CIA infiltrated watergate break in after Nixon threatened to leak their involvement in JFK murder.
(www.thegatewaypundit.com)
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The dollar was inflated to the point where gold backing would cause a default if anyone called our bluff. Nixon removed the convertibility to gold in a legal terms, but it was already impossible to convert the large amount of dollars into gold anyway. The expansion of the money supply by the federal reserve did not keep up with the US' gold holdings.