This Day In History: 1971-08-15

1971: President Richard Nixon completes the break from the gold standard by ending convertibility of the United States dollar into gold by foreign investors; American citizens had already been forbidden by law from using gold money or converting dollars into gold for the previous 37 years, since Franklin Roosevelt, working closely with the Jewish financial interests he pretended to oppose, took those rights away in 1934. One should not think, however, that the gold standard ensured an honest money system; it did not. Since fractional reserve banking was in use, gold merely limited the amount of money that banks could create from thin air — but did not prevent the practice, which was engaged in on a huge scale.

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1971-08-15