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Nixon Ends Bretton Woods

mrearlygoldmrearlygold Posts: 17,858 ✭✭✭
in Precious Metals
Another one from that "smaller less intrusive government" party


Nixon Ends Bretton Woods International Monetary System

Coin's for sale/trade.


Tom Pilitowski
US Rare Coin Investments
800-624-1870

Comments

  • secondrepublicsecondrepublic Posts: 2,619 ✭✭✭
    It was foreign creditors of the United States -- foreign governments -- that got shafted by this move. They were the only ones who were allowed to convert paper dollars into gold under the Bretton Woods system. Once the French and others started doing so aggressively, that's when the gold window closed. I'm glad Nixon didn't allow all the gold to flow out of the country.

    I also agree with his move -- shown toward the end of the video -- to slap a 10% tariff on foreign goods imported into the U.S. The U.S. actually had a trade surplus up in many years until 1975, see link, and he was trying to preserve that. I can't imagine a current president taking such a bold step, or even expressing concern about U.S. trade deficits. In that respect, bravo to Nixon.
    "Men who had never shown any ability to make or increase fortunes for themselves abounded in brilliant plans for creating and increasing wealth for the country at large." Fiat Money Inflation in France, Andrew Dickson White (1912)
  • fastrudyfastrudy Posts: 2,096 ✭
    Donald Trump stated that the US should add a 25% tax on anything made in China. Originally, he said 41%. He said such a tax would fill the coffers of the Federal government, cripple China's exports and create business and jobs here in the US.
    Successful transactions with: DCarr, Meltdown, Notwilight, Loki, MMR, Musky1011, cohodk, claychaser, cheezhed, guitarwes, Hayden, USMoneyLover

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  • pf70collectorpf70collector Posts: 6,641 ✭✭✭
    Donald Trump stated that the US should add a 25% tax on anything made in China. Originally, he said 41%. He said such a tax would fill the coffers of the Federal government, cripple China's exports and create business and jobs here in the US.

    I think the U.S. and China need each other. China buying our debt and the U.S. buying their exports. Trump' s move would prompt the Chinese to dump U.S. Treasuries since the U.S. would no longer be an export option, though we are their biggest market.

    It just depends who strikes first. Just like the cold war, like the atom bomb there is the threat of mutual assured destruction, though no nuclear fall out would be present. Though $1.1 trillion in U.S. Treasuries held by the Chinese is not much. This was on CNNs GPS yesterday.
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  • derrybderryb Posts: 36,793 ✭✭✭✭✭


    << <i>Donald Trump stated that the US should add a 25% tax on anything made in China. Originally, he said 41%. He said such a tax would fill the coffers of the Federal government, cripple China's exports and create business and jobs here in the US. >>


    Trade wars are in the works as countries compete to protect their currency. Bad economic times bring wars of many flavors.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • mrearlygoldmrearlygold Posts: 17,858 ✭✭✭
    There is no such thing as a "good" tax. If you are relying on having government tax someone for your prosperity you are doing things wrong.

    And Fk donald trump.

    Coin's for sale/trade.


    Tom Pilitowski
    US Rare Coin Investments
    800-624-1870

  • PerryHallPerryHall Posts: 46,111 ✭✭✭✭✭


    << <i>There is no such thing as a "good" tax. If you are relying on having government tax someone for your prosperity you are doing things wrong.

    And Fk donald trump. >>



    Any tariffs on imports are a tax on American consumers. As far as the second part of your post, no thanks!image

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • mrearlygoldmrearlygold Posts: 17,858 ✭✭✭


    << <i>

    << <i>There is no such thing as a "good" tax. If you are relying on having government tax someone for your prosperity you are doing things wrong.

    And Fk donald trump. >>



    Any tariffs on imports are a tax on American consumers. As far as the second part of your post, no thanks!image >>



    image

    Coin's for sale/trade.


