At first Nixon tried devaluation, but the amounts were far too small to stop the gold drain.
FORBES: Give The Gold Standard Its Due
The worst thing about capital flight and gold purchases is that they drain liquidity out of the Chinese economy just when it is needed most.
FORBES: Why Are the Chinese Buying Record Quantities of Gold?
This created a drain on our gold reserves, and if something were not done, it was likely that the U.S. would lose all of its reserves.
Nowadays, India is by far the world's biggest buyer of gold and those imports are an increasing drain on an economy that is growing too slowly to reduce widespread poverty.
NPR: Baubles To Bars: India Gold Culture Defies Curbs
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