Subsequent to Nixon’s decision 40 years ago, the U.S. dollar has fallen from 1/35th of an ounce of gold to 1/1750th of an ounce of gold today.
I urge everyone to watch this video and read the excerpts to this great article on ZeroHedge. Â Though I don’t want to believe the demise of the $USD is imminent, I have to believe it is inevitable.
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- On this day, August 15th, 40 years ago, President Nixon announced the end of the Gold Standard and the end of the Bretton Woods international monetary system. This was one of the most important decisions in modern financial, economic and monetary history and is a seminal moment in the creation of the global debt crisis confronting the U.S., Europe and the world today.
- The President of the World Bank, Robert Zoellick, wrote in the Financial Times (‘The G20 must look beyond Bretton Woods II’ – November, 2010) that a new monetary system involving a basket of currencies “should also consider employing gold as an international reference point of market expectations about inflation, deflation and future currency valuesâ€.
- Ex Economics Editor of The Telegraph, Edmund Conway wrote over the weekend how “we’ve had the financial crisis that usually marks the beginning of the end of established monetary systems. And now we are seeing the debasement.â€