    Tom Pilitowski
    US Rare Coin Investments
    800-624-1870

  • derrybderryb Posts: 36,793 ✭✭✭✭✭
    I agree, all taxes are ultimately paid by the consumer. Those that want to raise taxes on big business don't see this.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • secondrepublicsecondrepublic Posts: 2,619 ✭✭✭


    << <i>There is no such thing as a "good" tax. If you are relying on having government tax someone for your prosperity you are doing things wrong. >>



    Wrong-O. The government needs some source of revenue, and tariffs are way better than income taxes. "Tariffs were the largest source of federal revenue from the 1790s to the eve of World War I, until it was surpassed by income taxes." Link. Our founding fathers and the people who ran this country for the first 130 years were smart enough to impose taxes on foreign goods, which stimulated domestic production and led to this ultimately being the wealthiest country in the world. You can see for yourself what's happened when we've gotten rid of tariffs and and allowed cheap foreign imports from countries which manipulate their currencies to destroy our manufacturing sector.
    "Men who had never shown any ability to make or increase fortunes for themselves abounded in brilliant plans for creating and increasing wealth for the country at large." Fiat Money Inflation in France, Andrew Dickson White (1912)
  • pf70collectorpf70collector Posts: 6,641 ✭✭✭
    I would rather have tariffs than a VAT tax. Both are a source of revenue for the government. With a VAT cheap imports would still be allowed undermining our manufacturing base.
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  • derrybderryb Posts: 36,793 ✭✭✭✭✭
    While tariffs have the advantage of protecting our jobs and providing revenue, they do have a downside: they prop up higher prices on domestic goods. A good example is the fairly recent tariff levied on tires from China. Protectionism quickly evolves into trade wars, sit back and watch as they unfold. US probably has an advantage this time around - our exports have become limited due to cheaper sources elsewhere.

    Globalism has its costs - in order to raise the standard of living for outsiders, Americans must be willing to lower their own. Like everything else in economic study, equilibrium applies here as well.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • SpoolySpooly Posts: 2,108 ✭✭✭
    derryb...... your icon gives me nightmares.

    Si vis pacem, para bellum

    In God We Trust.... all others pay in Gold and Silver!
  • cohodkcohodk Posts: 19,102 ✭✭✭✭✭


    << <i>I would rather have tariffs than a VAT tax. Both are a source of revenue for the government. With a VAT cheap imports would still be allowed undermining our manufacturing base. >>




    There will be a VAT in this country within 5 years.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • PerryHallPerryHall Posts: 46,111 ✭✭✭✭✭


    << <i>

    << <i>I would rather have tariffs than a VAT tax. Both are a source of revenue for the government. With a VAT cheap imports would still be allowed undermining our manufacturing base. >>




    There will be a VAT in this country within 5 years. >>



    I wonder if we'll have to pay a VAT or national sales tax on rare coins and precious metals. If yes, it can't be good for those markets and most purchases and sales will be off the books between private individuals using cash.


    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • WingsruleWingsrule Posts: 3,010 ✭✭✭✭
    There is no sales tax or personal tax or 'end-of-the-year' tax levied on the sale of precious metals or coins in Michigan.


  • PerryHallPerryHall Posts: 46,111 ✭✭✭✭✭


    << <i>There is no sales tax or personal tax or 'end-of-the-year' tax levied on the sale of precious metals or coins in Michigan. >>



    I doubt coins, gold, silver, etc would be excluded from a national sales tax. The government would want to discourage what they consider to be non-productive investments.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • derrybderryb Posts: 36,793 ✭✭✭✭✭


    << <i>derryb...... your icon gives me nightmares. >>


    It's a reminder that you should be having nightmares.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • MilesWaitsMilesWaits Posts: 5,349 ✭✭✭✭✭
    Larry 'Free Enterprise' Kudlow supports the Gold Standard!
    Now riding the swell in PM's and surf.
  • stevekstevek Posts: 28,966 ✭✭✭✭✭


    << <i>Donald Trump stated that the US should add a 25% tax on anything made in China. Originally, he said 41%. He said such a tax would fill the coffers of the Federal government, cripple China's exports and create business and jobs here in the US. >>



    Oh yea...I'm "sure" (LOL) the government wouldn't squander their new found money on patronage workers and pork projects...and then eventually we'd be right back at the same point again, but paying 25% more for these imported goods.

    The solution to the problem is a balanced budget amendment.
  • stevekstevek Posts: 28,966 ✭✭✭✭✭


    << <i>

    << <i>I would rather have tariffs than a VAT tax. Both are a source of revenue for the government. With a VAT cheap imports would still be allowed undermining our manufacturing base. >>




    There will be a VAT in this country within 5 years. >>



    Won't happen, and an internet sales tax won't happen either...we've had enough.
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