48 Years After Nixon “Temporarily” Closes The Gold Window On Sunday, August 15th, 1971

The negative impacts of going onto a fully debt-based fiat currency monetary system are still being felt today…

by Patrick V. of SBTV

August 15 2019 marks the 48th anniversary of President Nixon’s ‘temporary’ closure of the gold window in 1971. Also known as The Nixon Shock, this event effectively severed the US dollar’s link to gold on the international monetary stage.

The negative impact of going onto a fiat currency monetary system is still being felt today as data shows how inflation picked up after 1971. Without the discipline that came from having gold as an anchor, government debt has also skyrocketed. A fiat currency system also encouraged the financialization of the economy allowing larger financial bubbles to be blown.