18 Aug 2024 1:16 pm
Volcker was instrumental in collapsing Bretton Woods, wage and price freezes, and subsequent high interest rates.Bidencrimefamily » 18 Aug 2024, 10:14 am » wrote: ↑ Nixon issued Executive Order 11615 (pursuant to the Economic Stabilization Act of 1970), imposing a 90-day freeze on wages and prices in order to counter inflation. This was the first time the U.S. government had enacted wage and price controls since World War II.
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Nixon shock - Wikipedia
The wage and price freeze was verification that Breton Woods had collapsed, and it was a warning shot, putting the public on notice that, if they hadn’t heard, their paper money could not be converted.
Volcker stayed on through Carter and Reagan, orchestrating high interest policy, while the citizens adjusted to the new normal of bi-partisan thievery from the public treasury.
Only one president since Nixon has floated the idea of returning to gold.
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