The United States worked directly with a gold standard for its currency until 1933. As President Roosevelt worked to strengthen a beaten-down U.S. economy after the 1929 market crash, he made sure that the government would no longer have a run on the gold it kept. This direction was enforced by stopping civilians from changing their currency back to gold. This move forced civilians to have to use paper money as currency and reserves whether they liked it or not. The next step was to stop other governments from drawing away U.S. gold as well. That approach did not happen until the 1970s when President Nixon halted foreign governments from being able to convert U.S. dollars to gold. In doing so, foreign countries were then forced to recognize and value the U.S. dollar as a paper asset only rather than one that could be changed to gold. Both of these moves boosted the amount of U.S. currency supply, but they also devalued the U.S. dollar over time. A car that cost maybe $1,000 in the 1960s now today costs $25,000.
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There is no guarantee that if inflation is high it will not go higher or lower. So there is the
uncertainty with many people today.Some people who really understand what inflation and debt is about are outraged and disturbed about the Federal Reserve and how unfair it is and they feel like they are being punished without cause and their saving accounts are not worth as much. Many people are opening an account with KB Elemental coming to the United State by the end of the year. It is the world first gold back saving plan with will help them hedge against inflation on their savings.The only sure way to eliminate uncertainty is to have no inflation at all and that can only be accomplished by a "Gold Standard". Under a Gold Standard, the government owns a set number of ounces of Gold and issues currency for that amount
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This Article was by Michelle At People's Natural Living