50 Years Later : Federal Reserve Is Debasing As Fast As It Can
![Image](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiM0b34irPl2Dcq7Nt6q0N91nfRZ_g9WW6lumey4nFpnI-6v3U6s_2S-96G5hICXxLJEU8l032YZSyqC8VQR4DouFQq8qu0b6qZElPrwms0F-TjCdue8d6Mmi2zCzQZFq6_bEgDa4lB_LI/w525-h295/Nixon+Gold+Default.jpg)
It was August 15. 1971 US President Nixon announced that the United States would no longer convert dollars into gold, and thus ended the era of gold backed money. August 15, 1971 Nixon takes the US dollar off the gold standard. As a result of this action the US defaulted on its debt obligations as it would no longer repay it debts in terms of gold backed notes, but instead offered a rapidly debased fiat currency as repayment.. It was the start of an era of huge spikes in inflation while lowering of the standard of living of the American people. In the years to follow the US dollar dropped in value and by 1980 the dollar was only worth a fraction of what it was in 1971. The Federal Reserve failed and/or ignored its mandate to sustain the value of the dollar. While the US population was made to struggle though this period, the US government went on a massive expansion of spending to pay for its military infrastructure and even larger expansion of its bureaucracy. The result of this