Nixon Takes Us off The Gold Standard and Dollar Debasement and Economic Collapse Begins . . .

By ETIENNE DE LA BOETIE - April 8, 2024

Nixon addressed the nation when he suspended the convertibility of the US Dollar to gold (while carving out exceptions for cronies), which effectively declared the US to be bankrupt and unable to pay its debts in gold as promised. While he didn’t use those terms in this address, that is the correct term for when you can’t pay what you have promised. He also simultaneously raised taxes on things Americans were importing as he simultaneously cut their purchasing power by devaluing the currency while dressing it up as a “good thing” for the working man in the typical lies of a politician.

The charts and graphs below from WTF Happened in 1971 are some of the most fascinating I have ever seen. What is most interesting is that the site owner failed to “Lead with the Punchline” and didn’t explain What the F%#$ Happened in 1971.

The short answer is that President Nixon took the country off the final vestiges of the gold standard, creating the widespread economic and societal decline that you see represented in the charts and graphs.

The beginning of debasement started with communist Presidents Woodrow Wilson, who passed the Federal Reserve Act in 1913 and Franklin Delano Roosevelt when he confiscated the people’s gold under “executive order” in 1933, but foreign governments could still purchase and redeem US Government Bonds in physical gold up until 1971.

Why would either President take such steps knowing them to be so harmful?

Our thesis is that after organized crime bankers lobbied and bribed the “government” to pass the Federal Reserve Act, they began using the ability of fractional reserve banking to begin “legally”/illegally counterfeiting U.S. Dollars. By 1933, they could no longer cover the potential redemptions for gold coin, so they had their puppet Roosevelt confiscate everyone’s gold.

Foreign countries and central banks could still convert USD-denominated bonds to gold under the Bretton Woods Agreement of 1944, but ridiculous criminal counterfeiting and debasement continued until foreign countries began to scramble for real gold in a high-stakes game of musical chairs. The charade was over by 1971, when France reportedly sent a warship to swap out its rapidly depreciating fiat paper tickets for real gold.

Here is a summary from Quora: . . .

[SNIP]