Goodbye, gold redemption of the dollar
Forty years ago today, the entire world was launched into a brand new financial experiment. Viewing matters from 2011, how do we like the results?
Alex J. Pollock | The American
August 15, 2011

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Article Highlights

  • 40 years ago, a peacetime world decided to no longer link money to precious metals #goldstandard

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  • The pure fiat money system trusts the natural stability of honest and intelligent gov't officials...over reliable gold?

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  • Closing the gold window was supposed to stabilize the #dollar...well how is that working out for us now?

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Forty years ago today, the entire world was launched into a brand new financial experiment: a peacetime global monetary system with no link at all to redemption of money in precious metals. In other words, for the first time without being in a big war, governments offered people purely fiat money on a worldwide basis. This could be viewed as the logical end point of the modern trend of increasing the power of central banks.

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About the Author

 

Alex J.
Pollock
  • Alex Pollock joined AEI in 2004 after thirty-five years in banking. He was president and chief executive officer of the Federal Home Loan Bank of Chicago from 1991 to 2004. He is the author of numerous articles on financial systems and the organizer of the “Deflating Bubble” series of AEI conferences. In 2007, he developed a one-page mortgage form to help borrowers understand their mortgage obligations. At AEI, he focuses on financial policy issues, including housing finance, government-sponsored enterprises, retirement finance, corporate governance, accounting standards, and the banking system. He is the lead director of CME Group, a director of Great Lakes Higher Education Corporation and the International Union for Housing Finance, and chairman of the board of the Great Books Foundation.

    CLICK HERE TO DOWNLOAD ALEX POLLOCK'S ONE-PAGE MORTGAGE FORM
  • Phone: 2028627190
    Email: apollock@aei.org

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    Name: Emily Rapp
    Phone: (202) 419-5212
    Email: emily.rapp@aei.org
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