On this day, August 15th, 40 years ago, President Nixon announced the end of the Gold Standard and the end of the Bretton Woods international monetary system (see video of Nixon’s dramatic announcement here).
This was one of the most important decisions in modern financial, economic and monetary history and is a seminal moment in the creation of the global debt crisis confronting the U.S., Europe and the world today.
That is a shocking video. Never us mind the "bugaboo" of devaluation. This speech marks the end of the post World War II economic boom and the beginning of the dual-income-household-consumer debt-enslavement that was advertised to Americans as "prosperity". We have painted ourselves into a corner.
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