Mises Daily
Author:
Greg Kaza
Online Publish Date:
Republican Richard M. Nixon closed the gold window Aug. 15, 1971, breaking the last monetary link with the precious metal. During the next three decades, prices as measured by the CPI more than quadrupled, or, put another way, the value of the U.S. dollar has fallen to 24 cents. Meanwhile, the dollar has lost more than two-thirds of its value