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Show f November 5, 1971 The UTAH INDEPENDENT Page 13 currency, convertible to gold (until last month) and usable by other countries as backing for their own money systems. The Future Of Gold Nobody who fears inflation will derive much comfort from Secretary of 'the Treasury Connallys remark recently that the United States hopes and anticipates that the role of gold in the international monetary system will be succeeded, at least temporarily. But to admit that gold has been virtually demonetized is very different from suggesting that there is no official relationship between the worlds money system and gold. Arguments over the official price of gold are largely Mr. g. Connallys statement may have inflation to silence foreign demands that we raise been intended welcome was impossible. World War II drained many countries, except the United States, of their gold reserves; so at Bretton Woods in 1944 the present modified gold standard the official price of gold from the present $35 an ounce and thus officially devalue the dollar. As the International Monetary Fund conference was adopted. Other currencies were pegged to the dollar, and the dollar to gold. The dollar in opened yesterday seemed have to Washington, he a development and that gold should be relegated to the function of filling teeth and making bracelets. Consider, for a moment, why so many officials, especially in the United States, are eager to brush aside the monetary importance of gold. For centuries, gold was the ultimate measure of the strength of each countrys money system. If a money was freely convertible into gold, diminished. At the moment, it is true enough, gold plays very little part in the system. Since President Nixon cut the dollar loose from gold last month, shadow-boxin- this is thus became a reserve HOLLADAYS ELECTRIC MOTOR 3231 South State St. All Electric Motors, Hand Tools And Small Appliances Repaired Motor Rewinding Phones; Bus. 467-207- 1 Res. 262-521- 5 LEE J. HOLLADAY 4046 So. Fifth East a DEER . . ELK. . MOOSE COW. .CALF. .HORSE 30-DA- SERVICE Y 101YECT Nixons action in repudiating Commenting on large campaign expenditures the Deseret News said, Spending more than you earn is a rule of thumb for many Americans. And no one knows.the axiom better than politicians. Our government officials spend billions of our dollars, but earn little if any of it. redeem all the dollars outstanding abroad. Mr. the convertibility of the dollar was, in effect, an admission of bankruptcy. It was the penalty for years of carefree extravagance. It may very well have been necessary to avert a worse crisis. But what protection is there now against uncontrolled inflation on an international scale? That is the question which the IMF must face. Mr. Connally visualizes increasing dependence on the IMFs own Special Drawing Rights, which were created the Moety it No re-elect- ed regime to voluntarily give up government power? . American insistence and are valued in terms of gold, but not backed by gold. Given this manmade restraint, can man restrain himself any better than he has in the last 35 years? Can he resist the temptation to count on creating new SDRs, just as he is counting on SDRs to pay the debts he can no longer pay in gold? Do the confidence he seems to have in them? Chicago Tribune - What Does Long Hair Mean Today identify short - hair hair Jack Anderson writes that President Nixon is determined to let his critics be hanged. For once I believe him literally. .. . The Salt Lake Tribune has protested the hypocrisy, of Agnews visit to Greece while our official policy opposes the present Greek government. I havent noticed anything but praise from the Tribune for Nixons scheduled visits to our enemies in Peking and Moscow. Commissioners Barker and McClure, in a brief flash of political righteousness publicly proclaimed their resignation from the Model Cities Joint Authority. They are, however, still active members of the Authority. The Utah Independent at the start of Nixons present freeze predicted that public cooperation with this presidential power-gra- b would lead to continued and further controls. Need I say more? Senator Hubert H. Humphrey and the DeseretNews are calling for a committee to study the role and operation of Congress and to recommend ways to make it more effective. Such a committee has already met and produced a report called The Constitution of the United S tates of A merica. ? READY TO LOSE OUR SHIRT ? with and rigidity, hatred of life long The Deseret News says that nobody calls the Salt Palace a white elephant anymore. That may be true; 1 generally use stronger terms. boredom, unhappiness, Silt Late Chile's Communist President Allende has promised to go home if he is not in five years. Have you ever known a Communist at largely authority, discipline, 363-68- 64 Koo The U.S. Senate has refused (for the moment) to fund the foreign aid program. Dont celebrate yet its only temporary. TALIAGE North By Mark A. Anderson administration has acted as if dollars could be printed and spent at home and abroad without limit, and for years we hav.e had too little gold to SUPERIOR rams mxw """ Slightly Disguised Editorials Administration after Let the radical subversive Jerry Rubin answer from his Young kids book, Do It. COST Art's Oatv Twry The strength of the system thus depended bn the strength of the dollar. But for 35 years, since Franklin Roosevelt denied Americans the traditional right to protect themselves against inflation by buying gold, the dollar has been losing value. worlds politicians, including Mr. Connally, deserve the CUSTOM TANNING . Notes On The News. with letting go. . .wherever we go, our hair tells people where we stand on Vietnam, Wallace, campus disruption, dope. Were living TV commercials .for the revolution. . .Long hair is the beginning of our liberation from the sexual oppression that underlies the whole military society. All Kinds of Insurance (u'CW New Hours Monday - Thursday Noon until Eight Friday and Saturday Noon until Ten Weekend Special ", i ! BEACON INSURANCE agency Top Sirloin Steak Sandwich Green Salad $2.95 Kifh Bsinap PHONES: Cal Evans ? Office Rs. 487-57- 89 295-17- 30 East Kensington Ave Salt Lake City, Utah 54 111) i |