Nearly 50 years ago, it was the 37th anniversary of the United States. Americans were shocked by Nixon when his president suspended the conversion of the US dollar into gold. From then on, the US economy had not been what many people believed, Richard Nixon ushered in a new era of uncontrolled creation of the fiat currency.
Today, 50 years ago, Nixon shook the world
Today, US President Richard Milhouse Nixon’s statement to the US people on August 15, 1971, said that the government, along with the Treasury, would immediately convert the convertibility of the US dollar into gold. Nixon, in fact, announced that the gold standard had been removed from the dollar and would never return. Moreover, the American people do not fully understand why Nixon and his minions decided to abolish the gold standard.
Richard Nixon’s spending on the Vietnam War led to the beginning of a new era of Fiat.
The reason Nixon lifted the gold standard is because the United States could not hide the massive military spending that fueled the Vietnam War. Part of the Bretton Woods deal was for the US to own three-quarters of the world’s gold. Military spending under Nixon was so large that other countries, such as France, began to note that the United States was printing large amounts of U.S. dollars. Friday August 13, 1971, Nixon and members of the Treasury met decidedly at Camp David.
On August 15, 1971, Nixon addressed the nation and made the decision to “temporarily suspend the convertibility of the dollar to gold or other reserves.”
According to evidence and reports, the secret meeting at Camp David was highly controversial and sparked serious controversy. Near the end of the meeting, the Nixon administration finally decided to break the Bretton Woods Agreement. Sunday August 15, 1971, Nixon, 61, U.S. Secretary of the Treasury John B. He announced that he had ordered Connelly to suspend the US gold convertible.
