The Dollar’s Final Crash down A Golden Matterhorn
The comments below are an edited and abridged synopsis of an article by Egon von Greyerz
Did Richard Nixon understand the futility of tying a weakening dollar to gold, which is the only currency that has survived in history?
Probably not. He was just another desperate leader who was running out of real money and needed to create unlimited amounts of fiat money. Nixon’s decision to close the gold window was the beginning of the end of the current monetary system.
But although that decision was fatal, Nixon was not personally responsible. What the world saw in August 1971 was just another desperate leader who realised that he couldn’t stick to the monetary or fiscal disciplines necessary to maintain a sound economy and a sound currency.
Up for discussion: FreeGold; governments love gold; governments hate gold; no currency has survived in history in its original form; Bitcoin—$10,000 next?; history, history, history; will there be a reset; and gold (and silver) will be a life saver.