Image Source: Pixabay

Fifty-four years ago today, President Nixon went on national television and quietly made one of the most consequential announcements in economic history: the U.S. would no longer redeem dollars for gold. What was sold as a “temporary measure” became a permanent turning point — the moment the dollar cut its final tie to tangible value.

That night in August 1971, the rules of money changed. Gold was out. Fiat currency was in. Since then, debt has exploded, inflation has become a constant, and central banks have gained the power to create money without restraint. The world we live in today — from the price of groceries to the balance of global power — was set in motion by that single decision.

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