roughly $20.67/oz. Then in 1934, FDR banned private holdings, confiscated people’s gold, and set the value at $35/oz for use in international trade/settlement. It remained anchored at that price for decades. But fiscal pressures of the Vietnam war and Johnson’s Great Society project stressed the pegged system. Johnson’s war on poverty, Medicare, Medicaid, urban renewal programs and so many others were costly . As they stressed America’s finances, the system’s circuit breakers were overwhelmed. On August 15, 1971, Nixon abandoned the gold standard, froze wages and prices for 90-days, and imposed a 10% import surcharge. Unemployment was a painful 6.1%, inflation was 4.6% and 10yr yields were 6.58%. All sorts of unique things were happening in the world economy. They always are. Which is why no time is the same. Back then, the Bretton Woods system that had serve

Republic ofUnited statesEric petersJoe bidenJohnson great societyOne river assetGreat societyBretton woodsMarshall planகுடியரசு ஆஃப்ஒன்றுபட்டது மாநிலங்களில்எரிக் பீட்டர்ஸ்ஓஹோ பிடென்ஜான்சன் நன்று சமூகம்ஒன்று நதி சொத்துநன்று சமூகம்