- 40 years ago, a peacetime world decided to no longer link money to precious metals #goldstandard
- The pure fiat money system trusts the natural stability of honest and intelligent gov't officials...over reliable gold?
- Closing the gold window was supposed to stabilize the #dollar...well how is that working out for us now?
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.