Gold Standard History and Facts

"By 1970, the United States only held $14.5 billion in gold against foreign dollar holdings of $45.7 billion. At the same time, President Nixon's economic policies had created stagflation. This double-digit inflation reduced the eurodollar's value. More and more banks started redeeming their holdings for gold. The United States could no longer meets this growing obligation."

"The gold standard ended on August 15, 1971. That's when Nixon changed the dollar/gold relationship to $38 per ounce. He no longer allowed the Fed to redeem dollars with gold. That made the gold standard meaningless. The U.S. government repriced gold to $42 per ounce in 1973, and then decoupled the value of the dollar from gold altogether in 1976. The price of gold quickly shot up to $120 per ounce in the free market."

"Once the gold standard was dropped, countries began printing more of their own currency. Inflation usually resulted, but for the most part abandoning the gold standard created more economic growth."

"But gold has never lost its appeal as an asset of real value. Whenever a recession or inflation looms, investors return to gold as a safe haven. It reached its record high of $1,895 an ounce on September 5, 2011. "

Why Hawaii is trying to ban a common sunscreen

Ain't nothing like pissing sunscreen and feeding it to our youth ...

"The concern over coral reefs isn’t the only cause for concern when it comes to chemical sunscreens. Some of the same chemicals that have been shown to harm reefs might also harm human health—because like reefs, we absorb them into our bodies. One study in the International Journal of Andrology detected oxybenzone in 96 percent of the American urine samples it tested, and chemical UV-filters were detected in 85 percent of Swiss breast milk samples."

"Oxybenzone has been found to mimic estrogen in cellular studies, while butylparaben, which is present in a host of cosmetics in addition to sunscreen, has been linked to endocrine disruption, which can cause everything from development delays to poor reproductive health. None of these studies are definitive, and the authors themselves call for more research."

China rationalizes scrap import ban — and industry concerns remain

"The Chinese government has begun to offer more rationale for its July 18 World Trade Organization filing that announced plans to begin restricting the imports of numerous scrap categories — mainly mixed paper and plastics — by the end of the year. A government statement posted on July 27 indicated that this was part of a larger effort to increase domestic recycling to 350 million tons (a 42% increase over 2015 levels) by 2020. To reach that goal, imports that can be substituted with domestic resources will be phased out starting in 2019."

"While the CEOs of publicly traded waste and recycling companies have sought to downplay the potential effects in recent weeks, concern remains high among many players in the scrap industry. The Institute of Scrap Recycling Industries (ISRI) has made it clear new markets will need to be explored, as reported by Recycling International, and some Chinese recyclers have already begun discussing plans to move their operations off the mainland, as reported by Plastics News."

You’re Fired! – 98 Acres in Albany

"Of the more than 90 prime contractors and hundreds of subcontractors at the South Mall site, only one was ever fired by the State of New York: The Foster-Lipkins Corporation, builder of the Corning Tower and the Swan Street Motor Vehicle Building. The contractor’s performance on the 44-story tower was, at times, dangerous and embarrassing. And it was ultimately costly to the State. Yet firing Foster-Lipkins was not an easy choice for the South Mall construction coordinators."