-- On 3 Jul 2002 at 2:36, Anonymous wrote:
However doing a straight devaluation was politically unacceptable at the time. Because the dollar was pegged to gold, devaluing the dollar meant in effect increasing the value of gold in terms of dollars. This would represent a tremendous windfall to holders of gold. And gold, by and large, is owned by the rich.
At the time, the U.S. faced a significant chance of a Communist/Socialist revolution such as had been seen in several other countries. Class warfare was widespread, with armed violence between workers and management a common occurance.
Bullshit. In the 1930s Stalin's servants, Foster and Ford, ran for president, all the great and the good, the top intellectuals at the top universities, all fulsomely backed them, and of course they got votes down in the asterixs. In America the communist threat was always conspiratorial. Actual support by the actual working class was as near to nonexistent as makes no difference. In the 1870s there was in America working class movement bent on class warfare. It utterly discredited itself with murder, sabotage, and crime, and by the 1890s was dead as a doornail, never to rise again. Ever since then, socialism in America has been an elitist movement, composed of the children of the rich and powerful. --digsig James A. Donald 6YeGpsZR+nOTh/cGwvITnSR3TdzclVpR0+pr3YYQdkG dgflRx/7/dpa85Fuwux6fcCT/aaJHKjlLtPqXDNO 2jxFJfp/F0zYFH6XlMgbJ27tHh7BnwTMX+V/TULJW