Post #505 50th anniversary of the day when gold died and fiat paper became king
In 1971, President Richard Nixon, without the approval of Congress, took the U.S. dollar off the gold standard and changed the rules of money—not just for the United States, but also for the world. Today’s guests discuss how this change allowed the United States to print almost unlimited amounts of money and create as much debt as it wanted.
After 1971, savers became losers, debt became money, and the rich got richer.
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