The End of an Era: The Abandonment of Gold

15. August 1971

(Un)happy Birthday, Fiat Money!

40 years ago today, President Richard Nixon severed all ties to gold in the measure of the value of the U.S. Dollar.

“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered…I believe that banking institutions are more dangerous to our liberties than standing armies… The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”

Thomas Jefferson

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