Comment: It was the Federal Reserves fault

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It was the Federal Reserves fault

Gold was pegged at $42 and ounce. The Fed had printed so many dollars that foreign investors could turn in their dollars for gold. Then sell the gold abroad for the same number of dollars and profit. They could then repeat forever.

If the Federal Reserve had not inflated the money supply thereby depreciating the value of the dollar, this couldn't happen.

My guess that the Federal Reserve members were draining away the US gold.

Free includes debt-free!