What is your vintage?

Lon said:
1934 The year that Alcatraz became a federal prison & Babe Ruth signed a contract for $35,000. Germany and Poland sign a non aggression pact. FDR devalues the dollar to gold at $35 dollars per ounce.
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I would have had that one wrong. I thought Roosevelt raised or re-valued the price of gold.
 
oldman said:
I would have had that one wrong. I thought Roosevelt raised or re-valued the price of gold.
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Exactly right. He raised the price of gold from $20 an ounce to $35, which meant he effectively took away 3/4 of the "value" of every dollar possessed by citizens. This was so, because the "value" of the U.S. dollar was based on a "gold backing". The government had guaranteed to give gold to any individual in return for paper currency.

So it then took 75% more dollars to exchange for gold, or looking at it the other way, you only got 1/4 as much gold for your dollar, after the re-valuation. Of course, ALL backing was later removed from the dollar, and she has "floated" about ever since.

Some economists believe removal of backing of currency to be one of the most despicable acts ever done by government. Just sayin'. imp
 
So I'm not the baby here! Got 10 years on you. I feel like a grownup again. :D
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My hubby has a year on you Moon. First hubby was ten years older than me. It was a cultural education, he loved Vanilla Fudge and John Lennon, No Nuke rallies...all things from when I was a child but it was interesting.
 
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