Mises Wire
Author:
Thorsten Polleit
Online Publish Date:
Almost fifty years ago, on August 15, 1971, the US administration under President Richard Nixon (1913–94) abolished the gold redeemability of the US dollar. It was through this unilateral decision that the world’s major currencies were turned into irredeemable money: money that is no longer backed by physical gold. This surprise coup put an end to