In simple terms, today, 15 August 2021, is the 50th anniversary of the fiat standard. A standard that took us out of gold and into paper derivatives, government spending, money printing and massive inflation.
Read it all here https://wtfhappenedin1971.com/
“By far the most startling part of the President’s new economic program is the decision to suspend gold payments against dollars—an act that, among other things, removes the underpinnings from the world’s money.” – The New York Times, August 1971
From Mises institute:
In 1971, Nixon used a fiscal crisis to justify severing the dollar’s last connection to gold. It was the same old story: “we must vastly expand government power because of a ‘crisis.'” The government never gives up these new powers. | @NewmanJ_R
The fiat standard is nearing its end. Some call this the Fiat Interregnum, an anomaly of economics in the history of the world. It’s like when we thought during the atomic age that we’d have nuclear powered cars and vacuum cleaners. It sounds silly now, but it made sense at the time. The same thing will happen with fiat.
And for a lighter tone after all that, here’s a lovely comic by Lina Seiche