- General Videos
- Music
- Economics
- Health
- Travel & Events
- History
- Psychology
- Spirituality
- Movies
- News & Politics
- Kmtyw Combat Sciences
- Ɔbenfo Ọbádélé Kambon Videos
- Ɔbenfoɔ Kamau Kambon: Black Liberation Philosophy
- Science, Tech, Engineering and Math
- Permaculture
- Self-Sustainability
- Living Off Grid
- Yoruba Language Learning
- Education
- Mmɔfra Adesua
- Nana Kamau Kambon Playlist
- Livestream
- Komplementarity Kouples and Revolutionary Singles
- Abibitumi Film Series
- Decade of Our Repatriation
- Live
Nixon 1971: The Day the U.S. President Made the Fiat Dollar the Gold Standard — And Nobody Voted On
On August 15, 1971, President Richard Nixon interrupted Sunday night television to make an announcement that would quietly reshape the entire global financial system. Without a single vote in Congress, without consulting America's allies, and without any public debate, Nixon severed the last link between the U.S. dollar and gold — ending the Bretton Woods system that had governed international finance since World War II.
What followed was the birth of the fiat money era we still live in today. Inflation spiraled. Oil prices quadrupled. The petrodollar system emerged. And the rules of money changed forever — not through democratic process, but through a secret weekend meeting at Camp David attended by just fifteen men.
This is the story of how one decision, made behind closed doors, turned the dollar from a gold-backed promise into pure government decree — and why you're still paying the price for it more than fifty years later.
Sources and further reading:
Federal Reserve History — "Nixon Ends Convertibility of U.S. Dollars to Gold"
U.S. State Department — "Nixon and the End of the Bretton Woods System, 1971–1973"
Jeffrey E. Garten — "Three Days at Camp David: How a Secret Meeting in 1971 Transformed the Global Economy"
World Gold Council — "The Bretton Woods System"
Bank for International Settlements — Working Paper No. 684, "Triffin: Dilemma or Myth?"
#nixonshock #goldstandard #brettonwoods #fiatmoney #usdollar #monetaryhistory #campdavid #petrodollar #globalfinance #economichistory #nixon1971 #goldwindow #centralbanking #moneyprinting #inflation #reservecurrency #financialhistory #wtfhappenedin1971 #johnconnally #paulvolcker #degaulle #triffindilemma #documentary
SORT BY-
Top Comments
-
Latest comments
20 days ago
Fiat Money
In economics and finance, fiat money is a government-issued currency (paper money) that is not backed by a valuable physical commodity like gold or silver. The value of the currency comes entirely from government decree (making it legal tender) and the public's trust in the issuing authority. The U.S. Dollar, the Euro, and the British Pound are all examples of fiat currencies (paper money).
20 days ago
Fiat money-Fiat dollar is government-issued currency that is not backed by a valuable physical commodity like gold. It derives its value from the public's trust in the issuing government and its status as legal tender for paying taxes and debts. Most modern global currencies, such as the US Dollar, Euro, and British Pound, are all Fiat money.
How It Works:
Unlike the gold standard—which was completely abandoned by the United States in 1971—fiat money is not pegged to a tangible, limited valuable resource. Its availability and value are controlled by central banks and monetary authorities.
20 days ago
Fiat money-Fiat dollar is a government-issued currency that is not backed by a valuable physical commodity like gold or silver. Instead, its value comes from the public's trust in the issuing government and the stability of its economy.
Key Characteristics of Fiat Money:
No Intrinsic Value: It is made of worthless materials like paper, cheap metal, or digital code.
Government Decree: It becomes a legal tender because a government declares it by law.
Supply Control: Central banks can print or digitally create more money as needed.
Trust-Based: Its value fluctuates based on public faith, inflation, and economic health.