United Nations Military Games in Wuhon prior to the COVID-19 outbreak ( Archived) (15)

because the address can often be very long, Tinyurl shortens them, save space in long posts and i think tidies post up
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I've written sixty thousand and one hundred wrong 60,000 + 100 is what i read

President Nixon unexpectedly closed the Bretton Woods agreement and the US dollar’s final ties to gold on August 15, 1971. It was Nixon's full fiat US dollar action and the prior many decade’s US deficit spending which helped spring price inflationary episodes that brought all 4-major precious metals and other commodity prices to their then respective ‘all-time highs’ by the first half of 1980.

In the early 1970s, the USA also had two various somewhat severe overnight US dollar devaluations. The first quickly followed the Nixon Shock and whereby December 1971 we had agreed to a resultant 11% US dollar devaluation.

From 1978 into 1980 the world witnessed a US dollar quadrupling of crude oil prices, a quintupling of platinum prices, a six-folding of palladium prices, and a gold price spike from $200 USD oz in early 1978 to a then-record high of $850 oz by January 21, 1980.

During this same timeframe, silver went from about $5 USD oz to as high as $50 oz on January 21, 1980. The ongoing confusion as to what contributed most to this silver price increase is what we will examine next. It was not the Hunt Brothers who almost imploded the US dollar’s value.

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In September 19, 1931, speculative attacks on the pound forced Britain to abandon the gold standard.
Britain, Germany, Austria and other European countries went off the gold standard in 1931 and weakened confidence in the dollar.
Recovery in the United States was slower than in Britain, in part due to Congressional reluctance to abandon the gold standard and float the U.S. currency as Britain had done.
Congress passed the Gold Reserve Act on 30 January 1934; the measure nationalized all gold by ordering Federal Reserve banks to turn over their supply to the U.S. Treasury. In return the banks received gold certificates to be used as reserves against deposits and Federal Reserve notes. The act also authorized the president to devalue the gold dollar. Under this authority the president, on 31 January 1934, changed the value of the dollar from $20.67 to the troy ounce to $35 to the troy ounce, a devaluation of over 40%.
Under the Bretton Woods international monetary agreement of 1944, the gold standard was kept without domestic convertibility. The role of gold was severely constrained, as other countries’ currencies were fixed in terms of the dollar. Many countries kept reserves in gold and settled accounts in gold. Still they preferred to settle balances with other currencies, with the American dollar becoming the favorite. The International Monetary Fund was established to help with the exchange process and assist nations in maintaining fixed rates. Within Bretton Woods adjustment was cushioned through credits that helped countries avoid deflation. Under the old standard, a country with an overvalued currency would lose gold and experience deflation until the currency was again valued correctly. Most countries defined their currencies in terms of dollars, but some countries imposed trading restrictions to protect reserves and exchange rates. Therefore, most countries' currencies were still basically inconvertible. In the late 1950s, the exchange restrictions were dropped and gold became an important element in international financial settlements.

President Vladimir Putin has said that Russia is militarily ready for a Cuban Missile-style crisis if the United States is foolish enough to want one and that his country currently has the edge when it comes to a first nuclear strike.

The Cuban Missile crisis erupted in 1962 when Moscow responded to a US missile deployment in Turkey by sending ballistic missiles to Cuba, sparking a standoff that brought the world to the brink of nuclear war.

More than five decades on, tensions are rising again over Russian fears that the United States might deploy intermediate-range nuclear missiles in Europe as a landmark cold war-era arms control treaty unravels.


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