This week 45 years ago, August 15th 1971 to be exact, President Nixon suddenly declared the end of the Gold Standard. He ushered in the modern monetary system based on fiat paper and digital currency that works so poorly for us today and led to the global financial crisis.
The dramatic announcement by ‘Tricky Dicky’ is a must watch and you can see it here:
“Your dollar will be worth just as much tomorrow as it is today… ”
This was one of the most important eventsin modern financial, economic and monetary history and is a seminal moment in the creation of the global debt crisis which has confrontedthe U.S., Europe and the world in recent years and continues to this day.
Nixon ushered in an era of floating fiat currencies not backed by gold or silver but rather deriving value through government “fiat,” diktat or order of the government.
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