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Gold — How Much is a ‘Barbarous Relic’ Worth?

In: The New International Money Game

Author

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  • Robert Z. Aliber

    (University of Chicago)

Abstract

President John F. Kennedy once observed that the US balance-ofpayments problem was the second most complex issues he had to deal with; the first was avoiding a nuclear war. His concern was that he might have to increase the US dollar price of gold. Yet when President Richard Nixon suspended gold sales by the US Treasury in August 1971, and then agreed to increase the dollar price of gold to $38 (and to $42 slightly more than a year later), the domestic political fallout was mild.

Suggested Citation

  • Robert Z. Aliber, 2002. "Gold — How Much is a ‘Barbarous Relic’ Worth?," Palgrave Macmillan Books, in: The New International Money Game, edition 0, chapter 5, pages 86-105, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50097-6_5
    DOI: 10.1057/9780230500976_5
    as

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