Thread: Nixon and switch from gold standard to fiat standard is a very interesting topic for us who are into #bitcoin economics. Yesterday, I started to dig deeper and tried to understand what led to the fiat switch. My focus was on Harry S. Truman, with who I was not familiar

2) Truman was Roosevelt's vice president and after 82 days of vice presidency, he became the president following FDR's death. FDR is also popular amongst many #bitcoin ers as once he became the president, declared bank moratorium, and then signed the executive order 6102.

3) With the executive order 6102 ( @6102bitcoin) the claim was ' hard times had caused "hoarding" of gold, stalling economic growth and worsened the depression. SO with the order, he forbid hoarding of gold coin, gold bullion, and gold certificates within the United States.

4) This was a step to centralization. A huge communist move. People had to forgo their gold for $20.67/ounce or they would face fines nearly worth 500 ounces of gold at the time. The following year Gold Reserve Act was signed and the gold collected at 20.67 was revalued at $35.

5) After explaining FDR times briefly I want to talk about how Truman came into holding his position as the president of the United States. Truman was portrayed as an unsuccessful businessman. He is considered to be successful during the military and had a steep rise in politics.

6) He wasn't the original vice president FDR had in mind as running mate. It was thought that Henry Wallace who was already his vice president would be his running partner again. Wallace was also the popular candidate amongst convention delegates.

7) Wallace was not favored by some of the democratic party leaders due to his liberal thoughts and interesting character. They lobbied against him. Lobbying democratic leaders considered some different names and then ended up deciding Truman. Their decision was not told to FDR.

8) They wanted Wallace out and managed to convince Franklin Roosevelt to denominate Wallace. Roosevelt didn't know Truman well so he suggested William Douglas instead. However democratic leadership was keen on making Truman the vice-president.

9) Even Senator Truman didn't want to run for vice presidency as his wife and sister were on Senate payroll and didn't want this to be found out. Considering Roosevelt's poor health, the decision that was made by democratic leadership was ultimately selecting the new president.

10) 82 days after the presidency Roosevelt dies and Truman's interesting journey starts.
a) Uses atomic bombs in Hiroshima and Nagasaki
Atomic bombs are huge centralized powers.
b) War ends.
c) 21 Point program: New minimum wages, extension of price controls.

11) In 1947 signs Truman Doctrine which is supporting Turkey and Greece's military by giving economic support so that they can stay farther away from the Soviet Union, communism. Marshall Aids follow up the Truman aid and USA spends 5% of its GDP to keep Europe strong vs Russia.

12) In 1947 he also passes the National Security Act. (NSA, CIA, DOD founded with this act.)
In 1949 signs North Atlantic Treaty Organization. (NATO)
1950 - Truman declares a state of Emergency. Imposes heavy wage and price controls. (Communist approach)

13) 1951 - Authorizes $7 billion foreign economic, technical, military aid to fight communism further.
1952 - Seizes control of the steel industry after strikes. (Ultra communist move)
Seizure of steel mills is found unconstitutional and Supreme court vetos.

14) Organizations formed during Truman's time:
IMF
NATO
NSA
CIA
DOD

These have really centralized power into certain organizations.

15) These are still huge organizations and in 2019 alone they have spent over $1.75 trillion. Considering that global debt increased by $10.8 trillion in 2019. The 5 institutions founded during Truman's time is responsible for 16.2% of the debt accumulated in 2019.

16) 2018 expenditure for the 5 agencies that are mentioned above were $1.7 billion in a world in which the global debt only increased by $3.3 billion. Agencies found during Truman's time was 51.5% of all debt accumulated in 2018.

17) Over 70 years after those decisions are made we are still highly impacted by them. When you think that he was forced to his position by the few leaders of the Democratic Party. Roosevelt's health was not good and they knew the vice they appoint would have become the president

18) 75 years later a similar pattern is repeating. This time there is again an unhealthy president, supported by a vice president that would have no chance of winning if she was running for the presidency. Let's see if history will repeat itself and cause us huge burdens ahead.

1