August 15, 1971: A Date Which Will Live in Monetary Infamy.
In this report I talk about the Nixon Shock which happened on Sunday, August 15th, 1971. On that day President Nixon closed the gold window by defaulting on the US government's promise, under the Bretton Woods Agreement, to redeem dollars for gold.
0
0
0.000
During the gold standard there were also economical crisis: only in the US there were the great depression, the crisis of 1920-21 and 1873-1896, and others.
More here: https://en.wikipedia.org/wiki/List_of_economic_crises
Billy, the silverburg is back!
Very educational. I never realised how important gold was to paper money but I do understand a lot better. My mother is from the old school and allways taunght us to live within our means and I followed her direction but sometimes I have regretment because I see many people around me getting loans and spending their credit card to progress in life and I did not.
your mother was correct, you can sleep at night knowing you have not over extended yourself, can the borrowers say the same?
When you see the video of the official announcement by Nixon, he says "temporary". Years later, I still laugh at this. Money hasn't been based in reality for a long time.
Yes the income tax here in the UK was also supposed to be a temporary tax to pay for the Napoleonic Wars. 200 years later it is still around!
a great reminder @maneco64 of the importance of sound money, upvoted and re-steemed
Thanks @soundmoney
There are a lot of attempts to warn people, but they fall upon deaf ears unfortunately. I've tried telling people but people actually get irritated, and what evidence do I have to show? Lots of lost money on rubbish mining companies. It's not exactly compelling evidence. I just keep my mouth shut now.
We've been living in a dream world. Money out of nothing, financing castles in the sky.
It is amazing what people can do when they are all unified around one idea, even if that idea has flaws.
This was when the Banksters were let loose to print money out of thin air - the start of the troubles!!
Wow, another anniversary of this event; time flies when we are spending money. So does the value, apparently.