50 years ago today, on August 15th 1971, President Richard Nixon signed the declaration that “temporarily” changed the nature of the US Dollar, removing its backing by gold completely. Gold ownership had been restricted incrementally since 1933, but they interrupted Bonanza (the most popular show in America at the time) with the news flash of the announcement that gold was now completely divorced from the Dollar.
Since then, the US Dollar has not been backed by…well, anything really. Our belief in the Dollar is what gives it value.
Are we better off as a result? Here’s a video that tackles that question. If you’re familiar with Jim Rickards, the answer should come as little surprise. Still a good video to watch.
What do you think? The comments are here for you.