Tricky Dick

This day in history: August 15, 1971. Richard M. Nixon went on tv to announce the end of the gold standard. Many people think that the “M.” stands for Millhouse, really its short for M%#$%@^. Thanks for the inflation and record deficit spending Dick.

I’m not sure what Tricky could have done different. Most of the rest of the world was off gold and silver as a way of financing the new socialism of post war Europe. In 1971 gold was edging up past the fixed rate of $35 per oz. Central bankers were exchanging dollars for bullion as fast as they could and making a profit at our expense. Nixon was correct in assuming that within one year, two at the most the Federal gold supply would be liquidated. So he did the only thing he had power to do (not really but congress let it slide) he took us off gold.