Adolf Hitler Quotes
We have made it possible, without gold and without foreign exchange, to maintain the value of the German mark. Behind the German mark stands the German capacity for work, while some foreign countries, suffocated by gold, have been compelled to devalue their currencies.
Hitler, Adolf. The Speeches of Adolf Hitler, April 1922-August 1939, vol. 1. Translated by Norman H. Baynes, Oxford University Press, 1942, p. 936.
This objective finally reached its peak in the Nixon administration when the U. S. went off the gold standard. 75 Years after FDR tried to make the U. S. dollar more resilient, America had been so successful that many foreign governments having the same problem of little or no control over their currency, have pegged their currency to the U. S. dollar, thus gaining our stability.
Most modern economists argue just the opposite. The monetary supply for a growing world population would be insufficient for growth since the supply of gold is extremely limited. The United States was plagued by this problem from its earliest times as its growth was very strong, but there was not enough gold to support the growth. So silver was added, and then during the Civil War where growth rates were very large in the North, paper currency evaded the problem, which returned over the next century until the Nixon Administration—a very conservative one—shocked many conservatives by abandoning the Gold Standard and the U. S. has never returned to it.
This was a very astute prediction. At the time, the United States gold mining production was second only to South Africa and American currency was based on the gold standard which seemed to all to be permanent. Half a century later, the U. S went off the gold standard.
There has always been a fear of inflation and currency debasement by governments. Since ancient times, rulers issued coins and when they were made of cheap metals like copper or iron, the ruler could mint as much as he wanted and when he did so the value went down. By using only precious metals, gold and silver, for coins, there would be a natural restraint on government. Garfield was one of those who believed that we should always have money of gold and silver. The United States would use that principle for the next century even backing its paper money with gold and silver. In the Nixon administration the United States abandoned the gold standard. Today, it is the ability of a country to produce things that maintains value of paper money which has been supplanted in many cases by electronic money.
President Richard Nixon, a conservative Republican did not agree with this view as it was he who led America to abandon the gold standard to back its money.
Adolf Hitler was an Austrian-born German politician who was the dictator of Germany from 1933 to 1945. He rose to power as the leader of the Nazi Party, becoming Chancellor in 1933 and then assuming the title of Führer und Reichskanzler in 1934. During his dictatorship from 1933 to 1945, he initiated World War II in Europe by invading Poland on 1 September 1939. He was closely involved in military operations throughout the war and was central to the perpetration of the Holocaust, the genocide of about 6 million Jews and millions of other victims.
