“Lyndon Johnson was fighting two wars, both of which America lost: the war in Vietnam and the war on poverty. He lowered marginal income tax rates in 1964 to 70% from 99%. He refused to raise taxes. The phrase was popular: ‘guns and butter.’ By 1969, there was price inflation. There was also a run on the federal government’s gold supply, because foreign governments demanded payment, which they could do under Bretton Woods. France was the main ‘culprit.’ The U.S. Treasury was experiencing a classic bank run.  Here was what the International Monetary Fund did, according to Wikipedia. It created a new fiat non-currency, the SDR.”

http://www.garynorth.com/public/12781.cfm

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