OF THE
TIMES
If in the production of goods the most important pedal is the accelerator, in the production of money it is the brake. To insure that this brake works automatically and independently of the whims of government and the pressure of parties and groups seeking "easy money" has been one of the main functions of the gold standard. That the liberal should prefer the automatic brake of gold to the whims of government in its role of trustee of a managed currency is understandable."[1]The US dollar was backed by gold as recently as 1971. Any central bank in the world could present the Federal Reserve $35 and receive 1-ounce of gold in exchange. However, on August 15, 1971 - blaming it on the "gnomes of Zurich" - President Nixon "temporarily" broke the dollar's last link with gold. Nixon closed the "gold window" and reneged on the promise to exchange an ounce of gold for $35. Since then, the system of credit in the US has been under the Fed's complete control.
"They're still intent on taking down airplanes. It's the crown jewel, if you will, for them. They'd love nothing more than to blow up an airline inbound from say Istanbul to JFK [John Fitzgerald Kennedy] airport and we know that they have bomb makers," McCaul said.McCaul went on saying that Daesh terrorists are also making chemical gases that could be used on airplanes to kill everyone on board within minutes.


Comment: See also: