Gold and silver: The states' new currency? States aren't allowed
to coin money. They can issue gold and silver, though, and some
are talking about actually doing it. (Page 2 of 2) Let me lay to
rest the bugaboo of what is called “devaluation.”Skip to next
paragraph Subscribe Today to the Monitor If you want to buy a
foreign car or take a trip abroad, market conditions may cause
your dollar to buy slightly less. But if you are among the
overwhelming majority of Americans who buy American-made
products in America, your dollar will be worth just as much
tomorrow as it is today. (Emphasis supplied.) President Nixon
called the suspension “temporary,” but it has been anything but
temporary…and the dollar has suffered as a result. The dollar
today is worth less than a quarter was worth in 1971. And yet,
Washington has been curiously unresponsive to the suffering
brought by Nixon’s failed promise. Why? Because Washington,
itself, has been a primary beneficiary of monetary depreciation.
The federal government spent $1