This is a 44 year old essay. It was written in 1969 when Nixon was the president of the United States. It amazes me to think how times have changed, but the relevance of the essay remains. It was unfortunate that President Nixon was not able to read it, and even if he did, perhaps he would not be persuaded by the soundness of the arguments of the writer due to possible practical changes he had to make in his economic policies.
This essay was written when the price of gold was $41 and US national debt was $353 billion. After 44 years, gold now costs $1,598 per ounce and US national debt is closed to $17 trillion. I just wonder if Gary North’s essay is correct, how come his predicted “economic collapse” is not yet taking place? Instead, we have been hearing from mainstream news that 2008 economic crisis has already been solved! Or maybe, “the day of reckoning” has just been extended due to Federal Reserve’s commitment to indefinite QEs.
You will find my summary of the mentioned essay here.
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