50 Years Ago: Nixon Slams Shut the “Gold Window”



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On Aug. 15, 1971, President Richard Nixon slammed shut the “gold window” and eliminated the last vestige of the gold standard.

Nixon promised the move was temporary to stabilize the dollar. He promised it wouldn’t devalue the dollar. But his promises were worth about as much as the fiat money he created.

As Peter Schiff explains in this video, Nixon’s folly brought lasting consequences.

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