50 Years Off The Gold Standard… Are We Better Off?

Gold, Bars, Wealth, Finance, Gold Bars, Deposit

Image Source: Pixabay

“Prosperity without war requires action on three fronts”, President Richard Nixon told America in a televised address 50 years ago today. “We must create more and better jobs; we must stop the rise in the cost of living; we must protect the dollar from the attacks of international money speculators.”

The order removing the ability to convert paper dollars into gold meant that the government was “free” to flood the country with paper money and sabotage the currency’s value.

Nixon’s abandonment of the gold standard will indeed go down in history as a major economic debacle, and WE will be the ones paying the price.

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