54 years ago today, on a Sunday night, 15 August 1971, Nixon went on TV and blew up the global monetary system. He suspended the convertibility of USD to gold (ending the dollar’s gold backing). This unleashed endless fiat printing, and set the stage for decades of inflation. At the time, it was dressed up as a “temporary measure” to protect jobs, curb inflation, and stabilise the dollar, and it was widely welcomed.
Without that break from gold, we might never have noticed the blatant, legalised wealth transfer orchestrated by governments. Thank you… and fuck you, Nixon.
The speech:
The charts:
#1971 #nixonshock #goldstandard #fiat #inflation #moneyprinting #jekyllisland #decentralize #finances #brettonwoods 
WTF Happened In 1971?
WTF Happened In 1971?
https://inflationdata.com/articles/2022/08/10/u-s-cumulative-inflation-since-1913/ "I don't believe we shall ever have a good money again befo...