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50 Years After Nixon Ended The Gold Standard One Bank Asks "Can We Continue To Do This?"
Almost a decade ago, around the 40th anniversary of Nixon ending the gold standard, we observed that it wasn't just the dollar's convertability into gold that died - so did the prosperity of the US middle class, because while income growth for the bottom 90% had soared ever since WWII, it suddenly flatlined around Nixon's historic decision in 1971; at the same time the advent of the "fiat standard" ushered in an era of unprecedented wealth for the top 1% whose fortunes have exploded ever since. As discussed below, Nixon's decision would lead to monumental consequences for not just the US but the entire world. chart ... (full story)