In 1933, Exectuive Order 6102 removed the U.S. dollar from the gold standard to what would become fiat currency. It was signed by Franklin D. Roosevelt (D). It made the New Deal agenda possible. It was the beginning of our nation’s excessive spending history. Nixon (R) contributed as well.
“FDR ends gold standard” http://goo.gl/LV8XS
And if you would like…
“Nixon ends gold standard.” http://goo.gl/tnrtb
In 1935, Social Security Act, also signed by Roosevelt (D), initiated entitlement programs to follow. For example: Medicare in 1965 signed by LBJ (D), Medicare Prescription Drug Act in 2003 signed by G. W. Bush (R), loan to JPMorgan Chase with promise to purchase Bear Stearns in 2008 carried out by the Federal Reserve, and finally American Recovery and Reinvestment Act in 2009 signed by President Obama (D).
Result: a NEW American economy. No longer does our economy look like or operate as a free market system.
Action: Do some research folks… See you out there.
Book Summary Bites: America’s Financial Demise by Ethan Pope