I turned 7 years old the day this happened.
August 15, 1971. President Nixon went on TV and gave the news that the promise had been broken. US Dollars would no longer be redeemable for gold.
Following Monday: Stocks pumped 25%.
They engaged the money printer and the decline of the USD began in earnest.
I really look with commiseration over the great body of my fellow citizens who, reading newspapers, live and die in the belief that they have known something of what has been passing in the world of their times.
- Thomas Jefferson.
