(Un)happy birthday, fiat money

posted by
August 15, 2011
Ludwig von Mises Institute
by Jordi Franch  
Posted in Commentary

"Forty years ago today, on the morning of Sunday, August 15, 1971, the US president, Richard Nixon, declared the inconvertibility of the dollar into gold. The 20,000 tons of the yellow metal deposited in Fort Knox in 1944 had decreased substantially due to the high military costs of the Vietnam War. The United States -- the leading global economic power -- could not honor its financial commitments." (08/15/11)

http://mises.org/daily/5543/Unhappy-Birthday-Fiat-Money  

Our Sponsors