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

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
Daniel Lacalle
Updated:
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.

Daniel Lacalle
Daniel Lacalle
Author
Daniel Lacalle, Ph.D., is chief economist at hedge fund Tressis and author of the bestselling books “Freedom or Equality” (2020), “Escape from the Central Bank Trap” (2017), “The Energy World Is Flat”​ (2015), and “Life in the Financial Markets.”
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