Monday, August 15, 2011

Today is the 40th birthday of the fiat currency known as the U.S. Dollar

ON August 15th in 1971 President Richard Nixon announced that the U.S. would no longer officially trade dollars for gold. Gold was worth $35 per ounce when they made this announcement. The currency had already been going thru a period of debasement for about 6 years due to the high costs of Gold and silver and the ever increasing costs of running the United States of America. Today that policy turns 40 years old and marks the first prolonged period in the last two thousand years that man has not used currency based on precious metals. Brian Domitrovic of Forbes says, this is a "new era of human history". Is he right?

Well This certainly is true. We know have gold north of $1600 and silver sitting right where Gold sat back in 1971. Is that bizarre, it should be.



Stumble Upon Toolbar

No comments:

Post a Comment