96.1 The Fed Didn’t Know (or care?) about Nixon’s Shock
———Ep 96.1 Summary———
What did the Federal Reserve think about gold and the Nixon Shock in 1971? According to the transcripts they didn’t think much about gold, neither pre- nor post-announcement. The Fed did not see the move as a release from its ‘golden fetters’ so as to dominate the monetary order.
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———Ep 96.1 Topics———
00:00 Show Intro: What was the Federal Reserve discussing pre- and post-Nixon’s (gold) shock!
00:50 What is gold’s role? Is it ok that gold does ‘nothing’ even during a crisis?
03:34 What did the Federal Open Market Committee discuss on the precipice of the gold break?
06:23 How many times did the FOMC mention gold in the two meetings before the shock?
07:41 The Shock was inevitable if one followed the monetary signals; the Fed wasn’t clued in.
09:41 One week after the Nixon Shock the Federal Reserve met again to discuss… not gold.
12:10 Donald Rumsfeld and Dick Cheney headed the Cost of Living Council in 1971.
14:33 When the FOMC finally turned to gold it was a technical discussion; not strategic.
17:09 The FOMC worried about a lack of global coordination – little did they know the depths!
19:14 In July the FOMC commented that they couldn’t control money, just bank reserves.
22:15 Show Conclusion: August 15, 1971 did not unleash a fiat system; it already existed.
———Ep 96.1 References———
The Two Big Anniversaries of August: The Lost Decade (plus) Of The ‘Fiat’ Half Century: https://bit.ly/3gkpENP
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
———Who———
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by lead Bedouin driving the camel train of monetary satire, David Parkins. Podcast intro/outro is “Multidimensional” by Sarah, the Illstrumentalist from Epidemic Sound.
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