The End of the Gold Standard: 50 Years of Monetary Insanity

Three .9999 fine gold bars, 400 troy ounces or 28 lbs each, with a combined value of more than US$1.5 million, are displayed at the Bureau of Engraving and Printing (BEP) in Washington. Paul J. Richards/AFP/Getty Images

Commentary

This year marks the 50th anniversary since President Richard Nixon suspended the convertibility of the U.S. dollar into gold. That began the era of a global fiat money debt-fueled economy. Since then, crises have been more frequent, but also shorter and always “solved” by adding more debt and printing more money.