Richard Nixon and the Gold Standard

In Gold we trust? 1905 gold certificate.

The US abandoned the gold standard in two steps. First in 1933 when FDR ended Americans' right to exchange paper dollars for gold. Then in 1971 President Richard Nixon "closed the gold window" and denied foreign governments the ability to exchange the US dollar for gold.

From the Stephen Moore and John Tamny in the American Spectator:

With the real economy weakening due to rising inflation, Nixon’s approval ratings tanked, which allowed the relatively minor scandal of Watergate to force his resignation. Some years after he left office, Nixon told a group of friends and advisors that the policy decision he regretted most was taking America off the gold standard, and that had he not done that, he could have withstood the Watergate scandal.

Further reading: Nixon Shock

One of Us - Tom Wicker

Just picked this up from Amazon, after reading this glowing recommendation from David Eming over at the New Nixon Blog:

"I consider one of the most important books in my collection, is “One of Us” by Tom Wicker. I feel that this biography is the most balanced Nixon biography to come out."

My interest was piqued when research revealed that Tom Wicker is a former liberal New York Times reporter who's work earned him a spot on the Master List of Nixon Political Opponents.

Who is John Galt?

Richard Nixon struggled with Objectivism. Ayn Rand struggled with Richard Nixon.

During the 1964 Republican Primaries, Ayn Rand told Playboy: "I'm opposed to him [Richard Nixon]. I'm opposed to any compromiser or me-tooer, and Mr. Nixon is probably the champion in this regard." However four years later Rand went on to officially endorse the New Nixon in both 1968 and 1972. She subsequently wrote more articles criticizing Nixon, specifically "The Shanghai Gesture" (The Ayn Rand Letter; March 27, 1972).

Despite her criticism, Rand's ideals held a place in the Nixon Administration. Her influence, in part, spurred Nixon to work with Greenspan in ’68 and appoint him to the Chair of the Council of Economic Advisers in 1974. When sworn in, Rand stood at his side. From the New York Times:

Miss Rand's views were much in demand in 1974, when President Richard M. Nixon named Alan Greenspan, the economics consultant, to become chairman of his Council of Economic Advisers. It turned out that Miss Rand had been the mentor and a 20-year close friend to Mr. Greenspan.

Miss Rand helped persuade the somewhat reluctant Mr. Greenspan to join the Government so he could put their confidence in the capitalist spirit into action. ''I helped Alan to analyze what was involved,'' she told an interviewer that year. ''But, of course, the decision was his own.''

Tom Brown/Getty Images

Throughout Rand's lifetime, Greenspan was a stalwart member of Ayn Rand's intellectual inner circle, which included the privilege of reading Fountainhead while it was being written. In fact Greenspan's ardent support of the gold standard and other Objectivist strongholds can be seen in his articles written in Rand's Objectivist newsletters.

Rand went on to support Gerald Ford; but that would mark her departure from the Republican Party. Rand was fiercely opposed to Ronald Reagan saying his "mixture of capitalism and religion," was "representative of the worst kind of conservatism."

It is time for a refresher on Objectivism. "The relief of the poor is not the goal of my existence."

Setting the Record Straight on Nixon and HMOs

Health care is the new education - In terms of political popularity that is.

With this comes misguided speculation concerning Nixon's take on the subject. The uninformed finger of blame points directly at our famed thirty-seventh president. This includes Moore's documentary comedy Sicko, which mistakenly portrays the current HMO system as Nixon's brainchild.

Those that claim Nixon is the cause for our health care woes cite quotations of Dick extolling the benefits of this new system circa 1970. They also point out that he signed into law the HMO Act of 1973.

However, this was not Nixon's health care plan. His original health care plan involving HMOs died. Ted Kennedy was the man behind the 1973 HMO act:

"As the author of the first HMO bill ever to pass the Senate, I find this spreading support for HMOs truly gratifying. . . HMOs have proven themselves again and again to be effective and efficient mechanisms for delivering health care of the highest quality. HMOs cut hospital utilization by an average of 20 to 25 percent compared to the fee-for-service sector. They cut total health costs from anywhere from 10 to 30 percent. And they accomplish these savings without compromising the quality of care they provide their members."

Nixon signed into law and vocally supported the act because HMOs beat the socks off of the previous fee-for-service insurance (as Kennedy points out above). However, Nixon was not going to stop at HMOs. In 1974 Nixon went on to propose the greatest change to health care in the 20th century. However, his new plan received no attention as congress was more concerned with a 3^rd rate burglary - thus crowning Teddy's HMOs king.

The Nixon Doctrine's Take Off

A Boeing B-52 Stratofortress bomber takes off.

Wired has published an in depth article titled The Nukes of October: Richard Nixon's Secret Plan to Bring Peace to Vietnam that looks at the Nixon administration's plan to instill fear into Moscow via 18 B-52s loaded with nukes.

It was October1969 and the Nixon-Kissinger duo wanted to showcase the new Nixon Doctrine. The maneuver highlights Nixon's unique (Nixon-in-China style) foreign policy that shaped much of the late 20th century. I am pleasantly surprised to see a well written and researched Nixon article in a technology periodical like Wired.

The New Nixon Blog - Launched by the Nixon Foundation

With an eye on the upcoming Presidential elections and the nation's dramatically growing interest in politics and government, the Richard Nixon Library & Birthplace Foundation will introduce its own blog, The New Nixon, at 9:00 am on Presidents' Day, Monday, February 18.

Noted commentators including Hugh Hewitt, KRLA talk show host and former White House staffer; Jack J. Pitney, Claremont McKenna College Professor of American Politics; and John H. Taylor, executive director of the Nixon Foundation, will be among the inaugural bloggers.

"Forty years ago, the new Nixon became a catch phrase as the former Vice President prepared to enter primaries," said Taylor. "Some derided him as, 'supposedly new Nixon,' others around the candidate himself took up the concept of a new Nixon as someone having served eight years as Vice President and traveled the world interacting with leaders as he prepared for his run in 1968."

RN won in 1968, becoming America's 37th President.

Nixon fans and critics alike are invited to offer feedback to the blogger's commentary on RN politics, culture and policy -- all with a Nixon spin. "Those who participate in the dialogue on The New Nixon blog will themselves be part of creating the next new Nixon, the nuanced new Nixon," Taylor predicted.

Slideshow

I've added a sideshow to the page with some great shots including Dick bowling at the White House bowling alley, a Normal Rockwell painting, Nixon posing with Elvis (a longtime Nixon supporter) and a shot of the 1960 debate.

If you have any photos you'd like to add, shoot them my way.