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Gold Repricing of 1933 Was Just A Debt Default

from Gold Silver Worlds:

About a week ago, we wrote about two new IMF papers who discuss a savings tax. The topic and the idea is gaining traction after the IMF described the effect of a one-time 10% tax on all savings recently.

In one of the latest two papers, Bron Suchecki brought up another interesting point from the paper. On his personal blog, he extracted a quote from the paper which proves that the repricing of gold in 1933 was nothing more than a debt default. An interesting view which has been underexposed.

“… the United States had already defaulted on its sovereign debt in April 1933 to domestic and external creditors alike. The abrogation of the gold clause in conjunction with a subsequent 40 percent reduction in the gold content of the U.S. dollar (January 1934) also amounted to a debt haircut amounting to about 16 percent of GDP.”
Bron Suchecki writes:

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1 comment to Gold Repricing of 1933 Was Just A Debt Default

  • rich

    Tuesday, January 7, 2014
    Precious Metals Intervention In The Extreme – Let’s Call It What It Is

    Anyone who calls what is happening a “flash crash” or hedges on their assertion of “possible” direct intervention is either completely ignorant of the facts or they write their commentary in fear of public ridicule and doubt from other intellectual hedgers. It is what it is: a nuclear currency war rooted in the historical intervention of the gold market by the Federal Reserve and the U.S. Treasury.

    In the last two days, 26+ tonnes was delivered on the Shanghai Gold Exchange. The enormous physical off-take in China is a freight train w/out brakes.

    http://truthingold.blogspot.com/2014/01/precious-metals-intervention-in-extreme.html

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